OnTheMarket has announced record traffic to the portal and listing agreements with over 11,000 branches, while delivering a record number of leads to agents.
In a statement to the London Stock Exchange yesterday, it said that the number of offices listing with it is now over double the number listing at the time of the company’s admission to AIM on February 9.
OTM also said that there was a record high of 17.4m visits last month, over three times the traffic in February.
Last month, it also delivered record levels of phone and email leads. The statement did not give a number but said the total figure was more than four times those delivered in February.
OTM is currently recruiting new members by offering free listings, which it hopes to convert to full tariff contracts “when the value of its offering has been demonstrated”.
Its statement yesterday said: “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.”
CEO Ian Springett said: “In less than eight months since our IPO, we have doubled the number of agent offices contracted to list on OTM, trebled the number of visits made to it and quadrupled the number of email and telephone leads delivered from it to agents.
“Our strategy to grow rapidly the scale of the portal is working and these latest milestones indicate that more property-seekers using OTM and viewing more properties – many of which are listed with us on a New & Exclusive basis – is a recipe for generating more value to agents.
“That value is not just in the direct advertising return we provide but also in creating much-needed competition in a market previously dominated by just two large portal groups.”
Comments (19)
Its not a patch on RM or Z but does result in a few leads, amazing what happens when you advertise the portal (even with an awful advert).
But as others have said, the true test is when they start the price hike, agents will leave on mass. And do not forget OTM is trying to replicate the dominance and charging structure of RM – Any agent that does not understand this is naive at best and stupid at worse.
Correct
Lead level still low, but the quality is reasonable in our experience.
This is a no story….if they used to give 1 lead a month but now give 2 this is an increase in leads, but it is still rubbish. As for quality of leads all the portals are rubbish, how many times have we tried telephoning someone 5 mins after they have sent the lead only to be told they have found somewhere. How can they have found somewhere?
Although very keen for OTM to succeed, for the benefit of transparency, the majority of leads from OTM are for properties that are let agreed. I see no reason why this would not be replicated with other agents, so it will artificially increase the headline leads. This also occurs with RM, but far less than OTM.
As for email leads from both RM and OTM, most do not return my call; telephone leads are higher with RM, but have noticed an increase from OTM.
On quality of leads…
RM having the highest brand awareness are more likely to be the go to site for property voyeurs who have no intention of moving but still request details of properties they have have no intention of buying.
For that reason RM will produce more leads but they also generate more c**p.
Zoopla is slightly more niche than RM but to a lesser degree the above still applies.
OTM having the least name awareness is more likely to be visited by serious house buyers who are motivated by the chance of seeing new listings before they appear on RM and Z – hence the probability that a higher proportion of OTM leads will be of a better quality.
An additional fountain of real niche high quality buyers are to be found by using Google Ads to target those searching, for example. ‘four bed period properties with country views in Xtown’.
This type of detailed search (and there are 100s everyday in every area) is almost exclusively used only by serious buyers, not RM & Z voyeurs, and. they are not only a great source of buyers and mailing list additions but also of valuation appointments too.
I used this method of Google Ads to quickly establish my new agency as the market leader in my area and the local competition online was non existent – as I bet it almost certainly is in your area. I sold the agency last December.
I would love to talk to you about this.
Hi, can’t find the text you sent me on holiday. Text again!
Once the advertising war chest runs out in less than a year, the few leads you are getting will reduce further and those on a 12 month free sub will need to decide whether they can support this lame donkey any more with actual cash money.
Not entirely accurate. Agree there will likely be a need for cash injections but believe me, if it continues at the rate it is, their current cash advance will be used up but the job will be done. All they need is the name to become household within those 12months.
When was the last time you saw Rightmove advertising?? They became a household name for sellers and buyers within a very short period of time. As long as OTM continues to produce the goods, there will be much less of a need to throw money into TV campaigns and such like. Their advertising will be done by their co-branding with the agents they work with. Fantastic business and I hope their success continues and ultimately knocks the money grabbers at Rightmove off their pedestal.
I get more and better quality leads from OTM than RM. I don’t bother with Zoopla, so can’t compare that.
OTM now need to spend some money deleloping the website and app.
Otherwise the punters love it and the guys moving out of London LOVE the “New & Exlusive” feature. Makes em think they’re special!
Contrary to the above, we are receiving more quality leads than rightmove now. We are so pleased because rightmoves costs are soon to prove unworthy.
They may be sending “record numbers” of leads through, but the quality is rubbish. I cant tell you the last time wew actually got hold of one of these leads. They never reply to emails, the phone numbers of often incorrect, the detail on the “lead” is sparse. Yesterday we had a lead from someone looking for a 4 bedroom detached house, must have parking and a large garden. There is then a link which you can click to see what properties this lead has been searching for….all 1 and 2 bedroom flats!!!!
Are your current leads from RM and Z of any better quality ArthurHouse02?
With regard to the ability to contact leads and those leads actually leading somewhere Zoopla provide the highest quality. They seem to be the most genuine. I have often wondered if some of these leads where generated by companies acting on behalf of the portals. I am not saying this is the case, but when so many “serious house hunters” dont reply or appear to exist, it does cross ones mind, particularly as lead generation is key to the fees that these companies charge.
ArthurHouse02, I have begun to think along the same lines. We often get emails returned and also sometimes mobile numbers have one too many/few digits. Not trying to be sceptical, but we tend to analyse more of the ‘leads’ that lead to viewings. RM are certainly no better than Z or OTM in my opinion, but I do find the errors appear to be the exception. Z and OTM though are generating far more leads than R have done though at a fraction of the price and for me the lead generation is about value for money ! Have you analysed your costs per lead/appointment booked. It starts to make you consider other avenues of advertising.
How can you make a comparison with RM, thought you did not advertise on them?
I’m really surprised by that. I was very sceptical when I signed up a few weeks ago on their free offering but the leads have been fantastic…far better than the rubbish zoopla supplies. The volume is on par with Rightmove. Fingers crossed OTM works and pulls off what they are looking to achieve so the ridiculous fees of Rightmove can finally be overcome.
Very surprised to read this as we have been getting very good quality leads from OTM throughout this year.