(Alliance News) - OnTheMarket PLC said Thursday 60% of its new listing agreements signing up to use its portal are contracted to list exclusively or on a maximum of one other portal, such as Rightmove PLC or Zoopla/Primelocation.
Shares in the property search portal were 3.1% higher in London on Thursday morning at 82.00 pence each.
The new contracts, launched April 27, issue either GBP1,000 in shares per office, or GBP2,500 in shares if an agent commits to list exclusively for a minimum of 12 months.
Acting Chief Executive Clive Beattie said: "With agents owning about 65% of OnTheMarket it is clear that our interests are directly aligned. I am delighted to see agents commit to OnTheMarket through our most recent contract offers and to have achieved this level of recruitment against the challenging backdrop of Covid-19."
OnTheMarket noted its listings are free until September 1.
The firm also noted it has continued to set new records with number of leads delivered to advertisers in June.
More than 1.8 million leads were generated in the month, with an average of 134 leads per advertiser, OnTheMarket said.
Beattie added: "The record month for leads, achieved despite a substantial reduction in advertising since the beginning of the Covid-19 lockdown, highlights the increasing value we are delivering to agents for their listing fees."
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Rightmove (RMV)