OnTheMarket plc (LON: OTMP), the agent-backed company which operates the OnTheMarket property portal, has provided an update on its progress in adding agents on new paying contracts.
As at the 2nd December 2019, over 3,000 more offices had been signed under new paying contracts to list all their residential properties at OnTheMarket. The progress builds on the support from thousands of firms already on long-term paying contracts at the time of admission to AIM in February 2018.
This announcement signals continuing rapid progress from the 30th September 2019 when OnTheMarket had 2,346 more offices signed under paying contracts.
Agent offices listing remain in excess of 12,500 offices, up from 5,500 at the time of admission to AIM in February 2018. The majority of the offices joining since admission signed initially under short-term introductory free trial offers. Conversion of these offices onto paying contracts is a key strategic focus for OnTheMarket.
Ian Springett, Chief Executive Officer of OnTheMarket plc, commented:
“I am very pleased to be reporting this milestone of adding over 3,000 agent offices to paying contracts. This has been achieved during a period of challenging trading conditions for UK agents and the traditional seasonal downturn in market activity.
“It is further encouraging evidence of growing agent support. The ongoing growth in the number of branches under paying contracts is key to the Group’s transition into profitability. Agent backing in a variety of practical ways is key to creating an edge over our rivals in the portals market.
“Our continued progress in attracting more agents to support the portal and our early success in attracting house-builders give us encouragement as we focus on achieving our key objectives for the coming year.”