What we do
The AIM-listed OnTheMarket plc is a leading UK property portal, majority-owned by estate and lettings agents, delivering a premier property search service through OnTheMarket.com .
The portal, launched in January 2015, was established and supported by leading UK estate and lettings agents as an alternative to other portal providers and is now firmly established as one of the largest portals in the UK residential property market in terms of visitor traffic.
The portal offers full functionality and value-adding services to agents at sustainably low pricing, providing growing customer leads to its expanding agents and new homes developers audience.
The origins of the business and recent growth
Agents’ Mutual was formed in January 2013 by several leading estate and lettings agents to create a new residential property portal as a challenger to the two existing major portal groups, Rightmove and ZPG.
Agents’ Mutual was the first major new entrant to the UK property portals market since 2008.
The Agents’ Mutual proposition, for a portal owned by agents which would offer a premier search service to consumers whilst charging fair prices to agents, quickly found support among a very wide group of leading independent agents across the UK. These agent firms were prepared to fund the venture by way of loan note subscriptions and to commit to list with the portal once it went live.
The portal launched in January 2015 with the properties of 4,600 branches.
Through a Placing to investors on the AIM market, £30 million of new equity capital was raised to support a new growth strategy for the business.
At Admission, over 2,000 agent firms owned approximately 70 per cent of the issued share capital.
Since Admission the Group has pursued a transformational growth strategy. The strength of agent support and the appeal of the search experience helped the brand generate 267 million visits in the year to 31 January 2021 and over 28 million in March 2021. This is the result of growth in property stock and growth in awareness.
As at 31 January 2021, the company had approximately 12,700 advertisers listed, comprising agency branches and new homes developments.
OnTheMarket provides a unique opportunity for agents to participate in the equity value of their own portal. As at 31 May 2021, agent ownership stood at approximately 60%. Agent backing and support enable OnTheMarket to display “New & exclusive”* properties to serious property-seekers 24 hours or more before agents release these properties to other portals.
*See www.onthemarket.com/newandexclusive . Agents specify exclusivity.
View our Investor Presentation
Consumer property search service
Launched in January 2015, OnTheMarket.com is the simple way to search for property. The website and its apps aim to provide all potential buyers, sellers, landlords and tenants with an exceptional property search service.
The technology is state-of-the-art and our website was the first major portal to seamlessly adapt with state-of-the-art “responsive” technology to fit all screen sizes. OnTheMarket.com aims to satisfy property-seekers with a more enjoyable, cleaner, fresher, more focused approach to searching. Without unnecessary information and distracting clutter, the service concentrates on presenting, at their best, hundreds of thousands of homes for sale or for rent from thousands of estate and letting agents or new homes developers at all price points across the UK as well as Overseas and Commercial search services.
Many agents choose to launch their new UK residential properties exclusively with OnTheMarket.com first – 24 hours or more ahead of advertising them on any other portal – and these are prominently featured as “New & exclusive”**.
Following on from extensive estate agent, letting agent, developer and consumer work groups in early 2021, we have embarked upon a complete refresh of the user experience (UX) at OnTheMarket.com, with a new look and feel. The design team will be focusing specifically on consumer engagement strategies within the UX to encourage users to visit the site time and time again and to improve conversion rates from visits to leads.
The introduction of several new ‘lead types’ in May 2021 (e.g. Automated Valuation Model leads and AskTheAgent) is providing new ways for consumers to interact with our advertisers, whilst at the same time providing a clear proposition which encourages such interactions. The design of new products and functionality will be focussed on increasing lead and valuation opportunities for customers.
All the properties at OnTheMarket.com are on the market with estate or letting agents or new homes builders rather than being marketed directly by private sellers or landlords.
*See www.onthemarket.com/newandexclusive. Agents specify exclusivity.
Professional tools and reporting in one place
For agents, the portal has additional functionality and accessibility through ‘OnTheMarket Expert’ which gives access to tools enabling manual property uploading and editing of property details and office/firm details. Functionality includes property-level reporting of portal activity and lead generation which can be operated by multi-branch agents at both branch and agent level with central control access permissions. Agents may opt to upload manually or to instruct their data feed provider to engage with the portal to arrange automated uploads.
In May 2021, OnTheMarket announced a commercial partnership with award-winning property data specialists Sprift Technologies Limited (“Sprift”) which will enable OnTheMarket to provide significantly enhanced property data to its customers. Market Appraisal Guides powered by the Sprift platform will be available for free via OTM Expert and we believe these will be a very valuable tool for agent customers.
The Guide sits alongside the existing reporting tools and enables agents to access sold prices, comparable properties, local information and maps and create a report for vendors and landlords which carries their own branding in conjunction with OnTheMarket’s.
Investment in Glanty Ltd
‘teclet’: Automated online lettings platform for agents
On 28 May 2021 we completed the acquisition of the remaining 80% of Glanty Limited that we did not already own, following our initial investment in December 2019. Glanty is a property technology business which specialises in providing solutions to the UK residential estate and lettings sectors. The acquisition is expected to allow the Company to:
– integrate Glanty’s products and services into the OnTheMarket platform; and
– develop ‘best in class’ products and platforms to benefit and drive engagement with estate agents, housebuilders and consumers.
Strategy for growth
OnTheMarket plc is a leading UK residential property portal provider.
Its objective is to create value for shareholders and property advertiser customers by delivering an agent-backed, differentiated, technology-enabled property business providing services for agents, housebuilders, advertisers and consumers that offers ‘best in class’ products and platforms across the broader property ecosystem at sustainably fair prices and becoming the go-to portal for serious property-seekers. Our strategy will be focussed around four key pillars, consisting of:
1. an engaging and relevant property portal;
2. software solutions to meet evolving customer needs;
3. the provision of market leading data and market intelligence; and
4. a leading property communications and marketing capability, both on behalf of, and in conjunction with, our customers.
The operational and financial progress during the year to 31 January 2021 are a testament to the strength of the team and of the business. Whilst marketing expenditure was curtailed during 2020 in response to the COVID-19 pandemic, the return to a normal level of advertising expenditure since December 2020, in conjunction with the steps we have taken in 2021, including the acquisition of Glanty Limited and several commercial partnerships, and our substantial, loyal and supportive customer base, provide a strong platform from which to implement our strategy.
*See www.onthemarket.com/newandexclusive. Agents specify exclusivity.