Property portal OnTheMarket is offering new firms free listings for four months in a bid to attract new clients to sign for a year, amid the ongoing coronavirus pandemic.
The news comes in an update which revealed OnTheMarket has authorised the issue of a further c.32 million shares to agents who sign listing agreements with the portal.
The contracts launched will issue either £1,000 of welcome shares per office with flexible portal choices, or £2,500 of welcome shares per office if an agent commits to list exclusively for a minimum of 12 months.
It said the percentage depends on how many other portals the agent lists with. It will be
50% for periods of listing exclusively with OnTheMarket, 30% for periods of
listing on only one of Rightmove or Zoopla/Primelocation and 20% for periods of listing on both Rightmove and Zoopla/Primelocation.
Agents will also receive a 10% discount on their listing fees for periods of listing on only one of Rightmove or Zoopla/Primelocation and 20% for periods of listing exclusively at OnTheMarket.
Clive Beattie, acting CEO of OnTheMarket, said: “We are ready to issue shares to agents who sign one of these latest agreements and to welcome them alongside the thousands of existing agent shareholders in OnTheMarket. Our offering provides a unique opportunity for agents to participate in the equity value of their own portal.
“This is a defining moment for agents as they make their short-term and longer-term portal choices. It is in the interests of existing shareholders and the industry alike that as
many agents as possible stand together and fully support OnTheMarket.”
He added: “We are already offering a three-month 33% discount to those of our agents paying on full tariff agreements. Now we are inviting the industry as a whole to join together, get through this period of crisis and emerge stronger than ever with aportal that’s industry-owned.
“Agents have never been so strongly galvanised to take decisive action – the
power is really in their hands.”