The real estate analysis team of BNP Paribas says what it calls “Zoopla’s impressive lead generation” on lettings may be more influential in how agents choose a portal than the current controversy over fees allegedly offered by OnTheMarket.

In a , urging caution over their reaction to recent industry press stories regarding OnTheMarket rebel agents, the bank says the effect of Zoopla’s sales leads on those agents who have left the portal has been muted.

“On the sales side of the industry we argue Zoopla has not been a key factor in winning or losing vendor instructions in many geographies – a key reason why agents have not returned” the note says. 

However, it then says: “On the lettings side we see Zoopla’s impressive lead generation as a more critical factor in agent decision making. We do not see these dynamics changing because of potential internal issues at OTM.”

The BNP Paribas note says it believes the number of OTM agents to have joined an Action Group to express dissatisfaction with the new portal constitutes no more than four per cent of its membership, and cautions against this being a trigger for agents to move from OTM. 

However, it concludes: “We forecast Zoopla estate agent membership to grow at 4% in FY16/17 implying some limited market share gains from Agents’ Mutual.”