OnTheMarket plc (LON:OTMP) CEO Ian Springett talks to DirectorsTalk about record traffic its property portal and listing agreements with over 11,000 agent branches. Ian reminds us of the guided target, the possibility of a newly revised figure, talks about the total market size, the market players and what 11,000 agents means in the scale of things and going forward. Ian also explains the biggest challenges that agents have right now, how OnTheMarket has facilitated an increase traffic and leads and how it will help the number of leads to continue moving forward.
Note – OnTheMarket’s interim results are Thursday October 11th and their roadshow to investors is starting in London from Monday October 15th to Wednesday 18th.
Meetings are limited, but to arrange a 1-1 meeting with CEO, Ian Springett or conference call, investors should contact OnTheMarket’s broker Zeus Capital directly via InvestorRelations@zeuscapital.co.uk or call 020 3829 5565.
Launched in January 2015, the OnTheMarket.com property portal was created by Agents’ Mutual Limited, a company limited by guarantee and founded in January 2013 by a small group of agent firms, with the objective of creating a new portal to challenge the dominance of Rightmove and Zoopla.
Both groups were felt to be using their strong positions relative to their agent customers to impose significant price increases for their portal services. The Agents’ Mutual proposition of an agent-backed portal offering a premier search service to consumers whilst charging fair prices to agents quickly found support among a very wide group of leading independent agents across the UK.
These firms funded the venture by way of loan note subscriptions and committed to list with the portal once it went live. OTMP is the third biggest UK residential property portal provider in terms of traffic. The company was admitted to AIM on Friday 9 February 2018 alongside a capital raise of £30 million to support a new growth strategy for the business.