Onthemarket website struggling
Article from www.estateagenttoday.co.uk:
Analysts at German-owned bank Berenberg have done an analysis of visitor numbers for OnTheMarket and Zoopla in January.
In a report titled “OTM a long way from being number one (or number two)” the analysts dismisses OnTheMarket’s publicly-stated ambitions last spring that it was “confident in becoming the number two portal by January 2016.”
The bank says: “On all important metrics, the company has fallen short of these ambitions. In terms of website traffic, according to Hitwise data, OTM’s record traffic is 10% of Zoopla group’s and 5% of Rightmove’s. There has not even been a single week where OTM has seen higher site traffic than Zoopla’s niche site Primelocation.”
It says that while OTM has achieved the support of 6,500 estate and letting agent offices, of which over 10 per cent are on a non-binding letter of intent, Zoopla has 12,702 with what it calls a “continued flow of agents returning to Zoopla.”
In an interesting insight into the hitherto-shrouded world of OTM traffic volumes, the bank says that over its first anniversary period “weekly site visits [to OTM] increase from a lacklustre 329,000 at the end of 2015 up to a peak of 1.04m in mid-January.”
It then says: “January is the busiest month of the year for property search and during the same period, the number of visitors to Zoopla’s sites increased from 5.1m to 8.4m. Since its peak, OTM traffic has fallen back to 725,000, with Zoopla’s actually increasing during this period to 8.7m. We remain of the view that organic traffic to OTM is weak, and that agents who persist with OTM will not benefit from the most attractive value proposition.”
You can see the full report here, including the pay-off which suggests the challenger portal in “a blip in the growth trajectory” of Zoopla and Rightmove.
Last week we broke the news on Rightmove’s record traffic and leads volumes in January.