OTMP.L Regulatory News (OTMP)

15 March 2019

OnTheMarket's "Market Appraisal Guide" now live for agents - another step towards matching Rightmove's core agent product set.

Beta Market Appraisal Guide now live

OnTheMarket, the agent-backed property portal, is pleased to announce that its Market Appraisal Guide tool is now available for agents to use when preparing appraisals for current and prospective new clients. The new tool sits alongside the existing reporting tools which provide property search, viewing and leads performance data at group, firm, branch and individual property level.

As with the 'Best Price Guide' currently available within 'Rightmove Plus', OnTheMarket's Market Appraisal Guide enables its agents to access sold prices, comparable properties, local information and maps and create a report for vendors and landlords which carries their own branding in conjunction with OnTheMarket's. The tool is included with agents' listing fees at no additional cost.

The new tool has been beta tested with OnTheMarket member agents and refined in line with their feedback. We are now broadening access to this beta version to all member agents.

The introduction of the Market Appraisal Guide is intended to help OnTheMarket agents reduce their reliance on Rightmove and other portals. By using it with vendors and landlords, they will be reinforcing OnTheMarket's brand and encouraging them to use the website, which in turn will help the agent-backed portal succeed.

Another step towards matching Rightmove's core agent products set

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.

Over the coming weeks, OnTheMarket will progressively introduce a range of products which will aim to match the core agent products currently available from Rightmove. The market intelligence product will be included within listings fees whilst the additional products will be available to purchase on a "menu" basis. As with OnTheMarket's listing fees, the prices for additional products will undercut Rightmove's standard tariff and they will be offered in a manner consistent with the Company's commitment to fair and sustainable pricing.

More announcements will be made when the next new products are ready to be launched.

Ian Springett, Chief Executive Officer of OnTheMarket, 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. We continue to look for ways to innovate and improve our offering to agents and property-seekers."

ENDS

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Background on OnTheMarket:

OnTheMarket plc, the agent-backed company which operates the OnTheMarket.com property portal, is the third biggest UK residential property portal provider in terms of traffic. It aims to deliver a market-leading, agent-backed alternative to Rightmove and Zoopla, offering a first-class service to agents at sustainably fair prices and becoming the go-to portal for serious property-seekers.

OnTheMarket plc was admitted to AIM in February 2018 with £30 million in new capital in order to support a new growth strategy for the business.

In January 2019, OnTheMarket delivered more than 7 times as many phone and email leads and 4 times the number of visits to its portal compared with February 2018, the month of the Company's admission to AIM. The portal's traffic in January exceeded 23.5 million visits*, a new monthly record.

At its IPO in February 2018, OnTheMarket was 70% owned by over two thousand agent firms.

With backing from its agent owners, OnTheMarket has developed unique sources of competitive advantage such as the thousands of "New & exclusive" property listings it receives every month from its agents to display 24 hours or more before they are on Rightmove or Zoopla.

*Visits comprise individual sessions on OnTheMarket.com's web based portal or mobile applications by users for the period indicated as measured by Google Analytics. Data for leads generated is reported from the Company's operating systems.