OnTheMarket plc 10,000+ agent branches now contracted (7932V)
26 July 2018 - 4:01PM
UK Regulatory
TIDMOTMP
RNS Number : 7932V
OnTheMarket plc
26 July 2018
26 July 2018
OnTheMarket announces listing agreements with over 10,000 agent
branches, adding over 4,500 branches since Admission to AIM in
February
OnTheMarket plc, the agent-backed company which operates the
OnTheMarket.com property portal, is pleased to announce that, as of
24 July, it has signed listing agreements with UK estate and
letting agents with more than 10,000 offices as momentum continues
to build in support of the portal.
This increase of over 4,500 branches since Admission on 9
February represents growth of more than 82%. The Company believes
that it now has listing agreements with approximately 54% of UK
residential estate and lettings agency branches. The portal now
carries over 570,000 UK residential properties, well in excess of
half the total market.
Traffic to OnTheMarket.com in the current financial year from 1
February to end June was 56.6 million visits, more than double the
traffic of 27.1 million visits generated in the same period in 2017
(source: Google Analytics).
The growth in OnTheMarket's agency branch base to date has been
predominantly 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.
As a key driver to success in rapidly building its agent base,
the Company continues to invest in expanding its sales team: at
Admission, the field sales team numbered 15 employees; as at 24
July this had more than doubled to 31; and the plan is for the team
to have grown even further to 35 by the end of the summer. The 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: "We
are very excited to have reached the significant milestone of
10,000 contracted agent offices less than six months after
OnTheMarket's Admission to AIM alongside our capital raise.
"We have seen and felt the momentum build strongly behind our
disruptive strategy for sustainable fair pricing from an
agent-backed portal. Our agent offices, our property listings and
our traffic have all increased substantially since Admission. We
remain confident of our ability to deliver a challenger portal that
provides much-needed competition in the marketplace."
ENDS
For further information, please
contact:
OnTheMarket
Ian Springett, CEO
Clive Beattie, CFO 0207 930 0777
TB Cardew (Financial PR adviser) 0207 930 0777 / onthemarket@tbcardew.com
Ed Orlebar 07738 724 630
Alycia MacAskill 07876 222 703
Zeus Capital (Nominated Adviser/Joint
Broker)
Martin Green, Giles Balleny, 0203 829 5000
Pippa Underwood (Corporate Finance)
Benjamin Robertson, John Goold
(Broking)
Stockdale Securities (Joint Broker)
Daniel Harris, Owen Matthews 0207 601 6100
Background on OnTheMarket:
Launched in January 2015, the OnTheMarket.com property portal
was created by Agents' Mutual Limited, a company limited by
guarantee and founded in January 2013 by a small group of agent
firms, with the objective of creating a new portal to challenge the
dominance of Rightmove and Zoopla. Both groups were felt to be
using their strong positions relative to their agent customers to
impose significant price increases for their portal services.
The Agents' Mutual proposition of an agent-backed portal
offering a premier search service to property-seekers whilst
charging fair prices to agents quickly found support among a very
wide group of leading independent agents across the UK. These firms
funded the venture by way of loan note subscriptions and committed
to list with the portal once it went live.
OnTheMarket is the third biggest UK residential property portal
provider in terms of traffic and has, with backing from its agent
owners, developed unique sources of competitive advantage such as
the "New and Exclusive" property listings.
OnTheMarket plc was admitted to AIM on Friday 9 February 2018
alongside a capital raise of GBP30 million to support a new growth
strategy for the business.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This information is provided by RNS, the news service of the
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END
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