OnTheMarket
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Latest property news
OnTheMarket has now signed just under 40% of all estate agent branches
property portal onthemarket has signed up 7,500 branches or nearly 40% of all estate agents in the UK to its service.
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Latest property news
Will every agent eventually have to list on all three portals?
As Yorkshire market leading agency Manning Stainton decides to be on Rightmove, OnTheMarrket and now ZPG, many agents now feel under pressure to follow suit.
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Latest property news
OnTheMarket founding agent Chestertons signs with ZPG
Chestertons, one of the founding agents of property portal OnTheMarket (OTM) and one of London’s largest branch networks, has returned to Zoopla after a three-year hiatus. Its 32 branches have started listing on ZPG’s two websites with immediate effect as well as continuing to appear on Rightmove and OTM. A spokesperson from OnTheMarket said: “”Chestertons remains a valued and supportive estate agent customer of, and shareholder in, OnTheMarket and indeed has recently chosen to sign a new 5-year listing agreement with us.” Chestertons is one of a growing number of agents now listing on all three platforms after OTM lifted its ‘one other portal rule’ following its listing on the AIM stock market. “We’re excited to be returning to ZPG and having all of Chestertons properties listed on all four of the UK’s main property websites, which will benefit both our customers and our business,” says Allan Collins, CEO of Chestertons. The company, which founded OTM alongside several other high-profile agents including Knight Frank and Savills, is not the only agent to have signed up with or returned to ZPG recently. The portal says a flurry of branches have signed a listings agreement with it in recent weeks including eight…
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Latest property news
OnTheMarket signs up 1,000+ new branches via equity participation and free listings
OnTheMarket Plc says over 1,000 additional agent branches have been signed up to its recently AIM-floated portal just five weeks after its shares first began trading, taking its branch total to over 6,500. The portal’s salesforce have a new offering to tempt agents to list with them – Agent Recruitment Shares – which “selected” sales and lettings agents are being offered, in effect locking them in to OnTheMarket for an undisclosed period or, as the portal puts it to “align their interests as shareholders with the success of the company”. “We believe that as we expand our sales team, we shall continue to sign up more and more new estate and lettings businesses up and down the country,” says OnTheMarket CEO Ian Springett. This new form of equity participation in OnTheMarket is running alongside the longer-term deals earlier listers on its portal were offered. Those not being offered the equity scheme, or who don’t want to get involved, are being given free or discounted listings deals for an introductory period and who, OnTheMarket hopes, can be converted at a later date. This latter model is the one its competitor Zoopla employed when it launched to persuade agents to list on…
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Latest property news
Will most agents soon be listing on all three property portals?
Franchising corporate giant Hunters is the latest large estate agency group to sign up to all three property portals after confirming it had begun listing its properties via OnTheMarket (OTM). The company was one of several key industry brands to sign up to the portal last last year for a long-term deal on condition OTM successfully floated on the London Stock Exchange’s AIM market. Before the flotation OTM said it would drop its controversial ‘one other portal rule’ once its shares had been listed. This has prompted an increasing number of agents, therefore, to sign with all three portals. Like Hunters, which has 200 franchised branches across the UK, this includes Chancellors and Douglas & Gordon, with more expected to follow soon. “We are pleased to be able to offer this huge benefit to our customers who can rest assured that with Hunters, their properties will be marketed to the widest possible audience,” says Glynis Frew, Hunters’ CEO (pictured, left). “Furthermore, as a franchisor, we are also delighted that this deal brings significant advantages to our 200 plus network of branches, who are very enthusiastic and positive about the news. “This is a fantastic addition to our service offering that…
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Latest property news
ZPG fires latest salvo in its ‘signings’ battle with OnTheMarket
The battle between ZPG and OnTheMarket to poach agents off each other kicked off again yesterday when the Zoopla parent company said it had lured 100 new agents back to its purple portal, and signed existing client Chancellors to a new five-year deal. Competition between the two is now fiercer than ever after OnTheMarket (OTM) dropped its ‘one other portal’ rule following its recent AIM flotation, while ZPG is keen to counter OTM’s recent push to sign up small and medium-size agents, which so far has seen several hundred new agents sign up. The larger of the 100 agents on ZPG’s list includes some recent, as well as less recent, returnees including Curchods, Douglas & Gordon and Jones Lang LaSalle in London, Henry Adams in Surrey and Sussex, Morris Marshall & Poole in Wales and Whitakers in Hull. These companies between them have nearly 80 branches plus ZPG says the rest of the returnees are one, two and three branch agents, taking the total number of additional branches now listing with ZPG to 200 or more. ZPG also says the Chancellors Group, which as well as its own branches in London and the Home Counties plus Anscombe & Ringland in…
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Latest property news
OnTheMarket has been signing up 16 new agents a day since flotation
OnThemarket’s strategy to sign up more agents on the back of its recent AIM listing appear to be working. The formerly mutual portal has signed up 243 additional sales and letting agents to its service, up from the 81 revealed just after its shares were listed on AIM ten days ago. The portal also says independent agency group Chancellors has begun listing its properties on the portal. In November Chancellors agreed to sign a five-year listing deal, but only if OnTheMarket successfully achieved an AIM flotation. This means Chancellors’ 53 sales and lettings branches, which range across Berkshire, Buckinghamshire, Herefordshire London, Oxfordshire, Powys and Surrey are now listing their properties on both OnTheMarket, Zoopla and Rightmove. The portal says Chancellors’ listing is evidence that agent support for the portal, which is now valued at £101.4 million following the AIM launch, is growing. Chancellors has agreed to more than just a listing with OnTheMarket, though. The company has agreed to actively promote the OnTheMarket.com portal brand with digital and branch-based marketing activity. Chancellors Group Chancellors, which used to be known as Hogg Robinson Property Services, in 2016 generated profits of £2.5 million on a turnover of £26.6 million, its latest accounts…
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Latest property news
OnTheMarket shares finally exceed original AIM launch share price
If you’re an agent who holds OnTheMarket shares then it may be time to celebrate. The company’s share price has finally recovered and today exceeded its original offer price of £1.63p from ten days ago. Trading in OnTheMarket shares peaked at £1.70p late this afternoon, the highest the share price has reached to date. At launch the share price dropped to a low of £1.40p but has since been climbing slowly to today’s high, helped by an upbeat announcement on Friday that included details of its strategy to both target smaller agents and tie-in larger agent groups to long-term deals. “The more agents who join now, the more we believe all agents and property-seekers will benefit in terms of the increased property stock at OnTheMarket.com,” CEO Ian Springett said in Friday’s statement. “We are focused on reaching out to agent firms across the country which can see the disruptive appeal of our proposition of sustainable fair pricing from an agent-backed portal.” Excited Springett is currently refusing all interview requests, but has been busy doing the rounds at agent gatherings, including at agent Jackson-Stops’ annual conference, at which he said he was “excited by progress”. During today’s session on AIM nearly…
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Latest property news
OnTheMarket targets independent agents as it launches war with ZPG
OnTheMarket has come out fighting five days after its stock market flotation, telling its new City backers that the company is to target independent agents and has already signed up 81, with more in the pipeline. “The estate agent sector is highly local in character and early indications are that we are on track in terms of creating local momentum in the marketplace up and down the UK,” says Ian Springett, CEO of OTM. “The core proposition of the business remains the creation of an agent-backed, full-scale property portal to disrupt what is otherwise a duopoly of Rightmove and Zoopla by offering a premier search experience to consumers whilst charging sustainably fair prices to agents.” But the portal also says it is targeting larger estate agency groups and has already to signed up its first a to five-year deal since launching on the AIM stock market. This is the 18-branch agency Butters John Bee which, as well as signing up to OTM, has withdrawn its listings from ZPG’s portals. The agency, which has branches across Shropshire, Cheshire, Staffordshire and the West Midlands, was bought by the SpicerHaart group in September last year. Butters John Bee is essentially now aligning itself…
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Latest property news
OnTheMarket founding agency Douglas & Gordon signs up with ZPG
Douglas & Gordon, one of the most vocal founding members of OnTheMarket.com, has returned to ZPG on an unspecified but likely five-year deal. The 18-branch agency, which is one of London’s better-known agency brands, has signed up with ZPG after OnTheMarket dropped its one other portal rule ahead of the portal’s recent stock market flotation although it “remains a strong supporter and investor in OnTheMarket and has recently signed a new five-year listing agreement with us,” an OTM spokesperson told The Negotiatotor. Douglas & Gordon continues to list its properties on Rightmove as well, suggesting a new trend in the industry following the OTM share launch; that agents with generous marketing budgets will now choose to list with all three portals. Douglas & Gordon was one of several high profile agents who founded OnTheMarket in 2015 including Savills, Strutt & Parker, Knight Frank, Chestertons and Glentree Estates following two years of behind-the-scenes discussions. James Evans (pictured, left), Douglas & Gordon’s current CEO, says, “We are delighted to be marketing all of our property listings with ZPG again. “ZPG have historically served our business very well and have considerably developed their platform over the past few years in terms of the…
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