OnTheMarket plc 12,000+ agent branches now contracted
December 13 2018 - 1:01AM
RNS Non-Regulatory
TIDMOTMP
OnTheMarket plc
13 December 2018
13 December 2018
OnTheMarket announces listing agreements with over 12,000 agent
branches, adding over 6,500 branches since Admission to AIM in
February
OnTheMarket plc, the agent-backed company which operates the
OnTheMarket.com property portal, is pleased to announce that, as of
12 December, it has listing agreements with UK estate and letting
agents with more than 12,000 branches. This increase of more than
6,500 branches since Admission to AIM in February has been achieved
in just over ten months.
The figures include 60 offices, largely made up of smaller
firms, which have recently entered full tariff paying listing
agreements. These firms will receive new shares in OnTheMarket plc
alongside the listing commitments they have made. The shares are
subject to 5-year lock-in arrangements to ensure that new
shareholders' interests are closely aligned with those of all other
agent investors. The listing agreements result from a limited pilot
which has helped to refine the offers which will be made to agents
currently on free trials which expire during the course of next
year.
The growth in OnTheMarket's agency branch base to date has been
almost exclusively from offering free listings under short-term
introductory trial offers, with a view to converting these to full
tariff contracts when the value of its offering has been
demonstrated.
The sales team is continuing to see encouragingly high levels of
agent support and conversion to signed contracts when it presents
the opportunity of listing on an agent-backed portal.
Ian Springett, Chief Executive Officer of OnTheMarket, said: "We
have significantly ramped up our marketing activity. In combination
with our growing agent base and property stock, this has generated
increasingly strong performance in terms of visitor traffic and the
volume of high-quality leads we are providing to agents.
"Our progress to date and the clear support for an agent-backed
portal give us confidence that we can continue to build on this
strong start and develop a genuine alternative, market-leading,
agent-backed portal.
"At Admission, over 2,000 agent firms owned around 70% of the
Company. The Group intends to broaden agent ownership much further,
using more equity incentivisation to encourage agents to join as
shareholders in return for committing to long-term contracts."
ENDS
For further information, please contact:
TB Cardew (Financial PR adviser) 0207 930 0777 / onthemarket@tbcardew.com
Ed Orlebar 07738 724 630
Alycia MacAskill 07876 222 703
Background on OnTheMarket:
OnTheMarket plc is the third biggest UK residential property
portal provider in terms of traffic. It aims to deliver a
market-leading, agent-backed alternative to Rightmove and Zoopla,
offering a first-class service to agents at sustainably fair prices
and becoming the go-to portal for serious property-seekers.
OnTheMarket plc was admitted to AIM in February 2018 with GBP30
million in new capital in order to support a new growth strategy
for the business.
Comparing September 2018 performance with February 2018, the
company doubled contracted agent offices to more than 11,000,
trebled monthly visit traffic to more than 17.4 million visits and
quadrupled email and telephone leads to agents.
At its IPO in February 2018, OnTheMarket was 70% owned by over
two thousand agent firms.
With backing from its agent owners, OnTheMarket has developed
unique sources of competitive advantage such as the thousands of
"New & exclusive" property listings it receives every month
from its agents to display 24 hours or more before they are on
Rightmove or Zoopla.
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END
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