OnTheMarket this morning said that a new market appraisal guide tool is now available for its member agents to use.
It describes this as “another step towards matching Rightmove’s core agent product set”. It emphasised that it is under-cutting Rightmove in terms of prices.
The new tool is still in beta version, but OTM said that, as with the ‘best price guide’ currently available within ‘Rightmove Plus’, OTM can now enable its agents to access sold prices, comparable properties, local information and maps, and create a report for vendors and landlords which carries their own branding in conjunction with OTM’s.
The tool is included with agents’ listing fees at no additional cost.
It has been beta tested with member agents and refined in line with their feedback, OTM said.
A spokesperson told EYE: “We are now broadening access to this beta version to all member agents.
“The introduction of the market appraisal guide is intended to help our agents reduce their reliance on Rightmove and other portals.
“By using it with vendors and landlords, they will be reinforcing OTM’s brand and encouraging them to use the website, which in turn will help our agent-backed portal succeed.”
Rightmove’s agent product set currently includes ‘efficiency tools’ such as the best price guide and ‘intel’ market intelligence reporting, which are included in subscriptions.
There are also ‘additional products’ which include on-site display advertising, direct response activity and property listings promotions.
OTM is now claiming that it will bring in competition to all of these.
The spokesperson said: “Over the coming weeks, OTM will progressively introduce a range of products which will aim to match the core agent products currently available from Rightmove.
“The market intelligence product will be included within listings fees whilst the additional products will be available to purchase on a menu basis.
“As with OTM’s listing fees, the prices for additional products will undercut Rightmove’s standard tariff and they will be offered in a manner consistent with the company’s commitment to fair and sustainable pricing.”
More announcements will be made when the next new products are ready to be launched, says OTM.
Chief executive Ian Springett said: “We’re very pleased to be launching this guide, which is in line with our strategy to broaden our range of back office tools. We continue to look for ways to innovate and improve our offering to agents and property-seekers.”
Comments (75)
The new market appraisal tool is free, additionals may come and can only be a good thing as long it’s a fraction of the cost of RM, if OTM fail then many more agents will go out of business when RM get an even tighter stranglehold on agents, it think it’s time we all wake up and smell the coffee, with all the agents listing with OTM why would they need to list on RM, I spoke to an agent the other day, quite a large multi branch agent who said, “what’s the point of being with OTM when everyone is on RM?” My reply was what’s the point of everyone being on RM when everyone is with OTM? It’s a hell of a lot cheaper. If OTM did everything for my business and is cheaper than the other portals then it’s got to be a good thing, the more that get be hind OTM the quicker we will all be free from the RM stranglehold.
…because OTM gets hardly any traffic compared to Rightmove and no applicants know it exists?
JordanBrooks88
I don’t know what part of the country you are based but, where we are OTM produce more leads than RM, it may be that we try harder then you to promote them, if you continue to promote RM then you reap what you sow!
15 March 2019
“ Click ”
The sound of the “Off Switch” following OTM’s announcement of “pay extra features”.
……followed by the sound of “footsteps walking away”……
If only it was April Fools Day …..sadly it’s just Fools Day!
Don’t be a portal slave, do not promote them and give them free advertising. The payback, from, especially Rightmove, is 20% hikes in fees each year. Do not trust OTM, the way they have treated V1 members is unforgivable. I personally think that the way forward, is to use just one portal of your choice/preference, do not underestimate your own marketing skills and database farming.
There are just so many things wrong with this. I am beginning to question if ANY agency corporate or independent should own shares in a portal. I think it should be totally independent so that it is fair across the board. Those shareholders have an advantage (or will have in the future) over none shareholding agents. I also think we have been focusing way too long on these 3. They are mirror versions of each other and to be honest, not with the times. I am seriously considering moving on from EA as it is no longer rewarding and so backward in its thinking. No other industry is manipulated like this and all this talk of leave this and go on that is quite frankly becoming boring. We should all take some risks outside of these and break the monopoly they have/aspire to have. I have seen so many good alternatives coming through, they just need us to give them a go.
Forgive the long quote but this is lost in the sea of posts above-
wardy
March 15, 2019 at 11:59 #49
For what its worth, after my last ”attempted” negotiation with rightmove I removed all products. This didn’t seem to phase them at all and my actual cost didn’t come down that much. Removing my lettings branch, however did attract calls from senior staff at RM and the money saved went to giving zoopla a chance on both sales and a lettings account.
I can honestly say that I haven’t suffered. Weather or not I stay with Z is another matter but for now I’m happy knowing I took some of the power back. I get that sales is entirely different and I’m certainly not brave enough…………..yet. But its a start.
Well documented on here and elsewhere re my fervent OTMV1 Support and subsequent opposition to the AIM/V2 OTM.
However, despite my view of OTMV2’s failings with regards to their treatment of members that opposed V2, I have actually tried to remain supportive as Rightmove is akin to the worst Brexit Deal ever – shafted for eternity!
As if by magic OTM/Ian Springett pick up their Portal Gun, load it with “charge me extra” ammunition and then put it to their own head?!
Sorry Ian, this action just smacks of you satisfying your Shareholder expectations and ensuring your Golden Farewell.
Do the right thing Ian ……if you want to grow your agent numbers. Now is NOT the time to start adding “pay more features”. If you don’t reverse your decision I suspect this will be the WRONG “tipping point” – one that even you will regret.
This is a failed project which will implode once agents have to pay the full price!
the share price reflects investor sentiment.
So, OTM use the agents money they are paying, to employ developers to create more features, to then charge these very same agents more money to use the featuresd they just paid to be developed. Oh my word, you just couldn’t make this stuff up! Funny thing is, most agents will still be cheering OTM on. The feature should be free to member agents.
If OTM reach 15k-18k customers and RM keep losing customers at the current rate then we will shortly have a market of 3 players in the portal market. The reality is that RM will continue to suck the industry dry until they have to compete for business, something they have never had to do.
Loosing at the current rate, you mean with agent branches closing down I assume…
That’s not how you spell losing
Sorry, pet hate – a bit like oven gloves or tea towels on oven doors!
The one thing I think most of us now understand, is the need for additional products is nil. That said, I still see some agents electing to use three portals, so perhaps OTM know some are still happy to waste money.
OTM seems to have forgotten its core reason for existence and moving towards crossing the line of how it can make money for itself?
Dear Rightmove,
We hope you enjoy your Gift.
Kind regards,
OnTheMarket
And whilst you are knocking OTM for aspiring to be rm2 RM1 will love it and whilst you knock OTM for trying to build in bolt ons for a fee RM1 are loving it and when you have finally laid into otm with the last few nails RM1 will be laughing at how much more they can hit you with for their share holders.
Supporting OTM will be cheaper and eventually just as effective, remember you made RM and you made it unbeatable, it is you that can do the same for OTM and only you that can hurt RM in the hopes of bringing them into line.
The probiem here ejd53?
Surely we learned that having made Rightmove, we wouldn’t be stupid enough to do the same again?
Along comes The “Chosen” Portal in the form of OTM, chanting “follow me into the promised Portal Land”….
The reality? ……Dolly Parton singing “Here we go again….”
To have any credibility OnTheMarket/Ian Springett need to reverse this decision now, otherwise we can envisage Theresa Springett just coming back with increase after increase after increase …..after feckin increase!
2p from me- providing agents with tools to win instructions is a sound strategy, OTM providing agents an alternative to a system they currently are reliant on Rightmove for is sensible too.
Should OTM be allowed to charge for it? of course they should.
Will this defeat Rightmove? of course it won’t, will it hurt them? not much.
What would be more effective? if OTM agents stopped advertising their available letting listings with Rightmove’s they will punch an almighty hole in Rightmove’s appeal as the place to go and a sizeable hole in their profit ( at 76% profit margin lettings has to be entirely a source of profit)
I very much doubt a single reader or letting agent can honestly say they have lost a landlord because their managed portfolio isn’t on Rightmove.
Problem is Robert us agents with sales and lettings accounts go to drop lettings we are not given a discount.
It makes no sense £ to just drop lettings when we pay for it anyway.
Base cost in my part of the world is £1400 plus vat per branch.
Stop having a sales and lettings account, a good letting agent very often has no available listings, it averages at 5% of their portfolio.
It does not make sense you are buying something, even if you can afford it that for most of the time you don’t have any use for.
Forgive me for saying this in the way it will inevitably sound, you are a good strong agent who I respect enormously. but you advertise with Rightmove because of your sales and your sales only, you can’t stop because your local competition will win all your instructions, your partner will hop into bed with the competion (insert personal irrational fear if more appropriate)
Stump up the £1400, suck it up and accept that is the cost of agency sales. Take your lettings away from them and make it a miserable place for people to visit. While you’re at it reduce all your listings to a single photo. Make Rightmove a right misearable place to visit, keep the good stuff for your own site and portals who are helping you train Rightmove to be a little more appreciative that its your stock and your photos, videos and 3d walkthroughs that make them an entertainment channel
Not that brave Robert. Single photo on RM my competitors will crucify me.
What happens to competitors who spend more than they can afford when the maket hardens up?
Let them crucify you. When we dropped from a full page in the ND Journal to half a page because that’s what we could afford the 3 closest competitors who used it against me closed first!
For what its worth, after my last ”attempted” negotiation with rightmove I removed all products. This didn’t seem to phase them at all and my actual cost didn’t come down that much. Removing my lettings branch, however did attract calls from senior staff at RM and the money saved went to giving zoopla a chance on both sales and a lettings account.
I can honestly say that I haven’t suffered. Weather or not I stay with Z is another matter but for now I’m happy knowing I took some of the power back. I get that sales is entirely different and I’m certainly not brave enough…………..yet. But its a start.
A lot of the regulars of Eye and before that EAT hearing that Wardy has the confidence to do this really ought to sit up and take notice!
Rightmove are not vulnerable to someone fighting them at their own game, it takes something as simple as Wardy to confirm that the simple strategy of reducing them to a one trick (sales only) pony means the 2.2 million tenant moves each year will be looking at OTM and Zoopla instead of oh, there aren’t any To Lets on here!
Is there not an obligation to inform clients if you decide to reduce the size of the market you advertise to?
Dropping Rightmove or even intending to and not telling clients and potential clients would be a misleading omission of material information in my opinion.
Because use of RM is so widespread wouldn’t it be necessary for Agents who don’t advertise with them to make sure they make this clear to potential clients in their advertising. After all this was the argument the ASA used when they instructed PurpleBricks to make it clear that their model was pay anyway – they said that consumers were used to the “no sale no fee model” so it needed to be made clear they were different.
If a lettings agent tells a landlord they are dropping Rightmove for the average 1:22 month change of tenancy the worst they can expect is a shrug of the sholuders and a sarcastic “you’re calling to tell me that because?”
Ducky, most of our clients are only have their property online for 4 – 6 weeks. Not like they will realise as would be sold / let or when they sign up the change will already have happened.
Its only people like you that chose an agent and its online for a year and have to drop 100k – Being on RM did not help you sell any quicker did it.
Yes, absolutely. If I was instructed for no other reason than being on RM then I would feel morally obliged to tell them.
Luckily we don’t tend to attract the sort of client who’s only criteria is that of a single website.Landlords are interested in the quality of the tenancies we set up, not how many clicks they would like to achieve. Lettings is about matching appropriate tenants to property. Its not a numbers game.
I simply can’t believe what I read from apologists for RM.
How can anyone other than shareholders be happy to endure or tolerate RM’s greed?
I found an inter-office email from 2010 where managers were expressing outrage at their price rises (10% annually then, not the 15% now !) and we now, finally, have a viable competitor.
But what do I read here? Bleating about Ian Springett and his share options!
Yes there have been growing pains; herding cats needs new ideas, but I really couldn’t give a flying **** if he or anyone else can finally break the stranglehold that our industry has been so complicit in creating and dysfunctional in combatting.
The stock exchange’s most profitable company is at our and our clients expense, and we’ve let it happen.
Apart from hanging our heads in shame, we should at least be coordinated and brave enough to embrace the best alternative without this constant sniping.
There is no point getting rid of RM and signing up for version 2 (OTM)
It’s like a battered wife leaving her husband for a new fella but only slaps her about half the time. Still a bad relationship.
You are out then, while there are many who are in.
“we should at least be coordinated” – I know, lets start a mutual and we can create a real alternative… Oh that’s right. Perhaps we should all be ploughing our money into a company which has a sole objective to crate share holder value and provides little value on the ground within our branches (including zero leads), followed up with a nonexistent market strategy and then signs clients into an Agreement which is so commercially weighted in their favour …. oh yes we have that too…… I know what your next point will be, well we are as an industry, have created this mess what would you suggest!…
My suggestion…. Each agency STOPS marketing the portals through their customer touch points (e.g. window signs, Rightmove open/closed signs etc), has the confidence to each year test the market and use only one portal at a time. THEN focus on their own marketing strategy and offerings to make sure their website is the one stop place to go for their local and wider market. IF you want to start putting some money into an external organisation, perhaps you should consider maybe putting some marketing spend behind Google.
To be clear @Scruffy, the above isn’t snipping or tolling or moaning…. and you are right we do need to make change. Perhaps the change should come from within and not looking on the outside for constant alternatives. All you are doing is creating a new monster, which will mean some agencies spending MORE money adveristing on three portals. Great!
Don’t buy the additional products then. Simple.
This is great. Now we can all leave rightmove. Let’s do it.
One good thing to come out of this, there aren’t any promises left for Springett to go back on, this makes it a full house, congratulations.
The only interest here being increasing the revenue so the share price lifts and they can be off loaded asap. Shares that should never have been given to the charlatan “management team” in the first place.
Every agent using OTM needs to refuse to pay for any additional products. I remember the angry reaction in the room (on the pointless roadshows) to his suggestions for a paid for, valuation lead option, which was quickly dropped!
A collective stance needs to be made.
The whole Industry at present is a complete shambles. Lead by idiots and regulated by misguided do-Gooders totally out of touch with reality.
I’ve also been reliably told that surveyors have been given guidance to down value which would explain some of the values placed on properties of late, thoughts on that would be welcome.
Surveyors given guidance to downvalue. By whom DB999?
Our free period ends soon, been trying for 2 weeks to get the rep to tell me costs moving forward , refuses to do so without a visit! Why? Just tell me the cost, I’m grown up enough to make a decision without having to listen to all the bull!
This is unreal! Extras! All you have is a company now focused on creating shareholder value not a company wanting to support its ‘members’. This is a complete con. At the moment the proposition proposed is Rightmove lite following the same path as Rightmove did since 2001. The only real winners out of this will be Ian Springett who now holds lots of lovely shares. If you signed up for five years prior to the IPO, good luck to you…. The people that didn’t, you have a brain!
I agree about extras, but OTM will always be 75% agent (shareholder) owned. RM or Zooplankton have never been close.
The same OTM that was always going to be 100% owned by agents?
Wake up.
Erm. We all bought initial shares and still own circa 80% of the company. Not many agents have sold. This is the way us agents retain control going forward. We are all shareholders. Go back to sleep!
Not many agents have sold because they were promised £5 shares and they have been bobbing around the £1 mark.
More lies, more misdirection.
@JonnyBanana43 – Oh yes and that is from the company that, having sat through all the meetings stated they were going to be a ‘mutual’, then it was (as correctly pointed out by @smile please) the share price was going to be £5… etc etc. These are all statements that they make in order to obtain further customer base…. Having been in contract with them from the start, thankfully we have sold their shares and are not signed into the five year lock-in Agreement…
The business model will ‘require them’ to have a further injection of capital in order for them to sustain growth that is why they are ‘tapping’ into their current customer base in order to sell further products, so guess what …. that 20% of non-agent share holders will have to grow….
If you think that your equity stake in that company is going to continue at 80%, perhaps I’m not the one that needs to wake up….!
Can’t see this adding any value.
‘Hello mr vendor, here’s my expert recommendation backed up by data from OnThMarket.
Sorry…who? Never heard of them.
You know, ones who do that advert on daytime TV. It goes OnnnnnnnThe…’’
*door slams in face*
I’d stick to Zoopla mate. Oh and doorsteps innit.
Oh here we go… get the backing and increase their prices !!
Zoopla have just done exactly the same!!! Purchased Expert Agent Software and hammered up the price with a rise of 10%!!
These portals are all leaches!!
GREED GREED GREED
It’s called business, Mr Corbyn.
The price increase has nothing to do with the fact it is owned by Zoopla. From what I understand, it was the first increase in a while.
So you have cancelled then yes?
Bit off headline topic but for this bit of the thread its worth a mention as you bring it up. 10% increase but from what starting point?
My lot were paying £30 a licence for expert. now you can buy it for £50 a licence reduced rate reverting to standard rates after 12 months. What is standard rate now and what added value has been added other than the name above the door?
Anyone got expert agent prices pre and post zoopla. And matey boy down the road was paying £20 something a licence for jupex back in the day and I had quotes for over a£100 each where you pay extra for the bolt ons and the referral one app took a cut of referral fees as well.
Terms and conditions
All new Expert Agent customers shall subscribe on Expert Agent’s standard terms and conditions and pay a reduced subscription fee of £50 per user per month (“Promotion”) for a period of time agreed with Expert Agent (“Promotional Period”). To qualify for this Promotion you must be a new Expert Agent customer. This Promotion does not apply to (i) existing Expert Agent customers adding new users, branches or franchisees to their subscription or (ii) any previous customers who have subscribed for Expert Agent services within the past 12 months.This Promotion is available for a limited time only. At the end of the Promotional Period, the cost per user per month will automatically increase to Expert Agent’s standard rates.
How old are those T&C’s? As far as I am aware, they are not current. Licence prices are in line with Jupix & Alto and of course, you can purchase additional modules should you wish. It is down to the agent to discuss their quotations with their account manager.
T&c’s On the website today mrs f or should that be mrs Z?
Well, now that would be telling…..
I had OTM rep in recently telling me to cancel all my products on RM and Z because they don’t work. This was because I didn’t want to pay after my free period, and could free up enough to pay for them by dropping my package to the basic on RM.
Now they’re going to offer the same things? Didn’t they say from day 1 that they’d never get into bolt on products?
I just don’t trust anything they say anymore.
Imitation is the highest form of flattery.
It does not matter if OTM replicates RM 100% – so long as they do it less expensively for agents.
Sorry ……it absolutely DOES matter!
It undermines in the most direct way, one of the biggest issues in Our Industry – “TRUST” in Portals.
Why would anyone Trust Rightmove?
So, OTM hopping aboard the “Don’t Trust Us Bus”? …..very, very disappointing news.
To Ian Springett ……reverse this decision now, restore faith that OTM isn’t going to be RM2.
Fair enough, we disagree.
I do think there are far too many agents expecting OTM to provide everything for nothing.
Sorry but didn’t OTM always say they were NOT going to offer products to agents to keep a parity of all listings?
The best outcome for agents is that no one portal has absolute dominance and can therefore charge whatever it thinks the market will stand.
RM, OTM and to an extent Zoopla should be competing for our business and therefore each would be inclined to being competitve both in price and options offered.
I’ll never be taking add-ons at extra cost from any provider. I’ve seen no evidence that it’s cost effective.
Hello? Springett answers to investors now, not his customer.
Disappointing to read this particular point…..
”the additional products will be available to purchase on a menu basis”.
In my view OTM simply mimicking RM with the extra cost options undermines its USP for Agents. By all means look at additional income streams in the future however surely its crucial to get all the Agents on-board first?
Agree. No need for Additional products.
Get that monthly spend up! Need to keep the investors happy 😉
Just don’t buy any additional products. Problem is everyone bought off RM because they felt they had to in order to compete. You don’t! So if OTM do offer them don’t feel the need to get them. I have never once bought an additional product from RM and firmly believe it has done me no dis-service. I didn’t even buy the logo next to our advert as I thought that was a total con, that should be standard it’s our advert.. They eventually gave it to me in order to entice me onto other things.
‘Additional products to purchase’ let me guess featured property?
For the pro OTM camp, wake up this is RM version 2 ££££££
Let it be RM2!! bring down the beast which is biting the hand that fed them.
If OTM do the same we will bring them down too.
The madness in that reply speaks volumes.
Amazing isnt it that people dont see it. Best case scenario by supporting OTM, RM struggles and agents save money for a couple of years until OTM is charging upwards of £1000 a month.
Amazed OTM are bringing in these chargeable added extras whilst most agents are still under the freebie listings. Should hasten the leavers once the trial period has ended.
Oh and worst case scenario, agents now pay to advertise with OTM, Z & RM!
Best case scenario is that you keep repeating what went wrong last time.
Typical EA, no creativity, and no forward thinking.
FWIW – I’m not an EA anymore.
Hi Londonbound,
interested to hear why you not in EA anymore. What did you move too? Just interested from an alternative career path perspective as seriously considering the same.
Anthonyw
May I ask why you are considering leaving the profession?
He’s probably a ‘digital marketer’.
Wolf in sheep’s clothing
‘Battle ‘? More like a merger.
When’s the big switch off? That’s the war I signed up for.