OTM says it now lists 55% of total agent properties available in UK

first_imgHome » News » Marketing » OTM says it now lists 55% of total agent properties available in UK previous nextMarketingOTM says it now lists 55% of total agent properties available in UKLatest update also reveals that it is signing up between 500 and 1000 branches to its portal approximately every 20 days.Nigel Lewis5th July 20180918 Views  OnTheMarket says it is rapidly catching up with Zoopla and now lists over 550,000 rental and sales properties and has 9,500 listing agents, the company has announced.This means it has 55% of the total potential market for agent-listed properties while Zoopla has 82%, assuming a total market of a million properties, which Rightmove lists.The latest update from OTM, whose figures suggest it is now signing up between 500 and 1,000 agents approximately every 20 days, indicate that at current rate of expansion, the portal could catch up Zoopla in approximately 15 months, assuming the ZPG portal stands still.OTM has added 4,000 branches to its portal since it listed on AIM in February this year, an increase of 72%.“The very strong and growing agent support for our proposition has enabled us to rapidly gain ground on the market share of property listings of our long-established key competitors,” says OTM’s CEO Ian Springett.“We remain committed to creating an agent-backed, full scale challenger portal that injects some much-needed competition into the property portals landscape by disrupting what has for too long been effectively a cosy duopoly.”The news didn’t impact the OTM share price, which since peaking at £1.80p a share at the end of May has been drifting downwards recently, finishing at £1.62p at end of play yesterday.Ian Springett’s tigger-like positivity was echoed today by several City analysts, who predict the portal will break into profitability in 2021 during which it will make its first annual profits of £18.5 million, and that it may begin to break-even in “a few months’ time”.Read more about OnTheMarket.comIan Springett Rightmove OnTheMarket OTM Zoopla July 5, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more