OnTheMarket has published its plan to survive the Coronavirus crisis while also supporting its agent network, safeguarding jobs and conserving the £8.5 million it has in the bank.
The company has selectively furloughed a fifth of its staff, cut wages to its remaining working employees by 20% including its senior team, reduced its pool of contract IT workers, slashed its marketing effort and agreed ‘deferments of creditor payments’.
OTM also faces a reduced income stream after cutting its agent fees by a third last month until June, but says the crisis is an opportunity for the portal.
It claims the crisis has the potential to lead to a ‘large-scale and widespread re-evaluation by agents of their longer-term portal relationships’.
“Significant new collectives of agents have formed with that as their over-riding objective, both during the COVID-19 crisis and beyond,” OTM’s statement released this morning says.
Clive Beattie, Acting Chief Executive Officer, commented: “Our main concern at this time is for the health and safety of all our colleagues and I would like to thank them for their dedication and professionalism during this time.
“We continue to do all that we can to support our customers, many of whom are also our shareholders, through this period. “Agents across the country are reconsidering their portal marketing choices and we continue to engage with agents attracted by our unique agent ownership model and our strategic commitment, as the agents’ portal, to a policy of low, fair pricing, both in the short term and sustainably into the future.”