London agent Lee James Pendleton, founder director of south west London agency James Pendleton, expressed his concerns regarding online agent OnTheMarket. He claims the new portal harms estate agents’ reputations, is low profile compared to Rightmove and Zoopla, and is highly unlikely to achieve its goal to be the number two portal by January 2016.
He goes on to say “Firstly, we cannot see that OTM is going to make the progress it needs to justify fees without massive investment into marketing and customer awareness. Second, we are unclear of the business motivations of their management team and founding members. …. Lastly, and most importantly, we have invested hundreds of thousands of pounds in the main portals over the years and leaving one of them, when they do a great job for us, is a crazy business proposition”.
His reasons for suggesting that agent’s reputations will be damaged is because vendors are complaining that those agents on OTM are “starving their property of enquiries when the London market is more difficult than it has been for years.”
Pendleton believe Rightmove or Zoopla to be supporting the property industry, and there is no question that the process of marketing properties has become faster over the past few years with their emergence. He knows there are challenges in the form of new types of competition, but it is the responsibility of business owners to adapt our businesses to survive in this new era.
His statement was sent to local media and property journalists and will be displayed on Pendletons’ company website and will be used in future marketing.