Jason Tebb, the new CEO of OnTheMarket (OTM), starts work today at the portal and has this morning said he wants it to go back to its ‘mutual roots’.
Tebb (pictured) is the first leader of a major portal to have had a career in estate agency including stints at LSL, Chestertons and Foxtons.
The 45-year-old has a challenge on his hands. OTM faces resurgent competition from its two main rivals and an existential threat from Boomin, which has the portal in its sights.
Tebb has been given a ‘golden hello’ on his first day – 379,249 ordinary OTM shares which will vest in three years’ time and will depend on the company’s performance. At the current share prices these are worth £531,000.
He has already announced a shake-up at the portal including better communications with member agents.
This is to include a series of local meetings with Tebb and member agents which OTM is calling his ‘town hall tour’, and also early access for agents to its ‘Beta’ products from its tech department.
OTM says it will also work harder to generate more inbound leads via improved marketing and advertising activity, and also evolve its platform with enhanced market data and better tools.
“OnTheMarket is truly unique,” says Tebb.
“It is majority owned by agents, with approximately 65 per cent of the company is in agent’s hands, and I firmly believe that we need to stay true to these roots.”
Since OTM’s founding CEO Ian Springett left abruptly under a cloud in March the portal has been run by CFO Clive Beattie.