OnTheMarket says that it now has over 11,500 branches signed up.
The figure represents an increase of more than 6,000 branches since OTM floated on AIM in early February.
OTM’s last announcement was 11,000 branches on October 2.
It said today that its 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: “Our first stage of growth has been focused on rapidly expanding our agent base and we are pleased that the latest increase to 11,500 offices highlights the strength of agent support for an agent-backed portal.
“With a scaleable portal, strong funding and a progressive ramping-up of marketing activity, growth since IPO has accelerated and momentum is continuing.
“This gives us confidence as we look to the coming months.”
Comments (11)
I don’t share the enthusiasm about OTM, I feel I’ve been “tucked up” good & proper by them. I joined OTM v1 (one other portal ruling) and if I’d stayed that way, I’d no longer be in business. I just don’t trust this lot at all. There is no support, no “give & take” and they only see things their way. I would prefer to stay with RM & ZPG on the better the devil you know principle. Once OTM gain their desired market share, they will be no different to what we have with RM & ZPG anyway. We do not need to be paying for 3 Portals either.
Around half of the available stock? Can’t even give it away?
If everyone gets behind OTM then we will all not need RM or Z, I personally have not needed Z since I dropped them 5 years ago, my OTM leads have now over took RM, i’m hoping more agents can see through the RM smog and get to a position were we can all drop RM.
Zoopla are awful. Seem to be more interested in gathering data than selling people houses.
I totally agree….
I wish more independents saw it like this!
I have been with OTM the market only two months and I have to say as an agency we are getting 60% leads from OTM and 40% RM, more importantly the quality is as good as RM and conversion rates better, I am a small independent in South Leeds. I have in September downgraded to the essential package with RM and it has made not a jot of difference. So its working in this part of the world and if the marketing is delivered I see no reason why RM for me will be needed in the near future.
Is OTM free at the moment? Whatever happens, you will always need competition otherwise OTM will just become RM 2
I just signed up our 2 Lettings Only offices up the other day with OTM, 11 months Free, until 25th September 2019. No obligation or tie-ins other than the initial Free term.
I don’t think this is strictly true as 70% of OTM is owned by shareholders who are all independent agents so the business model is to ensure it is competitively priced.
That’s great to hear.
I find the quality of leads to be better too….
At last OTM is gaining traction. Always difficult after such a poor start, but OTM really is the way forward to avoid agents being pushed further into despicably high fees from Rightmove and Zoopla. For the objective to be achieved the industry needs to realise that OTM can now work and should have the courage to boycott one or two of the others and back OTM, which is, after all, a very user-friendly site. I suspect for the industry to be encouraged, OTM may still need to deliver a more compelling advertising programme. Let’s all now back it wholeheartedly.