What we doThe 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 growthAgents' 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 30 million visits in January 2020. This is the result of growth in property stock and growth in awareness. As at September 2020, the company had approximately 13,500 advertisers listed, comprising agency branches and new homes developments. . With over 3,800 estate and letting agent shareholders, operating over 6,800 offices, OnTheMarket provides a unique opportunity for agents to participate in the equity value of their own portal. 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
OnTheMarket.com Consumer property search serviceLaunched 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”*. All the properties at OnTheMarket.com are on the market with estate or letting agents rather than being marketed directly by private sellers or landlords. *See www.onthemarket.com/newandexclusive. Agents specify exclusivity.
OnTheMarket Expert Professional tools and reporting in one placeFor 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 March 2019, OnTheMarket announced that a beta version of its 'Market Appraisal Guide' had been added to the suite of agent tools in another step towards matching the market leader's core agent product set. 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. Our Market Appraisal Guide was followed in September 2019 by the launch of our new sales and lettings market intelligence suite, Market Intel, also available within OnTheMarket Expert at no additional cost. The new and enhanced dashboard calculates competitor rankings, displays market share performance by 'patch' (location), property type or value and makes it easy for our customers to see how their properties are performing, as well as checking phone and email leads.
Investment in Glanty Ltd 'teclet': Automated online lettings platform for agentsIn December 2019, in line with our vision to provide additional products and services to agents, we made a strategic 20% investment in Glanty Limited. Glanty is the owner and developer of 'teclet', an automated online lettings platform for agents, which is at the early stages of rollout but has been very well received by early adopters. The product is designed to reduce overheads and maximise efficiencies for letting agents. OnTheMarket is working with Glanty with a view to offering 'teclet' and potentially further technology solutions to its customers.
Strategy for growthOnTheMarket 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, technology enabled portal – offering a first-class service to agents and new homes developers at sustainably fair prices and becoming the go-to portal for serious property-seekers.
With over 3,800 estate and letting agent shareholders, operating over 6,800 offices, OnTheMarket provides a unique opportunity for agents to participate in the equity value of their own portal. Agent backing and support enable OnTheMarket to display thousands of “New & exclusive” properties every month to serious property-seekers 24 hours or more before agents release these properties to other portals*.
To support the new growth strategy significant investment has been made, primarily in marketing – to drive traffic and to build brand awareness – and in team expansion to strengthen technological capability, delivery and support functions and to enhance the sales, sales support and customer relations functions.
The core strategy for the Group has been, and remains, to increase further the number of paying property advertiser shareholders and customers by delivering high volumes of valuable high quality leads and support service at a sustainably fair price and by deploying the targeted use of equity incentivisation alongside longer-term contracts.
The growth strategy is also based on continuously developing and delivering an expanding range of related value-adding products, services and solutions for its property advertiser shareholders and customers.
This in turn will enable OnTheMarket to deliver a continuously improving and differentiated search service for the most valuable end-user audience of motivated property-seekers. It also creates a strong platform for building new partnerships and generating additional advertising revenues.
*See www.onthemarket.com/newandexclusive. Agents specify exclusivity.