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https://www.estateagenttoday.co.uk/features/2019/1/will-any-portal-ever-beat-rightmove
EYE NEWSFLASH: Connells brand Gascoigne Halman loses appeal against OnTheMarket
giving shares to the sign ups who may need to sell them in the brexit squeeze
there may be many sellers [oh, mrs may, should we pray?]
The SP isn't in great shape . Mixed reaction from agents.Some saying good leads .Many criticising the crap advertising campaign.
Altough cheesed off with RM moving the prices up they have not quite forgiven Springett for shafting them and the expensive court case to make that move
Getting that low maybe just a whip to buy them in !
I am still hoping for that white knight to arrive on a charger get Springo off the premises and present an acceptable face
At the moment it's just looking like a donkey on the beach,More hope than expectation
Only January and the red tide of Brexit has exhausted the oxygen in the property market. The share price is down nearly 50% since Scott's comment before the interim results released on the 11th of October 2018 [revenue £7m, operating loss £5.7m, cash £24.3m].
This is like watching a limbo dance - how low will it go?
It’s not a saving if you’re losing business. (IMO) OTM are way behind in delivering value, proven by the fact they have gone from charging, to charging less, to charging nothing and now paying agents in shares to list for free!
They need more funding to stand a chance of getting to second both in stock and value.
I see with a tightening market and Rightmove constant raising of prices OTM will actually be a good bet.It will,in the short term at least,save an agent many thousands of £ and in some cases in 2019 this isn't a nice to have but a must have.I see more agents ditching RM in 2019 to save money to survive an list on OTM and Zoopla. A harder market means more success for OTM
Certainly a lot of understandable resentment from original members of being forcibly locked in and new members being offered freebies to join
Mass exodus of these members when handcuffs removed ?
Surely that means Springett needs to go to have half a chance of keeping them?
https://www.propertyindustryeye.com/onthemarket-announces-12000-membership-numbers-as-it-ramps-up-shares-offer-for-new-joiners/
Comment
CAUTION – BUYER BEWARE! As an OTM Day 1 “Gold” Member who loaned (along with many others) Agents Mutual/OTM funds for the Original OTM V1 my company agreed to a 5 Year Lock-in …….and that was absolute good faith & trust on our part in the aims/intentions of Ian Springett’s OTM V1.
We subsequently voted “NO” to the OTM AIM Flotation ……however we lost along with other agents who also Voted No.
The “Sentence” received for that V1 Loyalty, despite wanting to exit and bid OTM farewell is this…… my Company is still forcibly shackled to OTM V2 until early 2020, despite wanting to leave. That is over £7000 that we have to pay, despite wanting to leave and still locked-in to the One Other Portal Rule.
That’s what our good faith & trust in OTM V1 delivered for my Company. Fingers financially burned? ……absolutely!
So, as much as I wish OTM well in some respects, just keep in mind the financial commitment that you may enter into. The fact that our Loan Funds were then forcibly converted into Shares and despite the £5 a share hype, we see these shares around £1.10! OTM V2 is a different Company however any commitment should have been limited to 12 Month Contracts.
Bitter?! ……No. Bitterly disappointed in how our good faith & trust was rewarded? Absolutely!
Robert May's;rummage has now thrown his hat into the ring
https://www.estateagenttoday.co.uk/breaking-news/2018/12/new-portal-rummage4property-signs-up-countrywide-and-30-agencies
If a weak agent leaving is their best hope then good luck! If you had tracked those that have left rightmove over the last 5 years you may find over half had returned and a quarter had gone bust. If you then look at those remaining many get their properties on rightmove by sharing with a mates office. I believe the amount of agent's properties on OTMP and not on rightmove is less than 500. Out of 17,000 agents overall its not a shock that this is the quality of press releases that can be achieved.
Don't get me wrong rightmove aren't great and feedback I've had is they are haemorrhaging revenue from add on products and salepeople and managers are walking out the door. The only tool they have is increasing membership prices and that elastic band is at full stretch! Zoopla may now be the one to watch. Low membership costs and opportunity for an agent to earn commission off associated services.
Still banking on Axel Springer to save the day and get stuck in here !! Plenty of skin in the game and would be able to deliver the biggest prize of all Purplebricks
There is hope yet!
https://www.propertyindustryeye.com/another-agent-comes-off-rightmove-as-cost-after-price-hike-is-almost-double-the-monthly-rent/
Reading through the article and comments there is the reality that agents themselves will make it difficult for others to leave rightmove. Rightmove increasing prices will make it more difficult for agents to find the additional budgets once the free periods are up and the paying members are out of contract.
Unless there is another +£200m invested before the middle of next year I can only see this going backwards over the next 6 months...IMO
Some very encouraging comments from agents generally today accompanying news of the latest recruit on EYE.Much more so than comments attaching to other new captures
https://www.propertyindustryeye.com/onthemarket-recruits-high-profile-agent-with-17-offices/
It looks like OTMP are at a pivotal point for those considering jumping ship from RM and saying Ta Ta to high fees
A good TV campaign might just do it !
My understanding from speaking to those on the ground is that these new signing are for free membership with no commitment to pay at any time. This means there are a further 8k that have yet to say yes for free.
I have no doubt about it whatsoever, otmp will be a multi bagger over the next 5-10 years.
https://www.propertyindustryeye.com/rightmoves-hike-in-fees-tpfg-boss-urges-agents-to-act-but-not-to-boycott-portal/
This article would lead you to believe that TPFG will be the next big capture ?
Significant capture. TPFG already complaining about RM so they must be ripe for plucking then Purplebricks next?
Increasing backlash against RM
https://www.propertyindustryeye.com/opinion-time-for-industry-to-show-its-teeth-over-rightmove-fee-hikes-and-heres-how/
Scott - believe youre on the right track but the truth of the matter is it only needs to be 24 hours earlier. They would then not only have a real USP, but serious buyers and therefore sellers are either being won through daily alerts or visits to the sites each day and search for new properties in last 24 hours.
The first battle is to retain stock when the initial paying members tie-in's end and then get the last few hundred/thousand to agree to pay at the end of the free period.
So i don't sound like i am just bashing this here is how i think OTM could genuinely become a player on the portal market and its very simple:
get all members to agree to list properties with OTM a full 7 days before they go online with any other portal (OTM could incentivise/subsidise fee's to achieve this)
Overnight OTM now becomes the go to place for average Joe punter to find a property.
Within a short space of time, traffic will rival that of rightmove and zoopla.
Punters aren't loyal to one website, they go where the property is....
Food for thought
Agents have always paid high fee's for advertising, they were squeezed by the local press when paper advertising was at its peak, until rightmove came along and changed the game. I'm not convinced an offering that is a mirrior image of rightmove is the way to combat the high cost of rightmove. Riddle me this, if OTM gains enough traction to compete with rightmove. Do you think you , me or shareholders won't be pushing to increase profitability through, (you guessed it) higher fees? its the same offering for agents, OTM should be providing revenue producing leads to prove its value to its customer, it just isn't happening, so it is better the devil you know (RM) until such time as they do.