OnTheMarket starts its second full week trading today on the stock exchange with its shares almost back up to where they were at launch.
A positive announcement to the stock market on Friday morning sent the share prices racing up almost 8%, to finish at 164p.
That is just slightly below the issue price of 165p at launch on February 9, and ahead of the first trades which saw the starting price at about 163.5p.
The share price then went sharply into decline before signs of a pick-up late last week.
However, Friday’s announcement to the stock market, headed “OnTheMarket has positive first week since listing”, sharply accelerated the turn-around and clearly went down well with the City.
It said that by 5pm last Thursday, OTM had signed up 81 new agreements, and expected “a significant” number more.
It also said it had a strong pipeline of interest from agents looking to list on the portal.
CEO Ian Springett said that the level of agent interest was extremely encouraging.
He 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 (7)
The price is up another 2.5% this morning and has now gone past the launch price.
Somethings not quite right here!
Fantasy, pure fantasy. The only difference is the fantastical words are now seized on by the Share Lemmings.
A failure the first time around whilst second time around those waiting to leave are paying monthly for this failure, those remaining are paying varying rates, we have the free monthly members, we have the invisible members and I also know we have the renegotiated non-disclosure agreement first time OTM members with new secret lower rates to keep them quiet. Transparency is sadly lacking with OTM.
OnTheMarket’s slogan should be “Dividing Estate Agency”.
We look forward to the weekly “success” announcements from OTM and of course the shattering effect on Rightmove. We won’t hold our breath, the Picture remains the same “all talk, no action”.
I had a lead dribbling into my office from OTM last week, as President Trump would say “Fake”. The very few leads that have dribbled in over several years, most around the float/bust charade, have proved completely fake. We have never been able to contact or receive a response from the originator. Meanwhile the leads flow in steadily from Rightmove and are generally of good quality, although there will always be time wasters.
OTM is the equivalent of the time wasting viewer. The difference though is we are paying monthly for this time waster.
Before the silent and ever obedient OTM Remainers respond, my company is an original Gold Level Agent that signed up and loaned money to Agents Mutual at the very outset. Let’s hear those OTM Remainers call for those waiting to leave to be released now, that way you can bathe with like minded individuals who genuinely believe in what OTM is selling.
For my company and others waiting to leave OTM, it remains very much CONTHEMARKET.
Anyone listing with OTM should let customers and fellow agents know through their own branch marketing. We now have the opportunity to go big.
Some agents list with OTM and don’t promote the fact.
Come on people, shout it out.
RM and Z have had it good for too long. Competition is needed.
Why does anybody need to be on OTM?
Is it agents’ herd mentality kicking in?
The public haven’t heard from OTM since a brief splash in the late summer prior to the IPO vote.
OTM needs to spend and spend big quickly.
J1
“Why does anybody need to be on OTM?”
Let’s go a little further with that line of questioning. Spirit of fairness and all that.
Why does anyone need to be on Rightmove?
Why does anyone need to be on Zoopla?
I guess the truth about RM is, sadly, to stay in business
The rest, vanity, worry, k..b size? Take your pick
OTM was an excellent opportunity in the first instance but the green eyed monster won in the end. Shame
it hasn’t signed up 81 new contracts..it has given them away.
If you are a paid up member how can that be fair…