OnTheMarket CEO says: It’s time for agents to change their thinking about portals

OnTheMarket CEO Ian Springett today told the Relocation Agent Network Conference that 2019 had seen significant shifts within the portals market. However, to counter ever-increasing portal fees, new thinking is required across the industry.

 

Mr Springett told the conference hall that OnTheMarket’s H1 figures for 2019 showed the portal provided 28 leads for every £100 of monthly fees. In stark contrast, Rightmove generated 16 leads for every £100 of fees across the equivalent time period*.

 

OnTheMarket is now sending over 100 million instant property alerts per month to almost 1.2million people. Rightmove sent 781million alerts to over two million people across 2018.**

 

He said: “According to its own figures, Rightmove lost around 800 branches between June 2018 and June 2019**. OnTheMarket has continued to gain offices, with over 12,600 reported as at 30 September 2019. Furthermore, independent data from Home.co.uk indicates that in October 2019, compared with October 2018, the number of agent offices listing either exclusively at OnTheMarket or with OnTheMarket and only one other major portal had increased by 731 to 5,543.

 

“Agents are the providers of both the core content and the revenue on which portals depend, so agents can shift pricing power away from Rightmove and Zoopla by supporting the agent-backed portal. OnTheMarket is 70% owned by more than 3,000 independent agents operating over 6,000 offices and new agents committing to long term listing agreements can receive shares alongside. OnTheMarket aims to continue expanding its agent ownership group.”

 

“It’s clear that serious property-seekers find the properties, wherever they are listed. Many agents have told us that leaving Rightmove has made absolutely no difference to their business. Some have even said that their working day has become easier because they are no longer chasing unproductive leads.

In the period from 2011 to 2018, Rightmove’s fees more than doubled, rising by 125%. This represents a compound annual growth of 12.4%. We have heard that some agents are facing a 30% increase in Rightmove fees this year.

 

Mr Springett added that the annual ritual of agents complaining about Rightmove’s pricing and attitude and then complying would change nothing. He questioned how long it was viable for agents to meet Rightmove’s demands and to continue supporting its 75%+ profit margins.

 

“The core ethos of OnTheMaket is to understand and support the role of the agent. That is why we froze our prices next year for our customers on full tariff contracts. Given the challenges facing agents right now and the uncertain outlook for 2020, we believe this is the right thing to do to support all those firms who have loyally backed us as we have developed and grown your portal. We have seen before that the best agents come out of such periods stronger and we want to help you do just that.”

 

To ensure that OnTheMarket continues its momentum to gain ground against Rightmove, Mr Springett suggested that agents listed their properties with no more than one other portal and released them to OnTheMarket 48 hours ahead of releasing them elsewhere. “Commit your support to OnTheMarket and keep the other two on a short leash so you can play them off against each other”, he said.

 

* Based on an ARPA for Rightmove of £1,077 and an ARPA of £331 for OnTheMarket.

** Rightmove data taken from their published regulatory statements and analyst communications. Approximations are used where appropriate.

Vikki Bennett

You May Also Enjoy

Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker 30/05/25

Average rates for 2-year and 5-year fixed-rate mortgages   Term Average rate Weekly change Yearly change 2-year fixed 4.64% +0.03% -0.78% 5-year fixed 4.61% +0.03% -0.45%   Lowest rates for 2-year and 5-year fixed-rate mortgages   Term Lowest rate Weekly change Yearly change 2-year fixed 3.82% +0.02% -0.93% 5-year fixed 3.88% +0.09% -0.55%   Average…
Read More
Home and Living

Carpet Cleaning Specials in Stanton: Save on Your Next Service

Sure, the carpeting in your Stanton home is inviting and adds warmth and comfort, but it can also store harmful dirt, allergens, and bacteria that can affect your family’s health. This makes regular carpet cleaning not only better for your health, but also your wallet. With Carpet Cleaning Stanton specials, you can save on the professional services…
Read More
Rightmove logo
Breaking News

Seven in ten branches now using Rightmove’s insights and training platform

New figures from Rightmove, the UK’s largest property platform, show that seven in ten estate and letting agency branches are making use of its insights and training platform, the Rightmove Hub. This is up from 56% of branches back in 2023. The Hub, first launched ten years ago and recently revamped, has expanded in response…
Read More
Letting Agent Talk

From Fixer-Upper to Profitable Asset: Strategic Renovations for Landlords

Did you buy a fixer-upper? Or maybe you inherited one. Either way, you’re standing in a place with peeling linoleum, a questionable smell, and wallpaper that could file for social security. The big question: Do you patch things up, go full HGTV, or just torch it for the insurance (don’t do that)? First, take a…
Read More
Breaking News

Household Costs Indices for UK household groups: January to March 2025

Household Costs Indices, 12-month growth rates, expenditure shares and contributions for UK household groups and all-households. These are official statistics in development. Main points Overall UK household costs, as measured by the Household Costs Index (HCI), rose by 2.6% in the year to March 2025; this is a fall from 2.9% in the year to…
Read More
Surge in country and seaside property values
Breaking News

Why Rural House Prices Are Surging Faster Than Cities

New analysis from Open Property Group reveals that rural England is facing an affordability crunch, as house prices in the countryside outpace urban growth, despite lower average wages and higher living costs in remote areas. These shifting dynamics are challenging the long-standing assumption that rural life offers a more affordable and sustainable alternative to the…
Read More