Portal OnTheMarket’s listings have reached 83% of Zoopla’s and 65% of Rightmove’s, it has been revealed within the company’s latest progress update.
OTM also suggests that there is a link between its expansion efforts and a 4.2% reduction in the number of properties listed by Zoopla year-on-year. It also says traffic to its site reached a record 23.5 million visits during May, 8% more than four months ago.
The portal also sent 100 million property alerts during May, rivalling Rightmove, and now has 650,000 residential property listings.
But the company has not revealed how many agents have been signed up to its platform nor how many have been converted from freebie deals into paying customers, a key plank in its bid to make money.
“Our May performance is further evidence that our growth strategy is working,” says OTM CEO Ian Springett (left).
“We have delivered another set of record-breaking traffic and leads results for our estate and letting agent customers, many of whom are choosing to list their properties on a ‘New & exclusive’ basis.
This is driving traffic to our portal while injecting competition into a market which was previously a ‘duopoly’.
“The high volume of instant alert emails now being sent each month shows how our engagement with active property-seekers and the value we deliver to agents are both continuing to grow strongly.”
But the results didn’t stir investors in the City. The OTM share price increased by 1p following the latest announcement. The company is due to reveal it’s full-year results on Wednesday.