Gareth Samples, the CEO of Martin & Co parent group TPFG, has said OnTheMarket (OTM) faces a crunch point next year if Boomin takes off and agents are forced to choose which portals to pay for.
During an interview with The Negotiator, he commented that he is doubtful many estate agents will, however small or large, be keen to pay four portals.
This means thousands of agencies, including many of his own franchisees who list with three portals will have to decide whether to choose OTM or Boomin if the Bruce brothers’ platform delivers on its promises.
OTM has a breathing space – Boomin is not due to charge for its service until at least April 2022 when founder agents come to the end of their year-long free periods.
After that, agents will pay between £150 and £400 a month per branch depending on their size and turnover.
Samples says he talked with OTM CEO Jason Tebb recently and put the question to him and remarked that, given Rightmove dominates and Zoopla is a very strong No.2, that leaves agents to decide between OTM and Boomin.
“I like what Boomin have done but also like what Jason has done since he arrived at OTM and ultimately we want to wish each business as much success as possible,” says Samples.
“Nevertheless, if you think about whether most agents will want to pay for four portals, then my personal opinion is that I don’t think so.
“We do a centralised deal for our franchisees with the portals and we sort of insist they go on Rightmove as a minimum while most others are on Zoopla too, but it’s entirely up to them whether they are on a third portal.”