(Sharecast News) - Residential property portal OnTheMarket announced on Friday that its 'Market Appraisal Guide' tool was now available for agents to use when preparing appraisals for current and prospective new clients.
The AIM-traded firm said the new tool sat alongside the existing reporting tools, which provided property search, viewing and leads performance data at group, firm, branch and individual property level.
It explained that, as with the 'Best Price Guide' currently available within 'Rightmove Plus', OnTheMarket's Market Appraisal Guide enabled agents to access sold prices, comparable properties, local information and maps, and create a report for vendors and landlords which carried their own branding in conjunction with OnTheMarket's.
The tool was being included with agents' listing fees at no additional cost.
It said the new tool was beta tested with OnTheMarket member agents, and refined in line with their feedback.
The company said it was now broadening access to the beta version to all member agents.
It said the introduction of the Market Appraisal Guide was intended to help agents reduce their reliance on Rightmove and other portals.
By using it with vendors and landlords, they would be reinforcing OnTheMarket's brand and encouraging them to use the website, which in turn would help the agent-backed portal succeed.
Rightmove's agent product set currently includes 'Efficiency Tools', such as the Best Price Guide and their 'Intel' market intelligence reporting, which are included in subscriptions, and 'Additional Products', such as on-site display advertising, direct response activity and property listings promotions, OnTheMarket noted.
It said that in the coming weeks, it would progressively introduce a range of products which would aim to match the core agent products currently available from Rightmove.
The market intelligence product would be included within listings fees, while the additional products would be available to purchase on a 'menu' basis.
As with OnTheMarket's listing fees, the prices for additional products would undercut Rightmove's standard tariff, and they would be offered in a manner consistent with its commitment to fair and sustainable pricing.
More announcements would be made when the next new products were ready to be launched, the OnTheMarket board said.
"We're very pleased to be launching this guide, which is in line with our strategy to broaden our range of back office tools," said chief executive officer Ian Springett.
"We continue to look for ways to innovate and improve our offering to agents and property-seekers."