OnTheMarket last night announced that it has cracked the 5,000 membership barrier, after recruiting 800 new branches since the start of the year. It reiterated it is on course to topple Zoopla from second place behind Rightmove.
OTM said the 5,000 branches now contracted to it represent some 2,500 agent firms. It said 90% have removed their listings from Zoopla.
The 5,000 figure was its ambitious target at launch on January 26.
OTM has now reached the milestone rather later, just over two months of going live.
However, OTM’s pace of recruitment since the start of the year seems to lay down a new marker.
Yesterday’s announcement said that OTM’s member offices “have moved their properties and their substantial advertising spends from other property websites”, and emphasised that OTM does not accept online “agents” – these are OTM’s quote marks, not ours.
The statement also said that “more and more” OTM agents are advertising new properties exclusively on OTM at least 48 hours in advance of displaying them on any other property portal.
It added: “OnTheMarket.com has already become a ‘must-view’ website with a unique set of properties because many of the properties on its website cannot be found anywhere else.”
The announcement also emphasised its traffic – saying that it had 2m unique visitors to the site within six weeks – and underlined that as a mutual organisation, OTM does not need to “feed dividends to external shareholders”. Both Rightmove and Zoopla are public companies.
Chief executive Ian Springett said: “OnTheMarket.com hit the ground running and is now an essential destination for anyone seriously in the market for residential property.
“We have come a long way in just a few weeks and, with more than 800 new member offices already added in 2015, we are more confident than ever that we will replace Zoopla as the number two player in the market over the coming year.”
Comments (36)
My considered thoughts… the only improvement for RM is their share price?… I see zero improvement elsewhere in what they offer… analysts happy, shareholders happy… that’s it. Zoopla deemed dead duck for the future so those seeking an investment return from property portals have embraced RM.
What I am seeing is OTM working as the No1 Portal to visit for New/Exclusive instructions as they public gradually learn they see New properties there 1st. I am moving towards listing on OTM exclusively for the 1st week as I see the early quality viewers going there first! This should be OTM members strategy now as it will attract the better quality/serious enquiries from those quick to appreciate OTM is 1st for NEW TO MARKET Property!
And as always… my clients are guided by what I think is best in terms of marketing etc… it’s one of the main reasons they selected me to sell their home!
Here’s the NEW Taglines!
Rightmove…. No1 for Share Price!
OnTheMarket…. No1 for NEW TO MARKET Properties!
Now…. which website will quality Homebuyers search 1st?
I keep hearing the comment “RM is more dominant” due to OTM. H’mm still trying to work that one out as RM hasn’t grown since a new portal has appeared and certainly the numbers leaving Z haven’t moved to RM but to OTM, making OTM more dominant than either RM or Z were when they started out.
As to the question of RM being stronger, is it really? Think about it, they haven’t changed, only Z is going down fast, however do you remember the stock market worries over the future of web portals RM shares? RM prices which were falling only started to grow after the OTM anti campaigners giving grief and uncertainty every opportunity they could and RM had apparently purchased many shares themselves. Now that the figures are out, the stock market is reassessing todays position. There is a general concern that once OTM become an every day name, which it is heading towards very fast, then agents who pull the plug on RM will cause RM collapse and leave those that have not joined OTM out in the cold. Just about everyone knows that many continued with another web portal when they joined OTM due to the transition/public awareness concerns. That has now been put to rest, so it is now down to the high street agents to consider if it is necessary to stay on RM or not. Some will but the story is certainly looking like many won’t and that is the key for OTM to get over to all agents. Why wait a year?
Love it Jonnie ! Well said. The more that competitors like Z complain about OTM the less credibility they have. This is clearly reflected in their share price performance irrespective of what City analysts/brokers say in their defence (they usually have a vested interest anyway). The rate of attrition in Z’s membership numbers has holed them below the water-line and as far as I can see, they have no credible way of fighting back.
Dear Zoopla,
The above is a press release from a property portal, do you see how its positive, about themselves and doesn’t squeak on about other businesses in the same sector, there also seems to be a distinct lack of the desperate noise that some others do and they seem to have been getting on with the job of signing up new customers rather than telling potential customers they are all bonkers for not being with them.
Regards
Jonnie
The above press release mentions Zoopla twice in the first two paragraphs … What exactly are you saying ?
Come on Danny, you’ve been around here a while, don’t do the fake ‘ I no comprendes’ thing it’s not a good look -Jonnie
I wholeheartedly agree with ‘London Agent’. As a result of OTM’s entry RM are now as dominant as they were pre ZPG merger/acquisitions. Ultimately this is an enormous own goal by OTM agents which will unfortunately have consequences for us all. I am already dreading RM’s clout when it comes to price hikes next year!
Rivero….”I wholeheartedly agree with ‘London Agent’” I don’t think it is a question of agreeing with this comment. The fact that Rightmove are still dominant is a fact, not an opinion. You then go on to say……..
“I am already dreading RM’s clout when it comes to price hikes next year!”
That is exactly why AM members formed OTM and are trying their hardest to make it successful to offer an alternative when that happens…….remember the OTM aim is £250 per branch, per month.
Wilko…so by your somewhat pedantic rationale you must feel that the following is a fact – “all OTM has achieved is create an enormous and even more dominant player (RM) whilst emasculating its only credible challenger, (Zoopla). The shareholders of RM must be rubbing their hands with glee.”…emphasis on the first word of that quote. Let me re-iterate that I don’t doubt the intentions of OTM members…just their judgement and foresight.
Rivero – above you post “Wilko…so by your somewhat pedantic rationale you must feel that the following is a fact – “all OTM has achieved is create an enormous and even more dominant player (RM)…”
Please explain how and why you believe this to be “fact” – as OTM have NOT “created” RM – they have NOT made the portal enormous.
It already was. FACT.
Why is it an “own goal” may I ask? Before OTM we simply had two portals raping us for fees, now we still have one; but the money I used to pay on the second, is at least going towards a portal that one day MIGHT challenge Rightmove. One things for sure, Zoopla were never going to challenge RM on price or dominance, they just saw the situation as an opportunity for gang rape!
I think you should use a more suitable analogy than ‘Rape’.
I am sure if anybody who has been effected by rape read your comments would be appalled you use such graphic term to highlight a price increase with using a website.
I dont like spending money on them and think they take the p**s but in no way relate it to a gang rape.
You are right of course, it wasn’t a very good analogy and I apologise for any offence caused.
No direct offence caused to me RealAgent, we all do get carried away, Just to an ‘Outsider’ may give a wrong impression. I know your posts and you are not insensitive or vulgar but worry if somebody who stumbled across the thread would not see it that way.
Nope it was a fair point, not one of my better posts!
On that basis can you retract your vile comment using the term pxxx, I have a weak bladder and I know of people who suffer from similair conditions who would no doubt (in your world) be offended.
It’s an ‘own goal’ because RM are now much stronger (surely a bad thing for agents) and you are presumably paying OTM around the same sort of money as Zoopla for an alternative with much lower traffic levels (surely a bad thing for clients).
I keep hearing Rightmove are stronger how are they exactly? What were Zoopla doing in any way to change RM’s position and they didn’t care either, as long as they got their slice of the pie too? How has RM changed because of it, they were putting up rates incrementally before and they are still doing that?
So two months in and OTM is producing lower levels of web traffic how big a deal is that right now? We had one house at the weekend that had 30 viewing requests for Saturday alone (a mixture of our mailing list, OTM and RM) the owner drew the line at 15 on the Saturday itself fortunately for us, but you tell me, how much did we need any input from Zoopla there then?
RM have gone from a reasonably slight advantage in inventory to a sizeable one. Having a strong number 2 competitor means RM have to consider keeping their price increases curtailed to a degree. Having a weak number 2 and number 3 means it can exercise higher increases in basic membership with a lower risk of churn to weaker competitors; I bet RM will increase their prices by a higher percentage next year than this year. As regards your example…in that particular case it sounds like you probably didn’t need Zoopla, RM or OTM but I’m guessing you won’t be coming off all three because I expect it is not typical. You are clearly very confident that your customers are not being disadvantaged and I guess it is difficult to prove one way or another.
And did it keep RM’s prices in check? Has it ever kept RM’s prices in check. They have done absolutely nothing different as a result of Zoopla, and Zoopla were never going to ever offer that even if they had wanted to and as Ive said previously why would they have wanted that apart from £85M sounds a little better than £38M PROFIT.
You can spin it as you want Rivero but the stark truth is that the only portal that would ever be able to change RM’s domination is one where the agents have a vested interest, that may not be today, it won’t be tomorrow but in the long run, a portal like OTM which has the estate agents influence is the best chance anyone has of breaking what for many of us was a forgone conclusion that between them RM and Z would have tried control where sellers placed their business and how much they both received as a cut of that.
Fair enough…but I’m not trying to spin anything. You believe OTM can possibly take on RM, I think it has made the situation worse…no spin, two differing opinions that’s all.
And thats fair enough too Rivero.
What I did find interesting however was someone from Chestertons in London who was saying they regretted going with OTM because their valuations had been low this year. When I first heard this I thought the OTM haters would have had a field day with that but then I remembered that Chestertons were one of the few London agents that opted to stay with Zoopla and list on OTM, so I think the reality it that it probably exposes how weak Z truly is compared to RM in terms of seller visibility. Not that I’m saying OTM is better, clearly it isn’t yet, but are agents in London who don’t believe they can drop Z actually not getting from them what they thought they might be.
The he real headline here is otm claim to have contracted 2500 members making up 5000 offices.
Now I remember OTM clearly stating their was 12000 estate agents with 18000 offices and they wanted 5000 estate agents.
This seems A spin. Can OTM please clarify
“Now I remember OTM clearly stating their was 12000 estate agents with 18000 offices and they wanted 5000 estate agents.”
You say you remember it clearly so where and when did they state this??
I remember it from a meeting I took with them.
If I’m incorrect then I was advised incorrect, The question I’m asking is exactly how many high street agents are there in the UK. 12,000, 18,000 or other?
now that they have 5000 (2500) what percentage is this.
Whilst a good site, all OTM has achieved is create an enormous and even more dominant player (RM) whilst emasculating its only credible challenger, (Zoopla). The shareholders of RM must be rubbing their hands with glee.
yep you are right London Agent. Before OTM came along, the RM shareholders were pondering the future! I mean without OTM they (RM) would have been forced to freeze membership fees and stop producing nonsense products, playing agents against agents hoping the weak minded would fall for some rubbish that a premium listing will help sell a property.
Shame on you OTM, I was enjoying the knowledge that RM had Z as the only credibly challenger, Z had made such an impact in slowing down my rate rises down…. I had forecast a 1% to 5% increase only over the next five years of internet spend with RM, now it will be 4% to 7% no doubt every year….. ppffttt this would never have happened if OTM had not come along.
Good question Fencesitter. The idea is to force the public to search on a site that they haven’t asked for. Simples.
No one is forcing anyone to search on OTM. If a seller wants to go onto all the agent’s sites immediately, the agent will do that for them. If they are happy to go staggered on the portals then then that is fine. Our offices are;
1st 48 hours on our website
2nd 48 hours on OTM and ours.
3rd 48 hours Rightmove, OTM and ours.
Sellers understand this before they instruct us and most are happy to instruct on this basis.
Most agents agree that buyer interest in a property is usually at its highest when it is new to the market. With that in mind, can anyone satisfactorily explain how deliberately placing properties for the first 48 hours on a website where they will be seen by far fewer potential buyers than on the two majors can possibly be characterised as doing the best job for their clients…
Having the property advertised for 48hrs out in the wilderness will have a negative impaact. The property will still be “fresh to buyers” when it hits Rightmove 48hrs later.
Sorry. I was meant to type “will not have a negative impact”…
Is there an estate agent out there who is just using OTM (no zoopla or RM)?
Yes,an insider told me that 1,000s are just on OTM and as a result are posting record sales from record leads, unsurpassed by any major portal that has gone before them. In many towns, those who aren’t on OTM risk missing exclusive leads from applicants who are registered for “early alerts” befor they go to any other site………..allegedly.
As soon as someone says something like that, surely every with a brain cell just turns off. It’s a little like saying GPL loves Zoopla, and gets more enjoyment from them than having a moan.
We had been for about a month after dropping Zoopla. We had leads, albeit it only a handful from the moment it went live. We were actually expecting to receive nothing so were pleasantly surprised.