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!