OnTheMarket is holding 20 regional meetings this month to tell its members about its plans for the future.
Chief executive Ian Springett yesterday told agents that there were “substantial new plans” to support the development of the portal. These could not be finalised pending the outcome of the litigation between OTM and Gascoigne Halman, but Springett said: “We are now ready to share them.”
He added: “Our aim is to gain Members’ support for the new plans and be in a position to implement them as soon as reasonably possible.”
In yesterday’s email, Springett also thanked members for their “strong support during what has been a challenging period”.
Separately, accounts for Agents’ Mutual, which runs OTM, show that revenue for the year until January 31 was £17.8m, unchanged from the previous year.
Litigation costs were offset by a reduction in marketing spend but the report does refer to “management distraction”. There was a pre-tax loss of £2.5m.
Comments (13)
I am still in disbelief at the lack of marketing OTM have delivered. How they think they can compete with Rightmove/Zoopla with no brand presence is beyond me. I cant wait to hear what their next strategy is but it needs to be big.
Another list of blagging sessions from Ian S planned then. No doubt using excuses of the court case slowing progress, which would naturally be a load of rubbish. What ever happened to the 7,500 members target from two years ago? – well before the court case.
Leads, listings, branch numbers, new signups, leavers timeline charts yes??? Err no. I urge anyone attending these to ask for those numbers. As a mutual, all members should be able to see this, so they can make ‘informed’ decisions on there business and continued support for a struggling portal.
The writing is on the wall……… AM now need to deliver. If they get it right all those anti and whinging will have nothing to complain about.
Get rid of the one other portal rule and whilst I don’t speak for the majority of agents, but I would definitely join.
They need to be on TV with an online slaughter advert that exposes the online business… do your own viewings, negotiate your own offers, chase your own sale……it really should be an open goal for even a junior advertising executive to nail…
….or for £550,000 (refundable) they pay Leigh Day to take a duty of care and skill negligence refund case against a passive intermediary listing firm who purports to be an estate agent, hands out negligent advice and pursues vendors for a loan that contravenes FCA regulations.
That would be a far, cheaper, more efficient way of dealing with agents who deliberately ‘ignore or breach’ the Estate Agents Act
So what your saying is, a negative campaign that highlights online agents further (not that I personally think that is a bad thing). How many people have heard of purple bricks? How many OTM? PB 1 – 0 OTM. Yeah, go do that OTM.. good grief! You sound like your on the OTM marketing team Bless. As they have been pretty useless.
I am not sure how you managed to type that post as a reply to my suggestion that £550k would fund an action for breach of duty of care and skill.
Such a case wouldn’t be anything to do with OTM other than their sponsorship of someone who would ordinarily be means denied the opportunity for remedy.
OTM needs to spend big to make a dent in this market place
having wasted a year in court, can it really catch up?
Agents are mostly tightening their belts, especially medium and larger firms; so where is the money going to come from to increase marketing spend sufficiently, to make a real difference and break through the RM and Z barrier?
Have agents lost faith?
Will they leave when their lengthy contracts come to an end – and importantly will those who put up the big bucks to get this project off the ground get their promised capital returns?
interesting times; and the best of luck.
And in the recent Countrywide statement, a similar one to that issued by LSL here:
“with the same period last year which benefited from a very strong first quarter ahead of Stamp Duty changes”
was used to explain why CWs figures were so poor. It has little to do with the market. A good performance can be achieved in any market, provided those involved know what they are doing and can respond effectively to changing market conditions.
CW has lost its ability to do so.
What’s this comment got to do with OTM??
where is all the money going?? Its not going on marketing for sure.
And it seems they onyl have 1 staff member and he has been in court for 2 years….. Where are all the original backers?? Seem very quiet…i hope they arent taking any profits .
Sorry – I posted that on another thread here and it has somehow ended up on this one too!