Agents Owe OnTheMarket £6.8m

Property portal OnTheMarket is owed £6.8m by estate agents who have used its services, the company admit.

OnTheMarket revealed the figure in its latest Annual Report released recently. It also said that Group revenue rose to £14.2m from £13.6m the previous year, and that todate it has recruited agents with a network of 12,500 offices and a property stock of 650,000 properties.

The report said: “The Group has a number of customers who are not paying their contractually committed listing fees. The majority of these chose to breach the One Other Portal rule in their listing agreements and their properties were removed from the portal some time ago.” It added: “As at 31 January 2019, net unrecovered cash amounted to approximately £6.8m.”

The company said that it intends to engage with these agents to seek payment of these fees.

Whichever way you try to sugar the pill with healthy recruitment numbers and stock levels this should be a serious concern for OnTheMarket, for its business model and marketing strategy. As anyone in business will tell you selling product is easy – getting paid for it is another matter entirely.

Source OnTheMarket
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