say no to RM website - OTM article24 Feb 2021 15:14
Is OnTheMarket set to become the number one portal choice for independent agents?
It is now nearly seven months since our country entered into a full lockdown. In that time our industry has been shut down, reopened – albeit with restrictions – and is now riding high on a bounce-back which has uncertain longevity without continued government support and stimulation.
During this time, we have seen the portal war continue to rage; only intensified by some new entrants, which is a good thing if it makes the market more competitive. It is, however, important to take stock, consider our options and harness our industry firepower around choices which could shape estate agency for years to come. We have learnt a lot as a result of our Say No To Rightmove campaign and continue to build on our strategy to deliver fairer pricing in the portal sector.
It has become very apparent that challengers in this sector need a lot more than just innovative technology to create any sustainable disruption.
The publication of their latest business results serve as a salient reminder that OnTheMarket (OTM) is still the UK’s only majority agent-owned portal. Around 65% of the business is owned by agents which puts control into our hands.
OTM currently has 72 million shares in issue and is valued at £65m, which means agents have approximately £42m tied up in the business. It would therefore be very simple to make that value grow by increasing our support.
As each of us adjust and negotiate our marketing spend, we ALL have capacity to back the portal where all our interests are aligned. We could use our shareholding to ensure OTM continues to evolve with the agents that support them at the core of their business plan.
Never has there been a portal which has been owned in such proportions by the small and medium sized firms – that is a privilege that has been previously reserved for the country’s largest agents.
The last few months have shown us that thousands of agents want to leave Rightmove whilst they continue to charge excessive monthly fees, but many are fearful of making that decision now.
So how does backing the agent-owned OTM help us to bring about an end to spiralling portal costs? Here are three simple steps that we all could take (if not already) and an explanation of how they will help us reach our end goal.
Join OnTheMarket on a shareholder contract: Over 40% of all independent agents are shareholders in OnTheMarket and between them own about 65% of the portal which amounts to 6,000+ offices up and down the country. If another 2,000+ agents signed a shareholder contract with OnTheMarket, that would significantly increase marketing budgets and help the portal build increased awareness at a regional and national level, while providing excellent value leads and service to agents.
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