OnTheMarket has announced a payment support initiative for its agent customers to help “ease the anticipated impact” of the Covid-19 pandemic.
All agents will now be offered a 33% listing fee discount for a total of three months.
The discount will apply to all invoices issued from April 2020 onwards, and will be given to those paying on full-tariff listing agreements.
The agent-backed property portal said it was “too early” to give guidance on the outbreak’s potential impact on its full-year results. Although revenue will be impacted, the group aims to preserve cash through “careful management of costs”.
Clive Beattie, acting CEO of OnTheMarket, said: “OnTheMarket exists because agents had the foresight to want their own portal in order to control their online marketing cost base.
“We are resolutely focused on doing everything possible to deliver value to our customers, both in these circumstances and beyond.”
He added: “We understand that the next few months are going to be tough and, as such, we believe simply kicking the monthly rate back is not helping agent patterns, it’s delaying the unavoidable.
“We believe that offering this discount early will assist agents to control their costs in the face of such uncertain times.”