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Sep 11 2017

Onwards and upwards for OnTheMarket


The  result of a vote by members of OnTheMarket will see members convert  membership interests into a sharing stake of the new company to be  formed, OnTheMarket Ltd. This is an important milestone for the property  portal, and the plan is to float the company on the stock market.
 
With a successful  demutualisation and float, OnTheMarket will realise a significant  capital injection, and the strategy is to mount a national advertising  campaign, including TV, print and digital media, radio  and billboard advertising, to gain a new level of exposure for the  portal.
 
Operator of the  website, Agents' Mutual, was founded by Knight Frank, Savills, Strutt  & Parker and many other national estate agencies, with the intention  of providing and creating the best high-quality property  search service, and keeping costs to estate agents lower. As a founding  agent, we at Rolfe East continue to have a strong belief in  OnTheMarket, and we support the aims of this venture, as it's  essentially good for the market, and goes some way to breaking  up the duopoly of property portals Zoopla and RightMove.
 
RightMove is here to  stay, and is very clearly established as the key player in the property  portal game. For estate agents, Zoopla has tended to be favoured less,  not least because the customer experience can  suffer as a result of their advertising model. As Zoopla extend into  many other property related businesses including finance, utilities, and  even removals companies, advertising to those searching their site for  property, whilst sometimes relevant, can also  be overbearing.
 
OnTheMarket has a very  clear focus and this leads to a cleaner and better user experience, we  feel, for the customer. Your property search is not interrupted by ads,  and the process is not slowed down with distractions.  Not only is the user experience better with OnTheMarket, but home  sellers stand to benefit from their success by having a more competitive  property portal market. Driving down the unnecessarily high costs of  portal advertising will provide savings that will  be passed on to sellers!
 
More news about the float and next moves should be incoming this week, but we're very excited to see what happens!

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