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OnTheMarket hits milestone of 7,500 offices signed up and doubles sales team


OnTheMarket now has 7,500 agency offices signed up, it has told the stock exchange.

That figure was the original – but unachieved – aim of OTM, which said it would be the ‘tipping point’ in its battle against Zoopla. However that was when OTM was still operating its ‘one other portal’ rule, which it dropped when it floated on AIM in February, with some 5,500 offices.

Yesterday, the statement to the stock market said: “The offering of predominantly free or discounted introductory rates is a key element of the Company’s growth strategy, which aims to increase the core agent customer base, the number of their property listings on the portal and the traffic the portal attracts.

“To support this growth strategy, the company is also pleased to announce that since Admission it has doubled its field sales team from 15 to 32 people.”

OTM also announced that last month, traffic to the site hit 13.7m visits, up from 5.5m in April last year.

CEO Ian Springett said: “We are extremely pleased to be continuing to exceed our own expectations and to have reached this latest milestone.

“As we sustain this pace we are strongly encouraged by the growing agent support and feedback to our proposition to create an agent-backed, full scale challenger portal that disrupts the existing duopoly.”

Yesterday, OTM’s share rose 6.5% to end the day at 147p.


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Source:: OnTheMarket hits milestone of 7,500 offices signed up and doubles sales team