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OnTheMarket (OTM) is now the property portal of choice for UK house builders and developers, following a sharp increase in the number of new homes advertised on the site in recent months. It is claimed that there is.
OTM said its new home inventory reached 95% of Rightmove’s developer list for the first time, and the number of advertisers on the platform exceeded 15,000, including both real estate agents and developers, a record in June 2020. This exceeded the previous record of 13,867 companies.
This milestone comes less than six months after the acquisition by CoStar Group, but it’s unclear why advertisers (both developers and real estate agents) suddenly surged.
OTM would like to strongly point out that companies like Places for People are currently advertising new homes through their portals, but it is unclear whether they are paying for them.
“Advertiser support is an incredible endorsement of the direction the business is heading,” said John Doyle, head of new homes at OTM.
OTM announced last month that it had entered into a listing agreement with Seymours, one of the largest independent estate agency networks operating in the South East of England, to promote its residential sales and rental properties.
The deal comes just weeks after OTM announced similar deals with Edward Mellor and Leti, with both agencies pledging to advertise on the portal.
But again, it’s not clear whether these are paid listings or if a free trial is being offered.
In the past, OTM has offered free listings to agents through short-term introductory trial offers with the intention of converting to paid listings later. Although it had some success, it was not successful in converting all the “freebies” into paying customers.
EYE has approached OTM for clarification. However, a spokesperson declined to comment, calling the matter “commercially sensitive.”
Leading independent real estate company joins OnTheMarket