OnTheMarket has signed a five-year listing agreement with major independent Chancellors Group.
Under the agreement, Chancellors will advertise all of its UK residential sales and lettings properties at OTM and will actively promote the portal brand with digital and branch-based marketing activity.
The agreement will kick in once OnTheMarket lists publicly, at which point it will drop its ‘one other portal’ rule to new recruits.
The agreement with Chancellors follows a similar deal with another strong independent, Arun Estates.
With a network of over 50 branches, Chancellors Group trades under the Chancellors name across southern England and also under brands of Anscombe & Ringland in London, and Russell Baldwin & Bright in Hereford and Wales.
Robert Scott-Lee, Chancellors group managing director, said: “We have been impressed by the progress OnTheMarket has made in a relatively short time in developing itself as a leading, agent-backed brand which adds much-needed competition in the UK property portals market. I am therefore, delighted that Chancellors Group and OnTheMarket will be joining in partnership at its IPO.”
Ian Springett, OTM’s chief executive, said: “It is a powerful boost to OnTheMarket that Chancellors Group is committing to list its properties for five years. Chancellors is undoubtedly one of the leading, most successful agent groups in the regions it operates in and its support will substantially strengthen our position.”
There is still no indication as to the timing of OTM’s IPO.
This morning’s OTM announcement follows triple announcements by Zoopla that the UK’s top three agents – Countrywide, Connells and LSL – have all signed long-term agreements.
Chancellors’ founder James Scott-Lee recently died in a tragic accident at his home, in his sixties.