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Sweeteners persuade 500 joining agents to pay for OTM despite Covid

Deal launched in April gives joining agents who pay to list up to £2,500 of OTM shares per branch depending on how many other portals they list with.

Nigel Lewis

otm

500 estate agents have been added to OnTheMarket (OTM) since the portal launched its enhanced sweetener deal for new joiners who choose to pay to list on the site.

Agents have been given £1,000 of OTM shares per branch on its standard deal with variable amounts of extra shares depending on how many other portals they choose to list with.

But agents are given £2,500 of shares if they commit to list exclusively with OTM for at least 12 months.

More than 60% of these agents are currently contracted to either list exclusively or on a one other portal basis of either Rightmove or Zoopla, OTM says.

Also, the agents on these latest deals are not paying any fees until September 1st when, it is hoped, the Covid crisis will have finally blown over.

OTM“I am delighted to see agents commit to OnTheMarket through our most recent contract offers and to have achieved this level of recruitment against the challenging backdrop of COVID-19,” says Clive Beattie, Acting Chief Executive Officer of OnTheMarket.

“This latest group are joining the thousands of existing estate and letting agents who are collectively the portal’s largest shareholder.”

The portal has highlighted two of the 500 agents, Bishops Estates in Oprington, Kent and MT Property Consultancy in York.

The former has dropped Zoopla but kept Rightmove while the latter was already only listing with Rightmove.

OTM also says it enjoyed a record month during June for leads, sending 1.8 million or an average of 134 per advertiser.

 

July 2, 2020

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