OnTheMarket success includes lettings innovations

OnTheMarket says its innovations with partnerships in the lettings sector have played a part in its successful growth.

In the 12 months to the end of January 2022 its profits rose 13 per cent to £2.7m and revenues increased 32 per cent to £30m.

However agency branch numbers fell as the portal attempted to convert previously-arranged free deals to full-paying contracts.

As a result its agency subscriber numbers are down year-on-year by five per cent to 11,171.

However OnTheMarket says two highlights in its performance are in the lettings space.

It has now completed the acquisition of Glanty Limited. OTM says: “Product development is ongoing, in particular the development of a CRM system and an associated product targeted at the sales market, complimenting the teclet lettings product already available.”

And OTM has gone into a commercial partnership with PropTech firm Canopy giving all OnTheMarket agency customers the opportunity for free and unlimited comprehensive tenant referencing checks, potentially saving them thousands of pounds a year.

Portal chief executive Jason Tebb says: “Having listened and engaged with thousands of agents we’re more convinced than ever in our strategy of building a differentiated, tech-enabled property business.

“Recently we began the legal process required to potentially pay out dividends in the future so that OnTheMarket’s strong financial performance can benefit all our shareholder agents.

“With our record revenue and strong business momentum, the future is very exciting.”