A leading City investment analyst has claimed that property portal OnTheMarket (OTM) must be judged on how many of its freebie agents it has converted to paid listings when it releases its crucial half-year results on Tuesday.
Independent investment firm Shore Capital says these results will be important because they will reveal if OTM has been able to capitalise on many estate agent’s unhappiness over Rightmove’s behaviour during Covid including the multiple and high profile campaigns that have attempted to persuade agents to ‘say no to Rightmove’.
“We believe this dynamic could accelerate the group’s already attractive medium term growth potential – with its increasingly compelling and comprehensive offering, commitment to fair pricing and unique ability to offer equity to listing agents all positive contributory factors,” a report published by Shore Capital says.
Catalyst for agents
“We suspect that COVID-19 will have been a catalyst for agents to review their portal choices and the value that these deliver.”
The results will also be the swansong for Clive Beattie (main pic) who has been acting CEO of OTM since its founder Ian Springett unexpectedly left the portal in March.
He is due to make way for the new CEO Jason Tebb who is to start the job in December after working his notice as Group CEO at property firm Ultimate Holdings, making him the first major portal to be led by a former estate agent. Beattie is expected to return to focussing on his previous of CFO at the portal once Tebb arrives.