OnTheMarket has seen an impressive three-fold increase in the number of visitors to its site since the end of 2017.
Last December, the site was getting 3.35 million visits per month, but in April this soared to 9.4 million visits per month, according to statistics on SimilarWeb.
It means OnTheMarket now ranks at number 187 in terms of traffic to its site, as compared to all other websites in the UK.
More than half of traffic is from search, with 80% of being organic keywords as oppose to paid for.
The figures provide further evidence that OnTheMarket’s decision to float on the stock market is paying off.
Earlier this month, it was revealed that the portal has added 2,000 branches to its service since listing on the AIM market just over two months ago.
This gives it a total listing size of 7,500 branches – or approximately 38% of all agent branches. It compares with Zoopla’s 14,775 and Rightmove’s nearly total market reach of 20,121.
In March, OnTheMarket revealed that in the first five weeks since admission, additional agent firms with more than 1,000 offices were in listing agreements with the company.
OnTheMarket claimed it has achieved its recent increase in branches by offering agents either free or discounted introductory rates to sign up.
Ian Springett, chief executive officer of OnTheMarket, said: “We are extremely pleased to be continuing to exceed our own expectations and to have reached this latest milestone. As we sustain this pace, we are strongly encouraged by the growing agent support and feedback to our proposition to create an agent-backed, full scale challenger portal that disrupts the existing duopoly.”
The portal also announced that traffic reached 12 million visits during March – the first full month since admission to AIM.
This was more than double the visits compared with February 2018 and March 2017.
The company said it expects momentum to continue over the coming months through an increase in marketing and the traffic generated by increases in branches signing up and listing properties.
To support its growth strategy, OnTheMarket has doubled its field sales team from 15 to 32 people since AIM admission.
OnTheMarket launched in 2015 to overcome the duopoly created by Rightmove and Zoopla.
Springett said in an interview with DirectorsTalk that there is an opportunity to work with agents to create a portal which prices the core property listing service at a sustainably fair level still a highly profitable business by the way but without racking the customer.
“Rather than simply pitching a free trial of another property portal, we’re investing time to explain our proposition which is an agent-backed portal which will provide this sustainable lower cost alternative to the Rightmove/Zoopla duopoly.”
DealMakerz thinks OnTheMarket has a long way to go to compete with Zoopla and Rightmove, which have 28 million and 60 million visitors a month, respectively.
However, the stats make for interesting reading and suggest OnTheMarket’s stock market listing was the right move for the company.
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