OnTheMarket plc 12,500+ agent branches now contracted
February 05 2019 - 2:01AM
RNS Non-Regulatory
TIDMOTMP
OnTheMarket plc
05 February 2019
5 February 2019
OnTheMarket announces listing agreements with over 12,500 agent
branches, adding over 7,000 branches since Admission to AIM in
February 2018
OnTheMarket plc, the agent-backed company which operates the
OnTheMarket.com property portal, is pleased to announce that, as of
31 January 2019, it has listing agreements with UK estate and
letting agents with more than 12,500 branches. This is an increase
of more than 7,000 branches in just under a year since Admission to
AIM in February 2018.
The sales team is continuing to see encouragingly high levels of
agent support and conversion to signed contracts when it presents
the opportunity of listing on an agent-backed portal.
Ian Springett, Chief Executive Officer of OnTheMarket, said: "As
we approach the one year mark since OnTheMarket was admitted to
AIM, we are very pleased to have reached yet another significant
milestone of 12,500 contracted agent offices. This represents
growth of 7,000 offices in less than a year.
"We are currently running advertising campaigns across national
television and radio which complement our sustained heavy
investment in digital marketing. Alongside the rapid growth in
agent branches listing, this sustained marketing activity is
helping drive our visitor traffic and the combined effect is
greatly increased lead generation for our customers.
"We are confident in our ability to deliver a market-leading,
agent-backed alternative to Rightmove and Zoopla, continuing to
inject much-needed competition in the portals market, while
delivering a superior digital user experience for
property-seekers."
In January the Court of Appeal issued judgment in favour of
OnTheMarket's wholly-owned subsidiary Agents' Mutual Ltd with
regard to all the competition issues in its proceedings against
Gascoigne Halman. The Court unanimously and comprehensively
dismissed the appeal by Gascoigne Halman of the Competition Appeal
Tribunal's judgment handed down in July 2017. The residual
non-competition issues relating to OnTheMarket's claim remain to be
resolved.
The growth in OnTheMarket's agency branch base to date has been
almost exclusively from offering free listings under short-term
introductory trial offers, with a view to converting these to full
tariff contracts when the value of its offering has been
demonstrated.
ENDS
For further information, please contact:
TB Cardew (Financial PR adviser) 0207 930 0777 / onthemarket@tbcardew.com
Ed Orlebar 07738 724 630
Alycia MacAskill 07876 222 703
Background on OnTheMarket:
OnTheMarket plc, the agent-backed company which operates the
OnTheMarket.com property portal, is the third biggest UK
residential property portal provider in terms of traffic. It aims
to deliver a market-leading, agent-backed alternative to Rightmove
and Zoopla, offering a first-class service to agents at sustainably
fair prices and becoming the go-to portal for serious
property-seekers.
OnTheMarket plc was admitted to AIM in February 2018 with GBP30
million in new capital in order to support a new growth strategy
for the business.
At its IPO in February 2018, OnTheMarket was 70% owned by over
two thousand agent firms.
With backing from its agent owners, OnTheMarket has developed
unique sources of competitive advantage such as the thousands of
"New & exclusive" property listings it receives every month
from its agents to display 24 hours or more before they are on
Rightmove or Zoopla.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NRACKQDBBBKDNBK
(END) Dow Jones Newswires
February 05, 2019 02:01 ET (07:01 GMT)
Onthemarket (LSE:OTMP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Onthemarket (LSE:OTMP)
Historical Stock Chart
From Apr 2023 to Apr 2024