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Zoopla loses nearly a quarter of its agents

Despite a significant increase in web traffic, a growing number of estate agents are cancelling their subscriptions to Zoopla to join rival site OnTheMarket.com (OTM). Shares in Zoopla Property Group (ZPG) dropped last week, after the firm reported that the number of estate agents listing their properties for sale and to let on the Zoopla website had dropped by 23 per cent over the past 12 months, largely due to the recent launch of OnTheMarket.com (OTM) which continues to have an adverse impact on its business. OTM, solely owned by the agents that list on the website, with more than 5,000 estate agency offices now signed up, has had a dramatic early impact on the market with its ‘one other portal’ rule requiring their member agents to stop advertising on either Rightmove or Zoopla, with the vast majority of agents opting to drop Zoopla. Ian Springett (left), Chief Executive of OTM, said, “Since our launch four months ago OnTheMarket.com has already taken almost one quarter of the estate and letting agent members from Zoopla Property Group. Less than 10 per cent of OnTheMarket.com’s member firms are using Zoopla as their other portal.” “In addition, OnTheMarket.com has already overtaken Zoopla in…

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