News that OnTheMarket (OTM) has piled on 243 new listing agreements in the first ten days since it floated on AIM shows an “encouraging step-up in growth”, an analyst has claimed. He has given the OTM shares a ‘buy’ rating.
OTM chose the same day that rival Rightmove released its 2017 full-year results to announce that it had confirmed the sign-up of estate agent Chancellors’ 50 branches.
The five-year deal was conditional on OTM’s admission to AIM.
It takes the total number of new listings agreements from the 81 that OTM announced it had made in its first week since flotation to nearly 250.
Analyst Alastair Stewart at Stockdale said he saw the development as an “encouraging step-up in momentum”.
He said that the combination of new shares, temporary discounts and free subscriptions being offered to agents meant that the portal was charging considerably less than Rightmove.
He added: “A key objective of the £30m capital raise was to increase the number of agents subscribing to the portal by expanding its sales and customer relationship teams.
“OTM was launched in 2013 to challenge what the founding group of estate agents viewed as over-pricing by Rightmove and ZPG (formerly Zoopla).
“Rightmove’s FY2017 results state that average revenue per advertiser rose 11% to £922 per month – a multiple of what OTM is offering new and existing subscribers.”
Stockdale echoed previous estimates that OTM is likely to turn profitable in 2021, following the “particularly encouraging” news.
Comments (12)
It’s really amusing watching how whenever an OTM story comes out danny and Chrispy pop up to churn out their usual anti-OTM bile. Bit like the dom and ducky show whenever a Purplebricks story is published.
Could they be two and the same? I think we should be told.
243, most of which we were fully aware late last year, well before the IPO (e.g Arun). So in all honesty, that is a terrible performance from OTM. Taking a look though the site, some branches are appearing twice too. I expect those are both being counted. Shame on them!
That’s good news, just received my Share Certificate in the post so it’s sell, sell, sell 🙂
Being on rightmove is sane argument as nra in USA. I better buy a gun in case i get shot. I better go on rightmove in case my vendor tells me off…
Your in to deep now guys. Rightmove was created by countrywide and rightmove will kill countrywide with online and new homes listings.
Is it April 1st already?
Man impressed portal gives away new memberships for nothing… save you reading the whole thing
I am a gold member and I shall continue to support this venture.
RM and Z have it easy – hence prices up year on year.
Competition is needed.
As other commentators have said, RM are only worth what they are because we choose to list with them.
If we choose to list with OTM then we have a competition.
BUT we have to do it collectively, and if that means incentives that I am happy to support that.
It’s a funny thing. Deja Vu.
We’ve done this already, I’ve burned several years of wasted income in this Coming Together Venture.
What’s New this time. They’re giving it away for Free!!!
So forgive me when all the Loved Up Likers on here are holding hands. Where the **** were you 1st time around?
This time, This time? B*****ks. If you want to believe that’s absolutely fine, just don’t chain my Want to Leave Company and others in the Leavers Basement.
Every supporter of OnTheZzzzzzzz is also supporting their fellow agent (who joined, who paid, who supported, and when the goalposts were not just moved, they were lifted up and placed in another dimension), getting shafted by being forced to remain.
I get anti-Rightmove, anti-Zoopla, anti-Onliners however what I don’t get is that none of the Want to Love OTM’ers Now have ever had the guts to come out and say Let the Leavers Leave, and there lies the problem with our profession, no guts. If it had guts it would have supported OnTheZzzzzzzz 1st time around. Now it’s free etc, they slither on the bandwagon, until it crashes shudderingly to a halt.
Let Leavers Leave OTM, otherwise COnTheMarket remains a suitable description in the eyes of many.
Let Leavers Leave!
I don’t think we’re loved up likers, more like frustrated likers looking for an credible alternative and a way to give RM a ****** nose.
Also think Propertymark could do with pulling their finger out to make more representation on behalf of agents against rising costs …. just think how that would come across in a positive way to members and would at least send a message . They have the ability to act for agents if they try.
Same as it ever was – OnTheZzzzzzzz.
I remain shackled to this debacle waiting to leave whilst they give my hard earned income away?
Rightmove market cap £4b
Zoopla Market cap £1.5b
Onthemarket market cap £100m
ONE HUNDRED MILLION….. who is Springett trying to kid???????
OTM said they would be aiming for a launch valuation of £250m that would raise £50m.
As an original gold member agent I will be writing to OTM to ask them to explain precisely why they didn’t achieve the launch price and why they didn’t try hard enough to raise the £50m before launch.
After all the effort ive put in over the past 3 years Id expected my shares to be worth a lot more at launch instead it’s just opened the door to fly by night speculators.
And now up another 2.5p on the day.
I ask again how can Onthemarket be worth only £100m and yet Rightmove £4b and Z £1.5b?
What’s really going on here?