OnTheMarket offers joining estate agencies free listings and shares sweeteners

first_imgHome » News » COVID-19 news » OnTheMarket offers joining estate agencies free listings and shares sweeteners previous nextMarketingOnTheMarket offers joining estate agencies free listings and shares sweetenersWhile existing estate agencies were recently given a 33% discount, firms joining the firm are to be given a full discount until the crisis is over.Nigel Lewis27th April 202001,335 Views OnTheMarket is offering joiners a four-month ‘free listings’ deal alongside an enhanced shares package and sweeteners to persuade them not to list with other portals.Contracts issued to joiners will include shares worth £1,000 per branch for its standard deal or £2,500 if an agent signs up to list exclusively for 12 months.These share value calculations are based on a share price that is the higher of £1 or the price at the time of issue.  Its share price is currently 63p.In addition, agents will receive extra shares regardless of which deal they opt for but depending on how many other portals they list with. The extra shares, which are also paid per branch, will equate to a percentage of the fees the agent pays up until 31st August next year.If an agent lists exclusively with OTM then it will receive half of its listings fees value as shares, 30% if it lists with one other portal and 20% if its two other portals.And finally, agents are to be given a permanent discount on their listings fees of 10% if they stick to a one other portal rule and 20% for a two other portal arrangements.In return agents must sign up to a minimum contract term of sixteen months, while annual fee increases will be capped at RPI +2%.For example, a one-office sales and lettings firm, listing on a one other portal basis, will pay £314 per month. But, in addition to receiving £1,000 of welcome shares, it will also receive £94 of shares for every paying month up to 31 August 2022.Clive Beattie, Acting Chief Executive Officer of OnTheMarket following Ian Springett’s departure, said: “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.”Read more about OnTheMarket. clive beattie OnTheMarket OTM April 27, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img

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