OnTheMarket remains the portal of choice for agents
CONTRACT TAKE-UP
OnTheMarkert launched the New Agent Contract Offers on 27 April 2020, with agents receiving either £1,000* of ‘Welcome Shares’ per office with flexible portal choices, or £2,500* of welcome shares per office if an agent commits to list exclusively for a minimum of 12 months.
On 23 June, the Company announced a two-month extension to the payment support initiative for its agent customers to help ease the continuing impact of the COVID-19 situation.
Of the branches signed up under the new agent contract offers, more than 60% are currently contracted to either list exclusively with OnTheMarket or with only one other of Rightmove or Zoopla / Primelocation.
Under both contracts, listing is free until 1 September 2020 and agents receive additional shares that equate to a percentage of the amount that they pay up until 31 August 2022:
- 50% for periods of listing exclusively with OnTheMarket
- 30% for periods of listing on only one of Rightmove or Zoopla/Primelocation
- 20% for periods of listing on both Rightmove and Zoopla/Primelocation.
Agents also receive discounts on their listing fees depending on whether they list on Rightmove and/or Zoopla / Primelocation as well as OnTheMarket.
RECORD LEADS
Following the announcement on 23 June 2020 regarding the Agent Support Package, OnTheMarket has continued to set new records with more than 1.8 million leads generated, with an average of 134 leads per advertiser, in June 2020.
Shares in OnTheMarket have recovered strongly from COVID-19 related three-month lows of 30p for 2 April 2020 to close at 79p yesterday.
Clive Beattie, Acting Chief Executive Officer of OnTheMarket, said: “With agents owning c.65% of OnTheMarket it is clear that our interests are directly aligned. I am delighted to see agents commit to OnTheMarket through our most recent contract offers and to have achieved this level of recruitment against the challenging backdrop of COVID-19.”
“This latest group are joining the thousands of existing estate and letting agents who are collectively the portal’s largest shareholder.”
“The record month for leads, achieved despite a substantial reduction in advertising since the beginning of the COVID-19 lockdown, highlights the increasing value we are delivering to agents for their listing fees.” Clive added.
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