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Market seems to like it but it isn't going to be easy converting those agents who enjoyed a free lunch into converting into paying customers .Some since July already voted with their feet The unknown quantity Boomin' about to launch
One thing is for sure they wont be recruiting Connells anytime soon who contributed £1m in compensation for the litigation
which boosted the figures
“…The period ended with the #OTMP financially secure, profitable and providing record leads for our customers…”
https://total-market-solutions.com/2020/10/13/on-the-market_interims_october-2020/
The devil is in the detail
The devil is in the detail .New house builders added .However they are going in the wrong direction
Agency branches at 31 Jul -12,245 .However this has reduced to 11,799 by the 30th September
Only 9,400 agency branches under paying contracts, including c 3.5k branches on discounted rates.
Another good day with decent volume.
Good news coming soon I hope.
OnTheMarket delivers another month of record leads - https://bit.ly/3k1xyLC
https://thenegotiator.co.uk/onthemarket-claims-covid-lockdown-was-defining-moment-in-portal-wars/
Ohhh, but Mine is bigger than yours...
Not much. I have 10x that!
Rupert Sebag-Montefiore, Independent Non-Executive Director, has purchased 11,365 ordinary shares of 0.2 pence each in the Company at a price of 90 pence per Ordinary Share.
Clive Beattie Podcast interview https://bit.ly/2Dqbham
Rightmove in all sorts of bother with Agents. OTM only other option and its cheap by comparison.
OTMP Podcast - https://bit.ly/3dkXHBm
Hope burns eternal
https://thenegotiator.co.uk/new-report-rightmove-is-the-most-vulnerable-it-has-been-for-many-years/
Only alternative to RM and Zoopla. And its a lot cheaper. As an agent wanting to save money fast why wouldn't you
Share price closed at 37.50 as at 17/04 so roughly 1/3 of the last post here on 19/03 admittedly both RM and the Z listers are both down but nowhere near this puppy as lots of bluster from RM leavers still only a drop in the ocean if they do quit and no sign of the likes of Connells, CWD etc. Jumping ship. Probably worth a punt if it dips below 30p.
dead cat bounce or something to do with Agents v Rightmove ?
Share price now falling off a cliff. Clear to Rightmove dissenters don't see this ship as the answer to reducing their costs. Maybe if Zooplankton up their current 9 month offering again they can really make headway probably squeezing out OTM even further.
13 March 2020 18:29 PM
Watch this space if the agreement is they will list all the branches properties with OTM then that could spell the end of Rightmove is near.
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I see that there has been an OOC settlemnt by Connells Group. bearing in mind the impact this litigation had on the ability of OTM to grow I imagine its significant -or it should be !!
Well maybe Springett's departure might have removed the thorn from the flesh .First and foremost many agents see him as responsible for leading them down the garden path
Worrying though that a natural replacement has not appeared
A number of my friends own or work at senior levels in the property industry.
Rightmove's results today has infuriated them and a number are taking the risk of pulling away form RM completely and are trying to do a intro deal with OTM.
Teclet appear to be making inroads to the software services side of the property industry.
A new CRM package is currently being developed for Hunters and is due to go live by the end of the year. If this can be cross sold to other agents, it could be quite lucrative.
I have been around the property market all my life. Agents are like sheep-if OTM can get real traction Rightmove will lose the contracts as they are simply pricing agents out of business.
With easy social media why pay all that money when in a better market good hosues will sell what ever portal you put it on.
Plus-at some point his year there is the matter of the oustadning Court case with Gasgoine Hollman who i think are part of the Skipton Building Society and the damages as a result which will give OTM welcome additional finds for profiling
I have been buying heavily..
https://www.estateagenttoday.co.uk/breaking-news/2019/11/huge-agency-anger-at-rightmove-fees-and-attitude-to-our-industry?platform=hootsuite
Reading this investors can only feel here is an opportunity missed, The door flung wide open for the new kid on the block with competitive rates to grab a big piece of the fat pie .Progress has been pedestrian
A lacklustre TV campaign coupled with a hardcore of agents so disenchanted with Springett they wont even entertain the migration even if free hasn't helped
With ever incrreasing dilution investors can only hope for a change of management regime and/or a whiteknight invader I'm holding but......