The launch of OnTheMarket.com (OTM), its anti-consumer approach and its banning of online estate agents, has provided eMoov.co.uk and other online agents with a clear advantage to provide a better marketing service than the so called 5,000 OTM member agents.
OTM enjoyed a brief spike in traffic when launched, but has been in free fall ever since, demonstrating a severe lack of ability to build any level of meaningful audience. By restricting their member agents to listing on just one of either Rightmove, Zoopla or PrimeLocation, OTM has inadvertently provided the online agents they originally banned, with the means to offer greater exposure at a significantly lower cost.
OTM’s “best” week to date has seen them achieve the levels of traffic that ZPG and Rightmove achieve and exceed daily. Over the last few weeks OTM traffic has plummeted to some of its lowest levels, averaging 50,000 visits per day over the last week, in comparison to 1.5 million for ZPG and 3 million at Rightmove. OTM hasn’t even managed to reach the traffic levels of PrimeLocation on any one day since its launch.
If you were to sell a property through eMoov your property would be listed on both Zoopla and Rightmove, amongst others, with a combined daily traffic of 4.5+ million people. If you were to sell through an OTM member agent, listing on Rightmove, you would reduce your advertising reach by at least a third. To put this into perspective, since the launch of OntheMarket.com, eMoov has been contacted by some 6,000 potential buyers via Zoopla alone.
Russell Quirk, founder and CEO of eMoov, commented: “OTM certainly looks like a failed experiment at this stage but one that online agents will be grateful for. It highlights that those like eMoov, operating with the customer as the focus, are thriving and will continue to do so.
However OTM, a portal set up with the benefit of the high street agent in mind, has proven to be a flop. They have attempted to cash in on the innovation of those they originally fought against, and the failings in their approach are evident for all to see.
Far from being troubled by the launch of OTM, we owe a debt of gratitude to Ian Springett who has helped us stand out and has given us a great advantage over OTM members.
Our complaint with regard to the ban of online agents to the Competition and Markets Authority (CMA) is still being investigated, however irrespective of the outcome we will be in no rush to sign up to OTM.”