The claim: In February 2015, Alex Chesterman, CEO of Zoopla, said OnTheMarket.com would be ‘a short-term event’
Ian Springett: Nothing could be further from the truth. The fact is that our agent membership is growing week-on-week along with the number of property listings and our traffic. In August, we achieved more than 5.4m visits.
We are at the start of a new long-term strategic venture, one that will take time, but with the excellent support received from our agent members we have every reason to feel confident.
As well as the millions of visitors that are now coming to the site, we are delivering quality leads to our members and already, in some parts of the country, OnTheMarket displays more properties than Zoopla.
We remain confident that it’s only a matter of time before we overtake Zoopla as the No. 2 portal in terms of property listings and then focus directly on providing agents and consumers alike with a credible alternative to Rightmove.
Around 90% of our member agents have chosen to retain Rightmove as their one other portal and we have heard from many of our member agents that dropping Zoopla has not made the slightest difference to their businesses.
Far from being ‘a short-term event’, Zoopla’s investors and management should be in no doubt that OnTheMarket is going from strength to strength in a very challenging market and is here to stay.
We believe there is now a clear choice for agents. There is a very dominant market leader. Now is the chance for agents to develop an effective alternative to Rightmove which works for them.
Rightmove’s current share price of £37.13 compares with that of the No. 2 portal, whose share price is down from 263p on September 1, 2014, to 218.80p on Friday (September 11, 2015) despite all the hype around its acquisition of uSwitch.
The claim: In July 2015, Russell Quirk, the CEO of online-only agency eMoov, said OnTheMarket.com had failed to gain any meaningful inventory
Springett: From a standing start we have created a compelling challenger brand and business with hundreds of thousands of properties for sale and to rent at all price points across the UK.
The majority of these listings were effectively removed from Zoopla Property Group’s inventory. Our national PPC and advertising campaign – which runs across a range of press titles, websites and TV channels – continues to deliver very strong growth in traffic and our property stock is continuing to increase all across the UK.
What’s more, many of our member agents are choosing to list their new-to-market properties at OnTheMarket exclusively for 24 hours or more ahead of advertising them on any other portal.
This gives the most active property-seekers an extra reason to visit the portal, and to keep returning, in order to give themselves an edge in their search.
The claim: Zoopla Property Group has continually distributed Hitwise data regarding OnTheMarket’s traffic, showing a significantly lower figure of visits than those recorded by OnTheMarket. Who is right?
Springett: Our traffic is monitored using Google Analytics, a leading website tool also used by Zoopla itself.
We note that both Rightmove and Zoopla rely on Google Analytics to report credible, accurate traffic data to the market.
Hitwise relies on a panel and can only claim to provide an indicative representation of a website’s market share. It can produce misleading results and can certainly not be used to report accurately the absolute level of traffic to an individual website.
Our detractors are presumably well aware of this.
To put OnTheMarket.com’s traffic into context, it took Zoopla three years to reach 5m visits per month, even having acquired PropertyFinder, Hot Property and ThinkProperty along the way.
Even taking into account how the portals marketplace has grown since that time, the fact is that OnTheMarket’s 5.4m visits in August in such a fiercely duopolistic marketplace is a tremendous achievement.
The claim: In October 2014, Russell Quirk said OnTheMarket would ‘work to the detriment of the consumer with regard to excluding online estate agents’. He said ‘OnTheMarket would be anti-competitive in its approach to singling out which portals a member is permitted to list on’ and he has referred to the ‘one other portal’ rule as ‘cartel-like’.
Springett: There is nothing anti-consumer about OnTheMarket. The other portals feature properties from online-only agents, many of which are low-cost and offer less service and advice than high street agents, but consumers are unable to see the difference in the listings.
Because of this, property-seekers can find themselves negotiating directly with the home owner with no warning of what to expect.
OnTheMarket believes consumers should be clear what they get when they make a choice between a local, office-based, full-service agency and an internet-only ‘agent’.
Because every property listed with us is on the market with a full-service estate or letting agent, property-seekers, as well as vendors and landlords, can have confidence that the agents can provide a wealth of experience and local market knowledge, a full end-to-end service and the opportunity to deal face-to-face.
Furthermore, recent research has indicated in any event that online-only agents only account for approximately 5% of the total inventory on Rightmove and Zoopla. Would online-only agents consider it “to the detriment of the consumer” if a portal displayed only properties from online-only firms?
It is precisely because OnTheMarket is agent-owned and agent-controlled that consumers are able to relish a clean and responsive website uncluttered by adverts or widgets and devoted to selling properties clearly and efficiently.
The agents who own OnTheMarket know that the properties themselves are the “stars”, which is why, unlike the other portals, we do not carry third party advertising.
The OnTheMarket digital platform is fully responsive and state-of-the-art. According to independent Alexa statistics, OnTheMarket.com loads considerably faster than either Rightmove or Zoopla. What’s more, OnTheMarket has a clear additional consumer benefit in that many of its member agents are choosing to upload their new-to-market properties 24 hours or more ahead of the other portals.
The disruptive influence and service of OnTheMarket are positively pro-competitive.
With our launch, our members have created more choice for consumers and agents alike and are pursuing a longer-term strategy to prevent an unhealthy dominance and control of the portals market by just two firms. These two firms generate super-profits on the back of the data provided by traditional estate agents and provide the essential platform on which an ever-growing number of online-only agents depend.
The fact is that the Competition and Markets Authority considered Mr Quirk’s challenge and saw no reason to take action.
Comments (50)
Children please! Give me quantitative data that verifies any statement and it may give me cause to believe but give me opinion and I’m afraid I am never going to be a man of faith. Cold hard facts and not playground tribalism and Chinese whispers is what is required until this materialises, I bid you, adieu.
I not bothered what anyone says anymore. I make money using OTM, good leads, good service and it works. Z was crXXp and not lost any business not being with them from when they started. As for RM, agents are slowly cutting their throats supporting them. More and more on-liners are stealing your business because RM support them, with that help you wouldn’t be panicking over fee wars.
So it appears that Springett has got in first before the other news outlet publishes the results of the Alex Chesterman interview later today.
On a good note I don’t think we will need any response from Chesterman’s interview tomorrow as it’s already in this piece.
Crispy what utter twaddle – you presumably were offered the opportunity to join OTM and refused and therefore have an understanding of the ownership – or is that you’re not an agent?
I just want to say that something has come from all the diatribe above that has made my day if not my month.
I would personally like to applaud ‘smile please’ for putting aside his personal issues with AM/OTM, and taking a common-sense approach to handling the statements made by those whose intentions are clearly to cause disturbance.
When you change your OWN mind, smile please – I’ll be proud to be your wingman! ;o)
Thanks Iceman erm i mean PeeBee!
Not sure its anything to applaud though, just like reasoned discussion and sticking to facts as opposed to emotion. That way we can move the industry i care about forward.
This rhetoric all sounds like the death rattle of an organisation trying to keep it’s more talented employees from jumping ship. There is nothing of substance in here at all.
Bit like your posts, then…
When will we get to find out that this site is part owned by OTM
This isn’t journalism, its a press release. Nothing more.
Never seen you make that comment when Zoopla and Quirk send out their press releases?!……….
The point is Paul that there’s a new story about OTM virtually EVERY day, we all come on here to find out what’s happening in our industry NOT to be spoon fed spin about a new portal.
But Chrispy, that’s not what E Henderson comes here for, that’s the point!
“My brother is an agent in the midlands and is on with OTM…”
WELL… you’ve kept THAT one quiet for quite some time – haven’t you?
And it’s taken you SEVEN WHOLE MONTHS to try to use it against OTM?
Funny, that…
Hasn’t really been relevant. I could post his comments on OTM as he refuses to subscribe to PIE but I won’t do that as it would also be irrelevant.
I guess subscribing to PIE will also hurt his market share! (despite being the market leader by a country mile)
You’re starting to sound a little #bunnyboiler now…
My brother is an agent in the midlands and is on with OTM but not getting any leads and losing instructions to agents that are proving with facts that he will lose buyers by not being on ZPL. In our area no agents are with OTM so all the spin from AM is pointless. We will stick with ZPL and RM as long term these are still the sites the public use.
I would suggest your brother needs to polish up on his pitch. To suggest they are loosing instructions because they are not on Z in absurd.
He did not do a good enough job selling himself or his company.
I’ll tell him just that, thanks for your worldly advice. Unfortunately as they are still the leading agent in his town by a country mile he will probably tell me to F?*K OFF. I think he’s already moved back to ZPL so problem solved anyway.
“Unfortunately as they are still the leading agent in his town by a country mile…”
Kinda stuffs your first post – doesn’t it?
Hence I said it’s irrelevant. You’re probably the type that speaks before your brains in gear too!
Sorry – is that a ‘takes one to know one’ type of statement?
Okay so your brother is the leading agent by a country mile and is complaining about losing instructions because he is not on Z.
Do you know how ridiculous that sounds?
Are you making this up to just try and have a pop at OTM
I’m betting you’re saying what the majority are thinking, sp!
Numbers are growing. Is it possible to have an update on what those numbers now stand at?
How about numbers of agents I know have left because it’s been a waste of money
They will be getting rid of the phones next because they don’t ring, or locking the door because no one walks through it! No doubt blaming it on the portals!
Go on Chrispy, enlighten us. How many agents have left? i take it you can back this figure up?
I doubt many agents have left. If they have they should not really be in business. Every agent that signed up knew it would take time for lead levels to be where they want them to be.
And I guess like a sensible chap, he is basing his decisions on these peoples decisions?
Good forbid trying it yourself and forming your own opinion!
I’m sitting here waiting for the agent down the road to come up with a really good idea and although I will be a little bit behind the curve and they will have the jump on me, I’m going to try and replicate it and win me some more business!
Smile please, I know of 6 agents across our area who have left already firstly because of the level of enquiries but mainly because of how Springett’s going about his business, changing the rules and offers every 5 minutes.
I assume that the only reason he won’t come out and produce some factual numbers is because he’s afraid to, why can’t he answer the questions everyone’s asking.
“…I know of 6 agents across our area who have left already…”
You disappoint me, Chrispy – any of the other doom-mongers would have inserted a double-digit figure for added effect…
How big is your area and who are the agents. Not asking you to identify yourself but i do find it hard to believe 6 from a concentrated small area have left at this stage compared to the rest of the country.
I’m not on here to make up numbers chaps, the 6 are across two counties that I know have come off already.
I know more are signing up but until they say lets get everyone on and all the stock it just won’t work in the way we all want it to. If we were offered the site FOC to drive traffic we’d be on tomorrow but not when we need to spend money which is working better in other avenues.
What a bunch of defensive drivel. What about the claim by Paul Smith that OTM would be 2nd by October 15? What about the claim by Spingett that they would be 2nd by January 2016? What about the claim that OTM was going to improve agent’s position with RM?!!?!
It is understandable that Springett has gone into self-preservation mode, but his – very well financed – project is failing and he knows it.
I don’t think anyone cares anymore … Same old twoddle. We are going with the fact that it loads quicker than Rightmove is the only advantage I can find in the stories above , traffic, properties , members , visits …all substantially less. And yes it’s 7 months old … You can’t hide behind that , Springett has 4 months to take over as number 2 website …
Have you any idea of how ludicrous it is to say that no one cares and then go on to comment!?!
You’ve commented on my comment , rather than the story… Is this not evidence of not caring ?
Interesting to see the Rightmove bosses all pulling their shares. Maybe they know more than the rest of us about the growing strength of OTM. I do wonder where these other comments keep coming from. I cannot imagine a single agent in this country who is going to be worse off when Wrongmove and Hoopla have disappeared and we are left with one simple, sensible and inexpensive portal. If you want to see how it’s done properly (but not in quite the same way) have a look at USA and the NAR site.
Didn’t I read exactly the same comment last year when someone on the board sold a chunk of shares at around £22-24 ps
I cannot imagine a single agent in this country who is going to be worse off when Wrongmove and Hoopla have disappeared and we are left with one simple, sensible and inexpensive portal.
And this is where the argument falls down. Portals dont exist for Agents, they exist for consumers. What is in your interest, is not in the interest of the general public who pay your wages.
“Portals dont exist for Agents, they exist for consumers”
THEY EXIST BECAUSE WE FEED THEM!
Cut off some of the food supply – they weaken. Cut it off completely – they die.
“What is in your interest, is not in the interest of the general public who pay your wages.”
Sorry but you are wrong. It is NOT “the general public” who pay our wages – it is OUR CUSTOMERS/CLIENTS – call them what you will.
You continually display negative understanding of the situation – and THIS is where YOUR argument falls down. BIG style.
Such a shouty angry man arent you PeeBee! Go home, relax and make the most of what remains of the summer. You can’t be doing your health any favours posting on here. I can imagine you all red faced and puffing as you read any comment that you dont 100% agree with.
Let me clarify what was a really clear and simple post for someone clearly very simple….
A portal exists because it’s not practical for consumers to scour 10 local agents websites for property in an area. This is fact – I know this because Rightmove, Zoople and OTM are where the absolute vast majority of the public search for properties.
The general public are paying your wages. You say so yourself above! Your clients/customers/whatever are part of the general public Peebee. They are people that choose you to sell their property on their behalf.
From your previous rants on here I get that you’re part of the old guard who doesnt really get that the customer is king, but it’s time to get with the times old fella, otherwise you’ll get swallowed up.
Shouty? Angry? Not me, sunshine.
“Red faced and puffing? Now you’ve DEFFO got the wrong man. I ain’t even in second gear with you and by the looks of it I’ll never need to.
“From your previous rants on here I get that you’re part of the old guard who doesnt really get that the customer is king…” There we go – prima facie evidence that you’re not fit to be let loose in public never mind on a forum primarily for Estate Agents that you so badly and blatantly misunderstand.
TAKE HIM AWAY – HE’S COOKED!
Go home PeeBee, You’re drunk.
On life – always. Full as the proverbial gun of all the wonders it brings.
On your unadulterated ******** – I’m totally bloated today thanks and you couldn’t possibly force another spoonful in if you tried.
But don’t worry – it’s there ready to spit straight back at you.
This entire thread was hilariously immature. Good job guys, there were no winners in that battle!
no, portals exists because of agents!!
“And this is where the argument falls down. Portals dont exist for Agents, they exist for consumers. What is in your interest, is not in the interest of the general public who pay your wages”
Been through this before “Consumer” is the person/people who pay for a product or service! None of my clients pay RM or OTM, I do, I am therefore the consumer of all of the websites I advertise on.
My clients don’t even pay me until I get the result, oh and no use telling me my clients pay me to get a result THEY DON’T, they pay me WHEN I get a result.
The fact I only get paid if I succeed, means I will make the right decisions for my clients, so far this seems to be working well. What it also highlights is, RM/OTM and Z for others are very lucky we as an industry allow the system to work this way.
Imagine if RM/OTM/Z only got paid per property pro rata but only when it sells! What drives me forward is very simply I only get paid when I sell, so the argument portals are there for the consumer is a little lost on me!