OnTheMarket has revealed that its next focus is on reaching the 7,500 membership milestone as this morning a City analyst advised investors that a story which yesterday appeared in the trade press – Estate Agent Today – was “a misinterpretation”.
The portal has not revealed how close it is to achieving its next target.
It is, however, on a new recruitment drive, offering prospective member agents the chance to sign a letter of intent to join after the milestone is reached – suggesting that it could be getting close.
CEO Ian Springett said: “The letters of intent represent a commitment to join Agents’ Mutual when overall support for its OnTheMarket portal reaches 7,500 offices.”
It was also made quite clear that once this milestone is reached, the ‘one other portal’ rule will remain in place.
A spokesperson said: “We have absolutely no plans to drop the one other portal rule at 7,500.”
This morning, analyst William Packer of BNP Paribas Exane, sent out a note to investors saying: “Based on a story in the trade press, some brokers are arguing Agents Mutual is mulling the end of its one other portal. This would be a significant development and seen as a clear positive for the listed portals, especially Zoopla.
“We see this as highly unlikely for the foreseeable future and Agents Mutual have denied the story.
“We see the story as a misinterpretation of Agents Mutuals’ latest move.”
He went on to say that Rightmove is gaining traffic share from Zoopla “and Zoopla inventory remains c70% of pre-AM launch levels. Our latest intelligence suggests OTM is continuing to gain new members from Zoopla, albeit at a slower rate.”
OTM launched at the end of January with 4,700 offices and reached 5,000 in March.
The portal received 4.4m visits to the site in June, up from 4.1m in May, based on Google Analytics.
The traffic compares with the 115m reported by Rightmove in May for its own site – illustrating the progress made by OTM in its first six months but also the mountain to climb.
* Separately, OTM has received a bashing from what can only be described as one of its own kind, an upmarket vendor in prime central London.
Alan Page, a columnist for a trade publication aimed at upmarket agents called Prime Resi, complains that he does not want to be on OTM.
He says: “Well, quite simply, I don’t want my property on OTM but if I want to use the best agents for my property I don’t have a choice.
“The reason I don’t want my property on OTM is because it simply doesn’t work at the moment.
“The name is terrible, the consumer marketing is wallpaper and the site itself nothing special (and I’m being generous here).
“More importantly, perhaps, it’s way off the pace when it comes to Google searches.
“I won’t bore you, at this point, with the tedious details of how poorly it performs on Google. Trust me, it’s cr@p.
“I would far prefer to be on Primelocation. This is a decent website, the brand has a qualitative edge to it and, even more importantly, my target audience know it and use it.
“Now at this point someone will probably bang off a tweet full of stats showing that OTM really is working and that Primelocation is nothing more than a small and quietly dying brand.
“Maybe they’re right.
“But, having worked in digital since its earliest days, I know just how opaque web stats can be.
“The fact is IT IS ALMOST IMPOSSIBLE TO FIND MY PROPERTY ON OTM VIA A GOOGLE SEARCH.”
And Page’s solution? It certainly won’t go down well with everyone, least of all OTM and, for all we know, PrimeLocation.
He thinks that what the market needs is a “prime only” portal, dealing with properties of £1m plus, be called something like PRIMERESI (this is a man fond of capital letters) and have restaurant reviews.
His views are not here but, as you would expect, HERE
Comments (83)
ANYWAY… back to the article, and my previous overwordy but seemingly well-received post. Thank you to those that posted their support of my ramblings.
Thing is – where do we go from here? Certainly there seems to be support for a dialogue opening between AM and Robert May yet the lines of communication appear to be down.
I don’t know whether he has ‘the answer’ that AM are looking for – but I DO know that if they don’t at least have that dialogue then we will never find out. A bit like the on-the-fencers – if they don’t join then they will never know if it will be a success for them… and it is less likely to be one without them.
In ‘the war of words’, AM is losing. People are, unfortunately, far more likely to read and believe negative press than positive and Z are clearly laying it on thick and heavy.
RM are being labelled as the restrained ones here (and picking up kudos points as a result…) – in fact they are simply letting Z do all the donkeywork at their cost and will step in if and when they feel appropriate.
Hmmm… at the risk of you labelling me once again as a moronic bully, ‘Andy10000’, I find it as difficult as others to believe that you have anything other than a pro-‘duopoly’ agenda to satisfy – and usually do it in a rather anti-agent manner to boot.
You might think it’s clever to label Agents “fools” – but they’ve sussed YOU no problem!
Have you had a look at this report Peebee what do you think FRICS and MRICS will make of buyers reports based on 3rd party data and no site visit especially when they seem attached to property which is a little err contradictory?
I’ve been trying to find one, Robert – with no success up to now.
Point me in the right direction, please – I’m itching to see what the fuss is about!
I will stick it a link on Agent board
Valuation and surveys, I found one t’up north possibly an FSBO
Thanks – going in…
I seriously can’t believe what I’m seeing!
Have searched the location you alerted me to, Robert – it seems that this company can offer “Zoopla Buyer Reports” on EVERY property in the location!
Would LOVE to know how…
Love the Ts&Cs – “The recipient acknowledges that the Report or Service is provided without the benefit of inspection of sites or properties. The nature of the information sources used to compile the Report or Service are such that they will not be free from errors and information compiled on an historic basis will have aged by the time of its inclusion.
Vectis does not warrant that a Report or Service will be suitable for any particular purpose, even if a particular intended purpose has been made known by you to Vectis.
As per the websites Terms and Conditions of Use It is the recipient’s sole responsibility to assess the accuracy, completeness, usefulness, suitability and fitness for purpose of all information and data provided within the Report or Service.
Users are advised to seek appropriate independent professional advice and to seek independent verification of the accuracy and completeness of each relevant item of information contained within the Report or Service. To the fullest extent permissible by applicable law, other than as expressly set out in the Terms and Conditions, Vectis makes no express or implied warranties, representations or endorsements whatsoever to the Report or Service.”
I’m sorely tempted to spend a tenner on one being offered for a NEW-BUILD property which the developer tells me won’t be built until early 2016. Maybe it will recommend some works to the roof to ensure watertightness – after all, the plot is currently only at slab…
Well I have to say I thought it was only me who is very surprised at finding RICS logos effectively endorsing valuations that are quite frankly bonkers.
I am not prepared to spend a tenner on bad rubbish of any sort so I would be real interested to find out if the surveyors report is backing up or challenging the figures guessed at by Zoopla.
I have looked up one property where the Zoopla estimate is 23% below the current asking price shown on Rightmove.
If RICS are hoping for some credibility they really ought to get involved with people whacking a logo onto schemes like this.
The RICS tend to take a different view of what is and isn’t OK when it has their logo attached to it, even retrospectively when things suddenly bring the institute into disrepute
The example report seems fairly in depth, it gives the impression of being a structural survey yet it isn’t clear if it is a survey. £9.99 for a survey is a bargain and presumably the 50 or so sold to purchasers who don’t go ahead cover the cost of the survey and the insurance cover when things go ting tong and there is a bit of a dispute.
I’m not sure how the general practice RICS surveyors are going to take to this.
Due diligence on Vectis suggests this is a soft launch after a lot of work has gone into it. I will watch with interest, thanks for letting us know about it.
Can you remind me which service supplier it is you work for Andy when you posted
“Agents are the not the brightest sparks” it became obvious you aren’t an agent
This wasn’t so complimentary either ” agents just want to stick their heads in the sand not let the buyer have any information and they believe that this is the good for the buying process…… fools”
A bit like 1st time Buyer you always seem to post on Zoopla stories.
Come on Andy who do you work for?
With a bit of help I found a bit about this. Has this really be authorised by RICS?
it would seem it been produced by a regulated firm….. its not for the RICS to authorise, as long as it is within the knowledge and does not breach code of conduct its up to the firm to decide what they tell people….. bit like a reference book, and actually I suppose no different to the BCIS online (RICS firm) …..
Zoopla seem to have a new bit of tech against the listings…… the RICS Buyer Report?, might be a bit controversial…. another attempt at transparency perhaps
Interesting indeed…£9.99 to buy an RICS Zoopla property report for each property. The interesting part is this….
“The buyer report supports your purchase decision-give the final report to your surveyor, your mortgage provider, your financial adviser, or estate agent”
It’s actually quite a neat bit of kit! Obviously not designed by zoopla
???? Please post a link to an example I am having trouble finding one
You just need to search an area for a property then next to each property is the link to the property report.
Got to say that it’s ingenious from Zoopla, they will make a fortune from this.
if they made it free it may really shake the portal market!
you are doing something different to me. I can’t see a link
it must be a soft launch…. i tried to show friends in a different postcode area and it wasn’t available…. but I have it at home on desktop (its not on mobile)
Good post PeeBee. And your right about the “other pub”, they’ve pushed the “drop the one other portal” campaign for well over a year now, and regurgitated the same old stuff.
OTM have made it clear that it won’t be dropped, those agents waiting and hoping to join up once that rule has gone now need a re think.
To both Peebee and GPL, Thank you!
I have to say your post threw me GPL, I went to bed wondering how best to reply to Peebee, got up well before 6 to bash out a considered reply and then read your post. Both of those posts mean the world to me.
Your post has completely thrown me GPL, knowing how passionately you support Agents Mutual it really does mean a lot, so much so I don’t know how to reply.
I have a bit of a challenging day today which includes a 500 mile round trip to Heathrow, the M5 or A303 on a Saturday is not a journey anyone sensible would attempt so will reply later.
Morning Robert, I will ditto the whole “rummaging” thing…. I do hope the “Tech team” or “marketing people” have made contact with you as I did ask my rep and an email to Ian to chat with you. If nothing else but to listen for a few minutes.
Sad that I’m catching up on here at 0.45am! on Saturday morning!… however my working day could be twice as long at the moment and it’s still not enough time!
Anyway…. PeeBee…. it’s a good summary and may I agree on May!
I’m shrinking in the bath…. no laughing!…. time for bed.
OKAY…
This one has had me chuckling since Wednesday lunchtime – when ‘the other boozer/greasy spoon/whatever cap fits” prematurely posted their scoop story then hastily ‘downed’ it (or at least they thought they had…) without as much as a sniff or wink.
I’m sure I wasn’t the ONLY person to see it – but so far I haven’t come across anyone else who say they did. Certainly ‘they’ wouldn’t answer my query on Tw@tter as to where it went – so I set off on my usual crusade to excavate the truth.
My efforts to find it using ‘normal’ search methods revealed they had overwritten the original article with one cut’n’pasted from February.
Gone? No – thanks to Mr May and his Rummage4 sortal, the original wording of the article was quickly unearthed despite their best efforts and forwarded to certain folks, several hours before the story (clearly NOT a play on words in this instance…) was republished in the early hours of Thursday morning, allowing the fun to start in earnest.
As one of 2014’s most ‘vocal’ doubters, now an AM Gold Member but very much still ‘on the fence’ – speaking of whom, where IS ‘OnTheFence’ these days? – there are things which sincerely make me wonder how many ‘camps’ are actually out there in respect of the whole portals issue.
There really should only be three – the Pro-AM supporters; the Anti-AM movement, and the ‘On-the-fencers’. But it seems that the list goes on. And on.
There are degrees of strength of support in the ‘Pro’ camp. I have previously battled with many of the more ardent of them here on EYE, whose weight is and always has been fully behind the AM movement – and I would have to say that in the main I believe their motivation to be based upon real trust in the OTM portal and its’ effect on the ‘power’ of other portals, for the long-term good of the industry.
Of course there are those that simply want lower running costs – EVERY businessperson should be looking for this constantly – but RoI is King in the portal jungle and those that have dropped a portal to make this happen (ESPECIALLY those that have actually committed a HIGHER spend with OTM that they were shelling out with the other one…) have made a huge leap of faith and they are the ones who are being seen to be working hardest to make OTM a success. For some Members, the whole of the OTM cost is an additional expense. I don’t know the actual percentage of branches that have not had to come off a portal – but I do know there is a percentage.
The ‘on-the-fencers’, however, are I believe a smaller bunch than they are made out to be. I would strongly suggest that many are simply Anti-AM guising as ‘maybe-campers’ in order to strengthen the Anti- argument. Not only does it make it seem that the middle-grounders are in larger numbers; but also that they have stronger negative arguments.
In my opinion – and based upon personal experience – ‘OTM on the fencers’ would want more discussion and less argument. I did …it just rarely happened that way because of a) the personalities involved and their passion, and b) the underlying expectation that I had an agenda – which I freely admit I did – just not the one that was suspected!
So… to the Anti-AM camp. And it’s many, many sub-camps. I have to accept that for some, there will be a genuine fear that OTM will produce a negative effect on the industry and its’ customers – as those who I have bored silly for the entire episode will acknowledge was my standard sentence in var-nigh every post. I can’t be the only one to think like that.
There are also those that oppose AM because they are ‘excluded’ – understandable I would suggest. I’ve never been a fan of that one – I like to keep my ‘enemies’ closer, as the old saying goes – and was ONE of my initial arguments.
However, I am firmly of the belief – more now than ever – that the riverful of hidden agendas with people masquerading as on-the-fencers runs murky and deep.
It’s almost becoming impossible to sort the REAL ‘maybes’ from the troublemakers and timewasters – which is a real shame as it is ONLY the maybes that really matter.
Only by sorting the wheat from the chaff will AM add Agents and their properties to OTM. Whether they are going about it the right way or not at the minute I can’t say – NO-ONE can – but progress is being made.
And remember the most important fact – this is about SELLING AND RENTING PROPERTY.
Nothing else.
If, as an Agent, you think this can be done better/cheaper/whatever without OTM – then so be it. You are where you want to be.
If on the other hand you accept that you are not beholding to the other portals, and that you can give your customers equal service by advertising on OTM – then I know some people who would love to hear from you.
Oh – and when, I wonder, will AM actually wake up to the fact that a certain well-known contributor to this forum May be sitting on a potential game-changer, for them; their Members, and their customers?
They certainly don’t have to Rummage4 him too hard…
…simply count the ‘Dislikes’ to his posts from those with the hidden agendas.
Again with the usual drivel!!!!!
The agents that believe in OTM, are they really marketing with OTM because they love the site? NO… there are other reasons!
QUESTION; does anybody know that ZOOPLA currently incites private selling with its TemptMe and TemptMe Offer facility? NO… take a look!
You Pay RM & Z £1000’s and we get a return, great! When R & Z turn on you and sell direct you will get no return, no thank you, no nothing!
For all the Visionless followers of RM and Z, I hope you get a good price for your business when you 5 yr. plan comes to an abrupt end!
The last thing you do with a cash cow is slaughter it!
Letters of intent are an essential part of OTMs growth. Many have said they will join “if” or “when” and it is important to know these triggers that would make them join.
Some have said that they would never join but most have an “in” point. If otm fulfilled some/all of the requirements of fencesitters then those that said they would never join may come on board as well.
I’ts a given that RM and Z are going to significantly increase their fees year on year and every agent must have a “tipping” point.
It is important that an agent owned, not for profit portal is there for agents when it becomes physically un affordable for them to pay RM Z fees.
I asked if one of my two offices could be removed for approx 3-6 months to help with cash flow whilst setting it up, however received a complete computer says no type response. They’re sticking by the 5 year contract, absolutely no flexibility, clearly not a portal run by agents for agents. If you do contemplate joining DO NOT sign up to a 5 year contract, you’ll regret it otherwise.
To be fair, you signed a 5 year contract blind!
Excuse me for asking but are you Alan Page?
No, I’m afrad not. But I do look like him in these trousers.
Are you willing to share a potted history of experience I am fascinated how we all share a view of tech in property and form differing opinions?
I have to admit I’ve not heard of Alan Page, us is from the countryside.
To be fair to OTM that is a little unfair to ask.
2 branches but only advertise from 1, many agents would then advertise ALL the stock through 1 branch. not really fair to other advertisers is it?
I can offer a very simple solution to OTMs clearly desperate issues. (It wont involve a letter of intent which sounds like some tragic attempt at securing a Dragon)
Free 6 month trial for the non believers. You get all the stock, more visits, more window advertising. They have nothing to lose
You’re Welcome 🙂
😀
The Times, they are a changin’!
OTM isn’t great on Google I agree but that has more to do with Google than OTM. Part of the Rummage4 project was specifically designed to show how Google manipulates results and favoured Google optimised systems. In demonstrating what is wrong with GSEO I am also able to show agent centric searching of Google which puts Agents websites at the centre of Google search results rather than aggregating portals.
Effectively that means the playing field is levelled and agents can concentrate on their own site and own marketing strategy; the generation 3 portals are back to being service supplier rather than life support system.
There is little point in a Prime property portal if prime property applicants can bypass any system that tries to control how they search .
Should the developers not have taken into account that the majority of web users use google?
Should they not have put more of the budget into helping manipulate numbers in their favour as opposed to countrylife adverts or tv adverts on obscure sky channels?
Seems like a basic step on the ladder missed.
Just out of curiosity done a google search houses for sale in Kensington. ..OTM on page 1 on paid for ad search and page 2 on organic?
Everyone know I am rubbish at spelling and grammar, I am a bit good at numbers. like for like a portal has 3500 bits of seo, by changing conventional thinking and putting 20,000 branches at the centre of search results I can turn that into a number with 42 noughts. That is a big number and one that negates the need for conventional and expensive media advertising.
If you have a quick look at twitter I have posted how generation 5 has turned generation3 property search on its head. I have posted screen shots as a result of reading the link in the article to show how things have changed. Effectively it is now possible to be your own agent, paddle your own canoe and choose the most appropriate advertising channel for your agency, whether that is country estates or local authority estates. Agents need to think about their own needs not the portals’ needs.
It has everything to do with OTM and not Google I’m afraid…
Google manipulates results based on providing the end user the quickest, most relevant, most comprehensive result.
Blaming Google, like blaming HitWise for poor traffic is a little bit sticking one’s head in the sand, no?
And of course Google finds search engine optimised sites preferable to those not optimised…I would hope in 2015 this doesn’t come as a shock to most.
I have posted on twitter how things have changed!
😀
The times, they are a changin’!
Just out of curiosity done a google search houses for sale in Kensington. ..OTM on page 1 on paid for ad search and page 2 on organic?
Yep.
On The Market is a phrase rather than a trademarkable collection of words/brand, so a massive and significant proportion of their advertising budget is blown on PPC search. A terrible blunder upon set up; they don’t own their own name and it must cost them a fortune.
Google ‘on the market’, and cars, dogs, fishtanks and Rightmove & Zoopla stock will appear above it due to relevance of search, traffic and content. Page two obscurity for now and the foreseeable…
“Google ‘on the market”…Alternatively just google “properties for sale in [Insert area]”or “properties to rent [Insert area]”
Are you now saying that OnTheMarket is a bad name for a property protal?
I’m not just saying it now, I’ve been saying it for months!
It’s an un-ownable name. A terrible move for a business who’s survival in the digital sphere depends on strong, independent branding. Hugely expensive to keep pushing.
*looks in OTM agent window*
“Oh look, they have properties on the market”
*Goes directly to Righmove & Zoopla*
“I’m not just saying it now, I’ve been saying it for months!”..Yes as well as;
“No one will get any leads for 6 months as it will take at least that long for SEO to kick in”. Yet I get a steady flow of leads thank you.
Of course you do.
SEO is a small part of it. Traffic, quality of content, tools, repeated traffic, site visit time & quality of leads & ROI are the metrics that matter.
The truth is, OTM are struggling. Read between the lines and take a step back on all OTM articles, and they are not making the headway which many members had expected in traffic, in increased membership and leads. A number of members who have been able to have left already. They say respected companies like hit wise, use by many and experts in there field are wrong, and visitor numbers are higher. How conviniant!
Number two, or one portal will ‘never’ happen, mark my words. The site is terrible, the pr just as bad. Over the next six to 12 months we will no doubt start seeing bigger cracks appear, along with small agents going under because of choosing OTM.
Competition can be a good thing, but competition for Rightmost or Zoopla they are not. Not with that business model and marketing team.
I agree with some of the comments but not smaller agents going under because they are using OTM chances are they are still on RM. And even if they are not a portal will not dictate if a business survives or not. If it goes under it will have deeper issues than which portal they advertise on.
and there you go – nail hit reet on ted!
Rightmove is the key to the OTM agents surviving! First to admit if AM had said drop both we would have laughed! (the fact we were only on one, made this very easy as we knew only one is needed)
Spot on smile please, the fact some think a business failing would be due to joining or supporting AM/OTM is laughable. Only the agents who sell websites on valuations will truly think this, those who ensure they keep portals as back up will never fail due to ANY website!
What absolute nonsense. Businesses failing because they choose OTM over Zoopla (in most cases).
When making that decision, do you not think they worked out which portal performed the best for them, or do you think they flipped a coin to decide which one to drop. The portal they were left with produced the best results.
Agents are not going out of business wholesale because being on one portal isn’t making any difference, it never did, doesn’t and never will.
Agents going out of business would be down to lots of other factors and if they believed that portals sell property, then that would be one of them!
Give us some numbers Ian , frankly the lack of numbers makes it now look like he actually might not have a clue what the numbers are …. It’s not hard to say how many branches have joined since you trumpeted the 5000 and before those OTM supported jump all over this with “why should he have to tell you ” …… It’s because he’s pitching for my business
hey danny, if you are reallllllly keen to know…….
Get on OTM and count the companies and branches…….. it too is not rocket science for the people so keen to “catch them out”.
It is without question hard to lie about the numbers when the numbers CAN so easily be counted! so why should Ian answer you Danny? just count…… unless that is the issue 😉
oh and this obsession with Branch numbers, from haters (and AM in fairness) really should be concentrating on Stock! I would rather have 5001 branches offering more property than Z and RM than 7501 offering less stock, as it is the stock which maketh the portal! FACTAMONDO.
Quick sales lesson for you Ric, if it’s not attractive you leave it out , by putting no growth numbers out, no branch numbers , no facts and figures it makes it suspicious that ….. The numbers aren’t that good . I’m an agent and do you know what I can’t be be bothered to count the branches but I’m also not going to join , beginning to look a lot like a pig with lipstick on …
I believe I will never stop learning, any person true to themselves will admit they will never know everything….. however danny, I cannot imagine for one minute reading most of your posts you could teach me much. But I feel empowered after your “quick sales lesson” my business will flourish today I am sure!
But back to your point……I suspect they remain confused why some are so concerned about a physical number….. I have asked disillusioned lets say they confirm 5,001 branches the worst case scenario in the over 5,000 quote…. what then?
Do those wanting a number have a particular number in mind which will have them join? so like smile says….. 9,000 have joined but none in your area who all remain on RM/Z is this good?
Or if 5,000 join including 9 of the 10 in your village and you are left as the only RM/Z agent but not a market leader what then?
Thing is, if your business is doing well you have the confidence to lead and not follow, so I can only assume the ones waiting for a number are just followers and not leaders (sorry)
Sorry, I’m not getting you. Are you saying that if your a market leader this gives you the grace to make terrible decisions and expect others to follow? Also I can’t speak for others but my fascination with physical numbers is because my business is based on physical numbers, that’s what pays the bills . Hard numbers , actual facts . Here’s a conversation about numbers with a branch manager. How many sales have done this month ” more than last month and it’s growing” how many “well we have letters of intent from some vendors” give me a number ” based on google analytical we are increasing month on month… Ok so I pay your commission based on the number of houses you sell… How many did you sell ” well it’s looking very positive …. It’s none isn’t it… Yes
Christ i think you found one of my old members of staff!
chuckle like a pixie!
erm, I am not sure I have ever suggested or would ever suggest statistic are not important to any business! seriously it sounds a bit daft, that you think I have just said ALL stats don’t matter, although……
OTM stats are important to OTM
But OTM stats are not important to RIC
Local Stock levels are important to RIC nothing more nothing less. Then how I convince the majority of those wanting to sell to use RIC is what I do best (with the help from a fantastic team of BM’s, Co-Directors and front line staff)
You are talking to me as if we opened our doors 25 years ago and took a guess!
Quick lesson by the way – What you did yesterday and the day before in terms of sales is now irrelevant YOU ARE ONLY AS GOOD AS YOUR NEXT SALE!!!!!! Trust me on that. I tell my potential vendors every day…. forget all my sold signs, I need to sell yours, the pot needs filling ever day.
I would concentrate asking you negs what they will sell today rather than what they did yesterday! it’s gone!
Being a market leader does enable you to (with confidence) tell people what works for us, with the proof it must otherwise we would not be a market leader…. so it gives me the “grace” to make a choice which I will always have a counter plan for should it not work! (AKA still on RM was never on Z) perhaps you don’t get that for me OTM is an increase in marketing….. not a decrease!
I pay them on what they sold yesterday Ric , its important and what pays my kids school fees and keeps the wife in handbags. Also , local stock levels are as irrelavant to me as the honourable aims that OTM look to champion.Im interested in the question “If I give you £10,000 of my childs inheritance this year, what will you turn that into” My feeling at the moment is that it will invest in a top end property portal for KF,Savills Et all, probably £5,000 to keep Springett and a load of ex Z/RM reps paid and very few leads for me as a business . It makes no sense to me as a proposition to cut my arm off today so hopefully I can grow two in the future…
danny last one on this from me hopefully, getting boring for both of us.
You are doing that thing again where you suggest I don’t know how business works and how we pay staff!
If I were to be clever with you for a minute, what you sold yesterday has not been paid yet! so good luck with that! I think I would like to work for you if I were paid a commission on sales agreed! I would brankrupt you!
My view of what you sell next still stands…… fill the bucket and keep filling the bucket so the bucket is always full enough to pay for the rainy days! (see I am patronising you now) but it is true, what sold yesterday has gone and may not complete, Good footballers don’t stand and admire a pass, they move on.
Now I know you meant exchanges, but this brings me back to “you cannot be certain of exchanges” so you just have to keep agreeing sales, without stock you can’t so this, so how an earth can you not be interested in local stock levels.
I am sure you are good at what you do so respectfully accept your views work for you, however in the meantime I will keep concentrating on local stock levels and me having most of it! as to me it is simple list list list…….. lets you sell sell sell……. which leads to being…… paid paid paid……
I asked the question to the OTM rep last week when I got the email….. the answer …..over 5000. When she answers my question, Ill respond to her further emails.
5002, nah okay 5001 makes it easier……there you go “she” just told me to tell you.
So Disillusioned, what number have you got written down before you join?
or will you never join meaning what an earth are you bothered about.
Surely you ONLY look locally and regionally and with this make your decision!
Very confusing reading so many business owners seemingly more concerned about getting a “number” and not being able to make their decision based on what they see. Anyway, Virgin want me to swap from Sky, so off to get Dicky Branson to tell me how many homes have V.Media before I join.
I think under all the snipes their is a very good point there 😉
Does it matter what OTM have nationally? or should you look locally?
For me its easy, if i was the only agent locally not on OTM and they only had 5000 nationally i would want to subscribe.
If they had 20,000 agents nationally but none within 10 miles of my branches i would not join.
If more areas worked together more would benefit, unfortunately in the main we are all too focused on whats best in the here and now for us individually, kinda like society in general! – Sorry bit deep before 9am!
Your problem there Ric is if Zoopla are Sky, OTM aint no Virgin (other than no one’s been there!!)
Take OTM out of the conversation to put some perspective into it, if a rep walks in your office trying to sell you anything, you ask them a question and they refuse to answer it, you aint buying it.
I agree the refusal to answer would annoy me BUT I would make my choice based on what I see…… and to prove this I made my choice in 2013 re OTM! So the answer then was less than 500 agents and local to me ZERO! in fact we started recommending other companies for them to call.
also I could see everyone was on Z and stayed off it for that reason, keeping 30% to 40% of stock off it and being able to say – if Z worked I would not be as dominant as we are.
It’s what works for you and what you believe in, but I just don’t get what the actual number will do for you! As I say when you get that number then what? You I assume have a target number when you will join?
You didn’t answer! Do you have a number in your business plan which will make you join OTM?
Like your OTM rep said to me Ric, Im not telling you.
My first thoughts
then I will move on. No doubt like the OTM rep did 😉
With 7500 OTM would be number 2 portal and leapfrog Zoopla based on listings.
Springett could hit his target of being number 2 portal much sooner than the original target.
You haven’t got a clue Paul whether he might hit it sooner than the original target. He might have 5001, he might have 7499, He has got the exact figure sat on his desk, not just Springett, R and Z as well, when it comes to telling the truth on figures, it kills them.
“You don’t have a clue wether he will hit he target sooner or not”.
Your right I’m in the same boat as everyone else. Although what I do know is that more agents would sign up if they knew they were joining the number 2 portal. Like it or not it’s a good move.
As a small (lettings only) independent, we many years ago stopped being able to justify the cost of two portals, and so dropped one. Since then, we’ve realised that we only ever needed to be on one portal anyway.
We have been staunch supporters of OTM since the beginning, as we were of PropertyLive before them. However, time and time again OTM have refused to offer any sort of package to reflect our very low stock volume. No doubt they have good reasons for this (although I haven’t a clue what these might be, as they haven’t told me) but surely the more agents they can get on board, the better? They would benefit not only from agency numbers, but all the free advertising we would be giving them in our shop window/website, etc.
Sorry MF – Are you saying you are not on OTM; but would be, if they would lower their fee’s based on you have “low stock”?
I suppose the problem is, they are more likely to “do a deal” with the company who has more stock than less stock.
Yes, I would be on OTM if it were cheaper to reflect that only two or three properties are being advertised.
As for doing deals, like I say – it’s surely better for them to have as many agents on board as possible.
If I’m advertising 100 properties then their monthly subscription is very cheap; not so if I’m only advertising two or three.
As things stand, I’ll only go to them if they become better than the other two portals, or, possibly, if I decide to grow my database.
I’m sure there must be many other agents in a similar position….
MF and please forgive me OTM, but I agree I would not be paying for OTM if I were you and fail to see how they can make this work for you.
Do you have loads of letting properties?
We have around 65 properties currently and average tenancy terms of four years (although quite a few have been running for more than 10 years).
They can make it work by introducing a cheaper tariff for agents like mine. Perhaps a pay-per-property option.