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OTM to offer agents free tenant referencing service via Canopy deal

12-month agreement follows the portal's similar deal with Sprift two weeks ago as it seeks to give itself a point of difference in the portal market.

Nigel Lewis

canopy otm

The OnTheMarket (OTM) race to sign deals with leading technology firms operating within the property industry continues with a deal inked with tenant referencing platform Canopy.

The 12-month agreement, which enables member agents to use Canopy’s referencing services for free, is similar to OTM’s  agreement with property market data firm Sprift two weeks ago.

These deals are part of OnTheMarket’s efforts to have a unique appeal for members agents in the face of increasing competition with the portal market.

This includes the launch of Boomin and Zoopla’s re-brand as a tech-focussed platform, as well as the plethora of smaller ‘portal challengers’.

The OTM/Canopy partnership will provide all member agents with access to free, full tenant referencing regardless of where the lead has originated, not just on applicant leads generated by OnTheMarket.

The Open Banking-based referencing service will be live in July and will be available via mobile app for both iOS and Android or desktop.

onthemarket“Due to the ongoing imbalance of rental stock versus tenant demand, many of our agents are reporting that they have multiple tenant applications for every lettings listing and that sometimes assessing the quality of prospective tenants is difficult,” says OTM CEO Jason Tebb (pictured).

“By partnering with Canopy, we’ve specifically addressed this problem, as their RentPassport platform enables agents access to richer data which includes up to 24 months income and previous rental payments if the tenant is already renting.

“This partnership with Canopy represents another outcome driven directly by the feedback from many of our agents who’ve told us that they want solutions to help drive smarter qualitative assessment of tenants.”

May 24, 2021

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