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OTM reaches 8,500 paying agents but new branch recruitment flatlines

first_imgOnTheMarket says it has signed up an extra 654 agents to be paying customers since its most recent trading update in September, taking the total signed up since it floated in February 2018 to just over 3,000.This is in additional to the existing 5,500 branches who were already paying agents prior to its stock exchange debut.Added together it means that nearly 70% of its listing agents are now paying customers, many of whom have been persuaded to start paying after OTM began offering shorter-term deals at £207 a month.Published figures from OnTheMarket also show that recruitment of agents to its service whether on freebie deals or as paying customers has plateaued; it’s total branch count has stuck at approximately 12,500 since its update in September, or 62% of the 20,000 sales and lettings branches in the UK.At the time of its IPO the company had 5,500 listing branches.“I am very pleased to be reporting this milestone of adding over 3,000 agent offices to paying contracts,” says Ian Springett (left).“This has been achieved during a period of challenging trading conditions for UK agents and the traditional seasonal downturn in market activity.“The ongoing growth in the number of branches under paying contracts is key to the Group’s transition into profitability.“Agent backing in a variety of practical ways is key to creating an edge over our rivals in the portals market.”Read more about OTM. Ian Springett OnTheMarket OTM December 10, 2019Nigel 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 2021 Home » News » Marketing » OTM reaches 8,500 paying agents but new branch recruitment flatlines previous nextMarketingOTM reaches 8,500 paying agents but new branch recruitment flatlinesPortal makes further progress signing up more agents to paying customers after offering cheaper, shorter-term deals.Nigel Lewis10th December 201901,110 Viewslast_img read more