OnTheMarket enters commercial partnership with Sprift Technologies
(OTMP ) unveiled to investors that it has signed an exclusive commercial partnership with Sprift Technologies Limited, an award-winning property data specialist.
The majority agent-owned company, which operates the OnTheMarket.com property portal, explained how this new partnership will enable it to provide its agent customers with free Market Appraisal Guides which are powered by the Sprift platform via OTM Expert.
The Group outlined that this can be customised by agents ‘to address the needs of each valuation and will contain an extensive range of property data, which will help them to secure more valuations and win more instructions.’ The Company also informed investors that this offering will be released to its agent customers within the next six weeks.
To date, there are over 28m UK residential properties stored on the Sprift platform and, since its launch in 2016, the company has produced reports on over 1.3m properties for its clients, using data from official and trusted sources including Ordnance Survey, Royal Mail, Google, Land Registry and Ofsted, augmented by Sprift's proprietary data sets, it noted.
Commenting on the partnership, Jason Tebb, CEO of OnTheMarket said: "Providing enhanced data and market intelligence for agents is a priority for OnTheMarket and we're very pleased to partner with Sprift to offer our agents 'best in class', free and easily generated data-rich Market Appraisal Guides. Working with the Sprift team closely over the past few months, we've been consistently impressed by their approach and ambition."
Also commenting on today’s news, Matt Gilpin, Chief Executive Officer of Sprift, said: "We share OnTheMarket's vision for empowering agents via the use of property-centric data and it is clear that the ambitions of both companies are absolutely aligned. We are delighted to work with another business that has the same appetite for innovation and growth and is committed to change and evolution for the benefit of estate agents and consumers alike."
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OTMP’s previously outlined strategy is to build and acquire technology solutions as a ‘next step’ in achieving its mission to deliver an agent backed alternative to Rightmove and Zoopla.
In February, the group told investors that trading for the year to 31 January 2021 was ahead of previous forecasts following continued strong performance since the Christmas period.
The number of visits to the site during January totalled 28 million while it also stated that weekly site visits have exceeded 6 million every week since the start of February 2021.
Whilst it said it will continue to closely monitor the impact of COVID-19, it expects marketing expenditure to return to ‘more usual pre-COVID-19 levels’ in the year to 31 January 2022.
Shares in OnTheMarket have increased by nearly 80% in value since May 2020. The stock was trading 4.71% higher this morning at 89p following the company’s announcement.
Reasons to OTMP
OnTheMarket, a majority agent-owned company which operates the OnTheMarket.com property portal, is a UK-based residential property portal provider. It aims to deliver an agent-backed portal to agents and new homes developers at ‘sustainably fair prices.’
Back in September 2020, OTMP unveiled to investors that it has signed a portal listing agreement with Taylor Wimpey, one of the largest British-based house building companies.
The agreement followed three months of record leads for OnTheMarket during which the portal had seen average visits of 26.8 million per month and an average of 2 million leads per month. Over 2 million leads were generated in August 2020, an 64% year on year rise.
“As part of our growth strategy we have continued to attract a wealth of developers and expanding this sector remains a key priority for the portal,” commented Helen Whiteley, Commercial Director of OnTheMarket, at the time of the announcement.
Since that period, shares in OTMP have risen by over 15% in value. It said it believes its combined revenue growth and financial discipline will continue to provide ‘increasing value’.
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