OnThemarket’s strategy to sign up more agents on the back of its recent AIM listing appear to be working.
The formerly mutual portal has signed up 243 additional sales and letting agents to its service, up from the 81 revealed just after its shares were listed on AIM ten days ago.
The portal also says independent agency group Chancellors has begun listing its properties on the portal.
In November Chancellors agreed to sign a five-year listing deal, but only if OnTheMarket successfully achieved an AIM flotation.
This means Chancellors’ 53 sales and lettings branches, which range across Berkshire, Buckinghamshire, Herefordshire London, Oxfordshire, Powys and Surrey are now listing their properties on both OnTheMarket, Zoopla and Rightmove.
The portal says Chancellors’ listing is evidence that agent support for the portal, which is now valued at £101.4 million following the AIM launch, is growing.
Chancellors has agreed to more than just a listing with OnTheMarket, though. The company has agreed to actively promote the OnTheMarket.com portal brand with digital and branch-based marketing activity.
Chancellors, which used to be known as Hogg Robinson Property Services, in 2016 generated profits of £2.5 million on a turnover of £26.6 million, its latest accounts reveal, and employs 524 people across its branches and head office.
In December it rebranded two of its major sub-brands – Anscombe & Ringland in London and Russell, Baldwin & Bright in Wales and Herefordshire – under the Chancellors name.
The company has several other property businesses including commercial property firm Bonsor Penningtons, interiors firm Alexander James and The Short Let Company Ltd.