OnTheMarket has revealed its new CEO who is Jason Tebb, an industry stalwart with 20 years’ experience including at senior levels within LSL, Chestertons and Foxtons.
This makes him the only former estate agent to lead a major property portal. Rightmove’s Chief Executive is a former management consultant and Charlie Bryant, who leads Zoopla, is a former banker.
Tebb, who is 45 years old, has been group COO of Ultimate Holdings until now. It’s a property company which owns or has interests in several house builders and also operation specialising in property investment, financing and consultancy services and part of his role was to be its media representative.
Prior to that he helped launch hybrid London estate agency Ivy Gate and before that he was a Regional MD at LSL, an Area Director at Chestertons and started his career from a junior level at Foxtons.
“Having worked in the estate agency sector for the last two decades, I have first-hand experience of every size of business, from a single office independent to the largest of property PLCs,” says Tebb.
“I believe that this gives me a true understanding of the challenges agents face today, and I’m really looking forward to engaging with our client base to understand what their businesses need, both now and in the future, and how we can best support them going forwards.
“As a business, OnTheMarket has solid foundations with strong operational momentum, and there are clear opportunities for growth by working with the estate agent community to develop our differentiated portal offering; build a profitable, sustainable and technology-led business; and deliver value for our stakeholders.
“I’m really looking forward to progressing the platform and delivering an expanded range of related, value-add products, services, features and solutions for agents and consumers.”
The City view
Zeus Capital, OTM’s Square Mile advisor, says: “OnTheMarket’s competitive edge come from its “agents backing”, while its major rival uses “market dominance’.
“Jason Tebb’s first-hand experience should foster strong relationships with both large and independent agents. We expect Jason Tebb’s appointment to lead to 1) OTM adopting innovation 2) OTM highlighting exclusivity and 3) OTM building engagement and trust with agents and customers over years leading up to property transactions.
“Separately, we observe the residential property markets continue their post-lockdown mini-boom. We expect OnTheMarket has experienced another month of high levels of activity, which has delivered “value to its agents and stakeholders”. We make no change to our forecasts. Interims are due in October.”