{"id":13926,"date":"2018-02-12T17:00:40","date_gmt":"2018-02-12T17:00:40","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=13926"},"modified":"2018-06-29T11:07:34","modified_gmt":"2018-06-29T11:07:34","slug":"whats-all-the-fuss-about-onthemarket","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/whats-all-the-fuss-about-onthemarket\/","title":{"rendered":"What&#8217;s all the fuss about OnTheMarket?"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n[vc_row][vc_column][vc_column_text]\n<h2>Why has everyone been talking about <a href=\"https:\/\/www.onthemarket.com\/\">OnTheMarket<\/a> recently?<\/h2>\n<p><span style=\"font-weight: 400;\">Recently there has been a <span class=\"textannotation disambiguated wl-thing\">lot<\/span> of commotion surrounding the British property search portal, OnTheMarket, but why?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">OnTheMarket (OTM) launched in 2015 and started with a rallying cry to <span class=\"textannotation disambiguated wl-thing\">estate<\/span> agents across the country. They saw the growing presence of companies such as Rightmove and Zoopla who dominate the property world and tried to challenge their duopoly of the <span class=\"textannotation disambiguated wl-thing\">market<\/span>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">OTM believe that the property <span class=\"textannotation disambiguated wl-thing\">market<\/span> belongs to the &#8216;<a href=\"https:\/\/www.onthemarket.com\/about\">experts&#8217;<\/a>and that they shouldn&#8217;t be expected to pay for someone else to do their job. So the agents banded together with the aim to pay less to list properties on a search portal.<\/span><\/p>\n<blockquote><p><strong><i>By the <span class=\"textannotation disambiguated wl-thing\">estate<\/span> agents, for the <span class=\"textannotation disambiguated wl-thing\">estate<\/span> agents.<\/i><\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">However, the company hit controversy when they introduced the &#8220;One Other Portal&#8221; rule (OOP). Now, agencies are given an ultimatum; Zoopla or Rightmove. The new rule meant that agents who chose to list with OnTheMarket could only list on one other site. They were forced to choose between these two <span class=\"textannotation disambiguated wl-thing\">market<\/span> giants and since Rightmove arguably dominates, it was Zoopla that took the hit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">OnTheMarket wanted to shift the duopoly in their favour.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Zoopla, however, was not convinced. Lawrence Hall, Head of Communications at Zoopla, said that OTM was &#8220;<a href=\"https:\/\/www.theguardian.com\/money\/2015\/jan\/25\/property-portal-challenges-rightmove-zoopla\">regressive<\/a>.&#8221; He claimed that it &#8220;create[d] the biggest conflict of interest ever to exist between <span class=\"textannotation disambiguated wl-thing\">estate<\/span> agents and their clients, who now have to think very carefully about which agents are looking after the <span class=\"textannotation disambiguated wl-thing\">homeowner<\/span>, versus which are looking after their own interests.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It would appear that Zoopla and Rightmove were not fazed by this new kid on the <span class=\"textannotation disambiguated wl-thing\">block<\/span>, and, arguably, rightly so.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since its launch in 2015, OnTheMarket has gained and subsequently lost numerous agencies, with over 1000 branches returning to Zoopla or Rightmove after initially signing up with OTM.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;During the same period ZPG&#8217;s UK agency branch numbers have grown to over 14,750, OTM has seen their branch numbers fall from a high of 6,500 branches to a new low of 5,500 branches.&#8221;<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Howard Cundey<\/span><\/i><span style=\"font-weight: 400;\"> is a perfect example of an agency whose experience of OTM fell short of their expectations. The company&#8217;s experience exemplifies Lawrence Halls\u2019 earlier statement. They felt that OTM was not giving them or their customers the service they required. The company &#8220;recognis[ed] that its customers are at the heart of its business&#8221; and OTM had apparently missed this.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.estateagenttoday.co.uk\/breaking-news\/2016\/9\/otm-has-not-worked-says-agency-returning-to-zoopla\">Tim Foulkes<\/a>, owner and director of Howard Cundey, said that ZPG &#8216;delivers us and our customers the results they need.&#8221;[5]<\/span><\/p>\n<p><span style=\"font-weight: 400;\">OTM had good intentions, but, for this company, it was not enough for both the agents and their clients.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" class=\"aligncenter wp-image-13929\" title=\"stock market figures\" src=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/Stock-Market-260x111.jpg\" alt=\"\" width=\"349\" height=\"149\" srcset=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/Stock-Market-260x111.jpg 260w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/Stock-Market-100x43.jpg 100w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/Stock-Market-150x64.jpg 150w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/Stock-Market-200x86.jpg 200w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/Stock-Market-300x129.jpg 300w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/Stock-Market.jpg 343w\" sizes=\"(max-width: 349px) 100vw, 349px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most recently, the biggest drama comes from the company&#8217;s decision to float on the stock <span class=\"textannotation disambiguated wl-thing\">market<\/span>. Which ended in some floundering around in the deep end and trying to keep their head above water.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a company that came from the people, for the people, it seemed a controversial <span class=\"textannotation disambiguated wl-thing\">step<\/span> to give this power to shareholders.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, the decision to join the stock <span class=\"textannotation disambiguated wl-thing\">market<\/span> came with some changes. The OOP rule was to be dropped, meaning that agencies could list across all major search portals. However, this new rule was only for new joiners and existing clients would have to continue to obey this limited portal stipulation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, OTM lifted its ban on online agents. This is big! So the company that started as a way of saving the traditional <a href=\"https:\/\/www.thehouseshop.com\/estate-agents\"><span class=\"textannotation disambiguated wl-thing\">estate<\/span> agent<\/a>, was now welcoming listings from a very untraditional <a href=\"https:\/\/www.thehouseshop.com\/estate-agents\"><span class=\"textannotation disambiguated wl-thing\">estate<\/span> agent<\/a> and another large rival. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, OTM was adamant that this move was a positive one toward the expansion and future of the company. They hoped to utilise the funds for a serious marketing campaign that would align OTM with its major competitors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So on the 9th Feb, the OTM set sail!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And by 11:15 am they started to take on water.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Share prices dropped by approximately 9.5% and ended the day <span class=\"textannotation disambiguated wl-thing\">taking<\/span> the final total from 163.5p per share at 8:00 am to 148p by close with 118,288 shares traded.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let&#8217;s compare this to their rivals\u2026<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So Rightmove ended the day 0.56% down with 914,230 shares traded and comparatively, ZPG was 0.61% down with 421,377 shares traded.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is a considerable and obvious difference here.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"http:\/\/www.propertyindustryeye.com\/eye-newsflash-property-portal-onthemarket-announces-stock-market-flotation\/\">Read More\u00a0<\/a><\/span><\/p>\n<p><span style=\"font-weight: 400;\">So the future for OTM doesn&#8217;t look as stable as it did 3 years ago. And yet they are still very much playing the game. It shall be interesting to see how their future unfolds and how much more drama they can cause along the way!<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"text-decoration: underline;\"><strong>Jargon Buster and Acronyms<\/strong><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><em>OTM<\/em> &#8211; <a href=\"https:\/\/www.onthemarket.com\/\">OnTheMarket<\/a><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><em>OOP<\/em> &#8211; One Other Portal<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This is the rule that if an agency joins with OTM they can only sign up to one other portal. Most companies would choose between <a href=\"http:\/\/www.rightmove.co.uk\/\">Rightmove<\/a> or <a href=\"https:\/\/www.zoopla.co.uk\">Zoopla<\/a><\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">Portal<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">An internet site providing access to other sites. In the <span class=\"textannotation disambiguated wl-thing\">property market<\/span>, a portal is a collation of multiple property sites in one location, on one internet site.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">Branches<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span class=\"textannotation disambiguated wl-thing\">Estate<\/span> agency. e.g <a href=\"https:\/\/www.belvoir.co.uk\/?gclid=EAIaIQobChMI2MvevcS82QIVzrXtCh1ABAcyEAAYASAAEgKlavD_BwE\"><span style=\"background-color: rgba(46, 146, 255, 0.106);\">Belvoir<\/span><\/a>, <a href=\"http:\/\/www.fineandcountry.com\/uk\">Fine and Country<\/a>, <a href=\"https:\/\/www.foxtons.co.uk\/\"><span style=\"background-color: rgba(46, 146, 255, 0.14);\">Foxtons<\/span>\u00a0<\/a>etc.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">ZPG<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> An umbrella company which owns and operates <a href=\"https:\/\/www.zoopla.co.uk\/\">Zoopla<\/a>; <a href=\"https:\/\/www.uswitch.com\/?ref=ppcgoogle~brand~000641~uswitch&amp;gclid=EAIaIQobChMIxr-d78S82QIVwbvtCh0cOAmhEAAYASAAEgLTwPD_BwE\">USwitch<\/a>; <a href=\"https:\/\/www.primelocation.com\/\">PrimeLocation<\/a>; <a href=\"https:\/\/www.money.co.uk\/\">Money<\/a>; <a href=\"https:\/\/www.hometrack.com\/uk\">Hometrack<\/a>; <a href=\"https:\/\/propertysoftwaregroup.com\/\">The Property Software Group<\/a>.<\/span><\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text] Why has everyone been talking about OnTheMarket recently? Recently there has been a lot of commotion surrounding the British property search portal, OnTheMarket, but why? OnTheMarket (OTM) launched in 2015 and started with a rallying cry to estate agents<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/whats-all-the-fuss-about-onthemarket\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":13930,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[581,17],"tags":[66,622,27,621,30,623],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/OnTheMarket-logo.png","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/whats_all_the_fuss_about_onthemarket","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/13926"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=13926"}],"version-history":[{"count":7,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/13926\/revisions"}],"predecessor-version":[{"id":17361,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/13926\/revisions\/17361"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/13930"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=13926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=13926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=13926"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=13926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}