OTM hits back at critics

Tuesday 06 October 2015  / Ruth Montia

The chief executive of OnTheMarket, Ian Springett responded back at what he calls “detractors” who have alleged that four agencies have quit the portal.

The statement from eMoov said that “after the initial rush to join OnTheMarket earlier in the year, their growth appears to be stagnating with little or no increase in membership numbers over the last couple of months” and went on to say: “The reality appears to be setting in for its members as a number of notable names have quit OTM to return to Zoopla, including multi-office agencies like Stirling Ackroyd, Statons, Alex Neil and Cheffins amongst others.” 

Ian Springett has issued a brief rebuttal saying “This is yet another attempt by our detractors to try to deflect attention away from the fact that support for OnTheMarket is continuing to grow and momentum behind our proposition is building.”

Ian Springett has also hit out at a Barclays bank report suggesting that OTM may lose agent members gradually.

The Barclays review is based on a survey of the three major portals and interviews with estate agents. The review showed that 9% were considering leaving OTM with another 35% saying they would review membership.

Out of the agents questioned, 36% said they have had a drop in leads since joining OnTheMarket whereas 23% say they have had an increase in leads.

Springett’s reaction to the Barclays review has been critical saying “This report is based on a tiny fraction of OnTheMarket’s membership, which consists of more than 5,000 offices. Only 48 hours ago, another respected analyst – William Packer from Exane BNP Paribas – published a report stating OnTheMarket had demonstrated “resilience eight months into launch against initial market expectations of a swift demise” and its membership base was “supportive.”  Springett insists OTM provides “a credible alternative” to Rightmove and Zoopla.

He concludes “Increasing numbers of agents tell us that OnTheMarket is the source of an excellent quality of leads and say this is far more important that the volume of leads, many of which can turn out to be of no value. Many agents have also told us they have not felt any adverse impact on their businesses from removing their properties from Zoopla to OnTheMarket”.