This morning, Friday, OnTheMarket announced to the stock exchange that it is in talks with “key” estate agents, with a view to them entering into long-term listing agreements in return for coming shareholders in the company.
It did not name the agents, but also announced that as at 5pm yesterday, it had made 81 new signings in the last week.
The news follows that of yesterday afternoon, when it was announced that butters john bee has signed up to OnTheMarket – and has removed its listings from Zoopla.
The 18-branch business was acquired by Spicerhaart last year.
The dropping of Zoopla is not necessary given that the One Other Portal rule does not apply – but brandishes a strong show of support for OnTheMarket from Spicerhaart whose CEO Paul Smith is an OTM director.
Smith said: “We see OnTheMarket’s fund raise and admission to AIM as excellent news, giving it the capital it needs to implement its growth strategy.
“I look forward to seeing OnTheMarket growing its agent customer and property-searcher consumer bases to disrupt the cosy duopoly that has existed for too long in the property portal sector.”
The firm, with branches in Shropshire, Cheshire, Staffordshire and west midlands, has signed a long-term listing agreement to advertise all its UK residential sales and lettings properties at OnTheMarket.
Under the agreement, butters john bee will also actively promote the agent-backed portal brand with digital and branch-based marketing activity.
The firm was acquired by Spicerhaart last September and has been in business for over 150 years.
Managing director of bjb, James Beardmore, said: “We are delighted to be joining OnTheMarket as we have been watching its growth and are highly supportive of its agent-backed model.”
Ian Springett, chief executive officer of OnTheMarket, said: “I am extremely pleased to be welcoming the butters john bee brand and business to join OnTheMarket alongside all of Spicerhaart’s other firms.
“This comes hot on the heels of our displaying the properties of 100+ office group Arun Estates. The bjb agency has a strong heritage and an excellent track record and will substantially strengthen our position in the north west and help create further momentum for the business.”
This morning’s (Friday’s) announcement to the stock exchange quoted Springett, who said: “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.
“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.
“We aim to build rapidly on this early momentum as a key step towards becoming a full scale competitor to the market-leading portals.”
Comments (28)
Here are some headlines.
RM putting prices up 20% each year until all high street agent are skint and cant afford to pay!
RM continue to bite the hand that feeds them!
DPG, Zoopla gone into liquidation after all high street agents withdraw the subscriptions!
High street agents close up shops and work from home to compete with online agents!
Embarrassed agents joint OTM after they devour the humble pie!
We have been offered 12 months absolutely free-of-charge, to list with OTM.
So while we will assist in boosting their numbers, the telling time will be next year when they want us to sign contracts and pay. Nothing to lose by joining, but time will tell.
Looks like RM have stepped in to spike the OTM “new & exclusive” property listings with a change to their T&C’s.
Now OTM members will be in breech of RM contracts if they disadvantage RM over any other portal – will agents be able to stand up to the playground bully?
Correct Ostrich17.
Did you know the new T&C’s came into force on 4th July 2016!
Why do you think Prime Location was relaunched in June 2016?
As per my posting above:
As Mulder in X files said ‘the truth is out there……and it hurts’.
‘The truth is out there but so are lies’ – Dana Scully
Evening AnyoneFor Coffee
Not sure whether you agree or disagree with my comments?
The whole quote from Dana Scully is:
I have never met anyone so passionate and dedicated to a belief as you. It’s so intense that sometimes it’s blinding. But there are others who are watching you, who know what I know and whereas I can respect and admire your passion, they will use it against you. Mulder, the truth is out there but so are lies.
Morning Thomas,
As much as we may share a liking for the capers of Mulder & Scully I disagree with your initial comment of –
‘Well done and thank you, Paul Smith.
Taking a stance against Prime Location/ZPG at this point makes perfect sense and shows your ‘true’ commitment to traditional independent estate agents’
The idea of breaking the duopoly of ZPG and RM by OTM WAS initially admirable and I, like you, also share a strong belief in TRUE traditional independent estate agency but please do not paint Paul Smith ( & Springett ) as some sort of TRUE independent white knight estate agent charging the evil corporate beast ( ironic in my opinion ). I doubt the director at Butters John Bee had any choice but to toe the line given to him by Paul Smith/SH to join OTM by leaving ZPG. Mr Smith is not going to let a newly acquired company stay with a rival, when he is a share holder of the opposition is he?? This move just strengthens RM and probably weakens the Butters John Bee company in the areas that they cover by joining a Little League property portal. Yes, i use ZPG & RM in my area but would love not to IF there was a strong alternative, which OTM most definitely is not.
Have a good weekend Thomas and I will leave you with this –
‘I think the tide’s coming in your highness’…Royal adviser to King Canute
AnyoneForCoffee,
The tide came in on 4th July 2016.
Therefore:
My prediction is that OTM founding members shall soon sell out their members and agree to terms with Prime Location…… as have Douglas and Gordon.
Bar, Paul Smith for the right reasons.
AnyoneForCoffee – is it half a cup? Hallllfffffffff-a-cup? F C U K-up! (credit Lee Mack)
What does your strong alternative portal look like?
I agree with your White Knight sentiments, but to state the obvious, it is the agents that make a portal strong. I am amazed, as I have been for years, that agents are either willingly or naively paying for short term, self-preservation with “blue on blue” collateral damage. They may win the next fight and end up losing the portal war; and the portals know it. Time to call bu!!5h1t.
Looks like butters john bee are desperately trying to stem lost income to me! Under Spicerhaart it seems that things are changing. With their poor auctions and the loss of tenant income they’re going to see things are going from bad to worse. I bet the other local agents are rubbing their hands together with glee. And as for…..
James Beardmore, said: “We are delighted to be joining OnTheMarket as we have been watching its growth and are highly supportive of its agent-backed model.”
ha ha ha ha ….. what he has based the ‘agent backed’ and ‘growth’ statement on baffles me! It’s just about cost!!
Well done and thank you, Paul Smith.
Taking a stance against Prime Location/ZPG at this point makes perfect sense and shows your ‘true’ commitment to traditional independent estate agents.
As Mulder in X files said ‘the truth is out there……and it hurts’.
Mulder also said ‘ I saw Elvis in a potato chip once’.
‘Managing director of bjb, James Beardmore, said: “We are delighted to be joining OnTheMarket as we have been watching its growth and are highly supportive of its agent-backed model.”’……….
Spoken with honesty and conviction.
‘The business is 18-branch butters john bee which was acquired by Spicerhaart last year’
Maybe not………….
” ‘The business is 18-branch butters john bee which was acquired by Spicerhaart last year’
Maybe not………….”
Then surely they should have joined last year when they became part of SH?
They had no choice. They were bought by Spicerhaart.
Yeah I imagine James Beardmore really believes in the wisdom of this decision.
Still, you have to take the rough with the smooth I guess.
Meanwhile…agents across Shropshire, Cheshire, Staffordshire and west midlands do a little jig.
Poker face- I’ll see your Douglas and Gordon and raise you a Butters John Bee
Waiting for the press release from Mark Goddard, MD of Property at ZPG. Who is alledgedly reported as having this to say: “Oh FFS”
Turkeys voting for Christmas.
Turkey being the operative word.
Ian Springett can go and boil his head as far as I’m concerned.
Great phrase, thought I was the only one that used it, getting to the point thought I invented it 🙂
I can’t think of a more suitable phrase for the way I feel about the dubious gentleman htsnom79!
James Beardmore, said: “We are delighted to be joining OnTheMarket as we have been watching its growth and are highly supportive of its agent-backed model.”
Errmmm have I missed something…growth? agent backed?
Come on Ros, we need gifs enabling.
This is crying out for the Michael Jackson eating popcorn one.
Man who is Director of firm, believes in advertising with said firm. Hardly news.
Press release – no news here!
How about this headline…
FOOLS MAKE RIGHTMOVE EVEN STRONGER BY GOING WITH A DEAD PORTAL .