US-style agency signs up with US-owned OnTheMarket

An agency has signed up to OnTheMarket, claiming the portal progress since being taken over by a US firm was the decisive factor.

eXp UK - the UK offshoot of a US-led international real estate company - says OTM’s acquisition by CoStar will see the portal overtake both Zoopla and Rightmove. 

eXp UK head Adam Day says: "Rightmove and Zoopla may well be long established players in the UK property portal market, but it’s noticeable that the two leading platforms have yet to significantly innovate in terms of using their platforms and data to iterate and enhance value for consumers, whether they are agents, buyers, or sellers.

“In comparison, the portal landscape in the USA shows more advancement. For instance, CoStar Group's Homes .com has developed a remarkable offering, becoming the second largest property portal in the United States. The user experience there is notably superior to what we have in the UK. Since CoStar Group only acquired Homes .com in 2021, their backing of On the Market suggests we might see similar advancements in the UK before long."

OnTheMarket claims to have made progress against a number of key operational performance metrics since its acquisition by CoStar.

For the first time in its history the portal has has surpassed 16,000 advertisers, with a recent performance update revealing listings are now up to 716,000, an increase of 41% from June of 2023. 

Average monthly visits in June this year increased 78% and average monthly unique visitors were up 118% over the same period YoY, whilst lead counts rose 50% over the second quarter of last year. 

Jason Tebb, president of OnTheMarket, comments: “I’m really pleased a forward thinking and innovative business such as eXp has chosen to commit to our portal as their rapidly evolving brand continues to make strides. It’s an incredibly exciting time for our partners, with the acquisition by CoStar Group demonstrably accelerating our target of becoming the market leader, bringing industry-leading global expertise and significant financial firepower to help deliver even more value for all our customers.”