OnTheMarket casts doubt on Zoopla’s property inventory

| Rosalind Renshaw

OnTheMarket chief Ian Springett has cast doubts on Zoopla’s inventory.

His remarks follow yesterday’s trading update by Zoopla.

Springett said: “It is hard to reconcile the property stock claims of Rightmove and Zoopla Property Group.

“Rightmove recently reported a 10% increase in UK residential listings since the start of the year to 1.1m, claiming to display 50% more than any other portal.

“Yet Zoopla Property Group stated today on its UK sales and rental search pages that it has 662,636 properties for sale and 215,652 properties for rent.

“This gives a total figure of 878,288.

“Moreover, searches conducted in the last 24 hours on the Zoopla portal show UK (England, Scotland and Wales) sales and lettings properties, including Sold Subject to Contract, Let and Shared Accommodation, total just 675,540.”

Springett also said that OnTheMarket is continuing to grow.

He said: “Zoopla’s trading update only serves to underline the success and progress of OnTheMarket in continuing to disrupt the property portals market.

“Its tepid growth of 213 agent branches since its April 2015 update is a drop in the ocean in the context of its 23% loss of agents (which equates to 3,812 agents) between 30 September 2014 and 31 March 2015.

“The fact is that Zoopla has lost overall share of agents and traffic as OnTheMarket has become established and as the overwhelming majority of our members retain the dominant market leader as their other portal.

“Contrary to suggestions made by Jefferies (joint sponsor of ZPG’s IPO last year), our one other portal rule remains in place.

“OnTheMarket was described six months ago by Alex Chesterman as a ‘short-term event’ but ZPG’s own trading update paints a very different picture.

“Support for OnTheMarket continues to increase daily.

“With such a strong desire for it to succeed from agents all across the UK – and a substantial growth in its traffic figures to more than 5.2m visits in July – we are confident  that OnTheMarket is here to stay and that we can ultimately achieve our objective to develop a proper alternative to the market leader.”

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34 Comments

  1. HarryN
    August 13, 2015 at 06:52

    Is this guy for real?!

    You promised 250 signings per month – how many have you had?

    You promised to be number two by January 2016 – how can you claim an audience which is 10% of Zoopla’s and 5% of Rightmove’s – despite spending many millions?

    What is very interesting is that Springett has been lauding OTM’s performance as the same as Zoopla’s after 3 years, but what is he spending to achieve it? 3, 4 times as much. Ros – maybe you could look into that.

    Surely central London offices, a huge basic salary for the boss and a very large and well paid team is not the basis for success?!

    I really cannot stand this project. It has taken a very good principle and idea and twisted it to serve the interests of a relatively small group of people.

     

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    1. WelshWatcher
      August 13, 2015 at 07:13

      What a load of rubbish. Unless agents like ourselves get behind this project you and I will contain to drop your pants once, twice a year for the fat cat city brokers… Think of the bigger picture and expand your mind. Unbelievable…..

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    2. Simon Chan
      August 13, 2015 at 08:20

      Couldn’t agree more. I wanted to join OTM – I wanted it to be my third portal and over time as it got better cancel rightmove or zoopla but they wouldn’t let me join on that condition. You’ve got the majority of the city agreeing that OTM has lost momentum while they’re starting a new letter of intent to get to 7,500 offices which they call me every 4 or 5 days about then Springett’s response is “support is increasing daily”, “we have disrupted the portal world”, “seeing substantial growth” and “confident we are here to stay” – all sound nice but don’t actually say anything and it’s getting a little embarrassing now. Such a good idea. Such poor execution. Shame. Empty vessels, most noise etc.

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      1. wilko
        August 13, 2015 at 09:23

        Simon Chan….” I wanted it to be my third portal and over time as it got better cancel rightmove or zoopla ”

        How would you have seen OTM “get better over time” if we all had it as our 3rd portal and Both RM and Z remained strong?

        Also…..If a date was set when it was proposed that all high street agents would give notice to RM and Z and list with OTM would you consider it?

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        1. danny
          August 13, 2015 at 09:29

          Wilko, if you set a date for all customers to cancel a supplier could that not be seen as collusion , also it’s similar to the if we all don’t use she’ll the price of petrol will come down … Nice idea , never happen

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    3. wilko
      August 13, 2015 at 09:33

      HarryN  “Surely central London offices, a huge basic salary for the boss and a very large and well paid team is not the basis for success?!”

      You seem totally obsessed with “the bosses and teams salaries” Yet again absolutely nothing to do with Zoopla inventory or the article.

      I didn’t see you moan about the £20m bonuses that the Zoopla boss gets on the other article (which, incidently I have no gripe with)……Why?

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      1. HarryN
        August 13, 2015 at 10:46

        Wilko et al.

        I don’t like the idea of the bosses of Zoopla making off with profits any more than I like the idea of you driving a sports car. That’s human nature; I want what you’ve got.

        The fact is that Zoopla management took genuine risk and now they are seeing reward. So what?

        OTM management are sat in Central London on fatcat salaries, with (as far as I am aware) no ‘skin in the game’. How is that going to work out?!

        You are entitled to ask: what has that got to do with me? Fair question. All the time the thing is propping up Rightmove I have a vested interest in this.

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        1. wilko
          August 13, 2015 at 11:25

          “All the time the thing is propping up Rightmove I have a vested interest in this.” ……And what if a time came when it wasn’t and otm was, in fact the major portal,……what then Harry? You have already stated on more than one occasion that you will not now, or ever be interested in joining ……..

          so surely you should correct your vested interest comment and state that you actually just want OTM to fail as soon as is physically possible for no other reason than you don’t like the company, or moreover the person that runs the company…….or that you really want Rightmove and or Zoopla to call all the shots.

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          1. HarryN
            August 13, 2015 at 17:28

            That will never happen wilko – we’ll still be having this debate in a year and you’ll be telling me ‘it will’.

            It won’t.

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    4. Property Ear
      August 13, 2015 at 10:55

      Your observations are bang on Harry – Just watch, as I predicted a few months ago, the Animal Farm likeness will kick in any minute and the realists, who kept their chequebooks in their pockets on this one, will find it very hard not to smile and say, ‘We told you so’!

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      1. wilko
        August 13, 2015 at 12:48

        Ok Property ear……tell me…….you predicted 100 people would leave otm and go back to zoopla a few months ago?

        You then say there is an animal farm likeness? Are you saying that you predict an imminent exodus from otm back to z?

        If so pray tell me how many and when and why you predict this?……..

         

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    5. PeeBee
      August 13, 2015 at 17:44

      Reading this, you’re starting to come over as a #bunnyboiler, HarryN.

      Is there something you want to get off your chest – a secret ‘sister’, maybe?

      One who is never seen in the same room as you at the same time?

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  2. JungleProperty
    August 13, 2015 at 07:55

    OTMs restrictions and exclusions mean they will always be fishing in a smaller pool. Being an exclusive service is absolutely fine but if it’s numbers you are after you would need to fish in a larger pool

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  3. danny
    August 13, 2015 at 09:27

    Talk about your own business Ian , give us some usable figures . Quite frankly your obsession with Zoopla who now the business you started and sold is becoming a little embarrassing . I would mind if you had something to back it up with but your nowhere near after spending everyone’s money .Still, bet your taking a nice salary out of it ….

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    1. wilko
      August 13, 2015 at 09:40

      And another obsessed with salaries and no comment about the Z inventory.

      Do you realise how silly your posts have become. In the very least it is totally rude to continually bang on about someones salary when you are absolutely nothing to do with the company, investor or otherwise……….Why not go on a banking forum and continually moan about their bosses salaries and bonuses because you are becoming very tedious in your hijacking of stories on this forum. 

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      1. danny
        August 13, 2015 at 10:30

        Ok … Fair point , I’ll comment on the numbers .

        one of these businesses is a Plc and making a financial report to the city and all that entails including the legal provision to be subject to fines of upto 10% of company turnover for making a false financial statement

        The other uses google analyticals to report traffic numbers …..

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        1. wilko
          August 13, 2015 at 13:54

          There’s statistics and statistics………if you haven’t worked that out yet then you are even more business naïve than I originally thought you were.

          Give me any statistics and I’ll spin them whichever way suits.

          All I’m interested in is the fact that OTM is working and delivering strong leads….That’s all!

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  4. the message
    August 13, 2015 at 10:06

    Its because wilko it is so unusual, I would go as far as saying unique, for a start up to be paying wages and salaries at or above market rates. even more unusual to have plush central london offices. So unique and odd it is laughable, and looks like a bit of a p take on the people funding this thing. Go and do a bit of research, see where every successful start up began, see if any started the way OTM has done. They are churning through so much cash that should be spent in different ways. And its the cash of people who deserve so much better. Probably 10-15% of monthly fees are for the current service, the rest is for investment. Not for OTT wages and bonuses, not for huge founder salaries, not for plush and unneccessary offices. You just cant see it because you are desperate for this thing to succeed, but it has  a much better chance if it follows the successful path laid out by every other successful tech start up in the last 20 years, and that isnt what it is doing.

     

    And to every one of you guys funding it, ask the tough questions, lets see if it can be saved before its too late, are you seeing monthly cashflows and budgets, how much is being spent on staff entertaining and bonuses. It is your money, you are the shareholder, they arent just another supplier, because if they were you would be paying them £30 not £300.

     

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    1. wilko
      August 13, 2015 at 12:53

      Yet another post that totally sums up your complete and utter lack of an overall understanding of the OTM aims and targets ……….if YOU want to ask “tough”questions about entertaining budgets? and bonuses JOIN and ASK YOURSELF…….

      Surely by now you have got the message that we(the members of otm) are actually pleased with the way things are going and getting strong leads from advertising our vendors’ properties on this site!!!!!

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  5. AgentProvocateur
    August 13, 2015 at 10:59

    Honestly WHAT IS IT WITH THESE NEGATIVE WAVES. For the first time EVER agents have been given the chance to control what they do without being shafted. Springett will be well rewarded when the site succeeds – rightly – but does not earn big now. It’s a competitive market and those who work for AM have come [mostly] from Zoopla (which they hated) and are paid appropriately. The offices are in Southwark – hardly central London. Numbers ARE increasing BUT the letter of intent idea is simply a response to those who say I will if they will AND that once OTM gets to 7500 offices it’ll have more inventory than Zoopla so will be in a very strong position – what on earth is wrong with that? It’s a sensible response to an often asked question.

    IF you want to have a good looking best in class website where we control our own costs (It’s a mutual for heaven’s sake -there’s no one making a fortune here, where does that idea come from?) and not have to answer to others who strut and crow about how marvellous they are at OUR EXPENSE then support OnTheMarket.

    I know we are all entrepreneurs and want the best competitive advantage but c’mon guys, you don’t build a RightMove overnight and to sit and knock when this enterprise has got where it is in only 6 months is so counter intuitive and disheartening. Advertising spend and penetration is directly related to the number of agents who join, so the more of you who say yes the better we do. If you’re happy shovelling money into shareholders of Zoopla and Rightmove’s pockets then please carry on.

    There is a short term price to pay of course and the last few years have been really tough. But whilst we have been suffering look who’s been making a fortune, yup – RightMove and Zoopla. Does that seem right to you and how have they achieved it.

    If you think about leaving either portal and the one you’re leaving offers you a stupid deal (free from Zoopla in many cases) think about the medium term and WHY they’re offering you a deal. They are doing this to continue in vigorous attempts to destroy us and would not hesitate to put rates up if the duopoly was reinstated.

    This period of OTM needs all the support it can.

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  6. the message
    August 13, 2015 at 11:16

    Good post.

     

    Would love a few questions to be answered though that are very hard to get done anywhere else. I am not sure of your role, but it is obviouly senior, and you write well, so will hope you can answer.

     

    Springett well rewarded when site succeeds, but not now. How does that work? is he on a bonus scheme which is success based? He cant own shares as it is a mutual so how is he well rewarded. We have heard a 500k basic, that untrue then?

    Southwark is pretty up and coming, I would imagine you paying 30-40 per swuare foot as a minimum. It is incredibly expensive compared to non london, and one of the most expensive areas outside the west end. Why london at all? or if london, why not above alock up garage where nost of these starts ups begin

    If you cant give options to staff, how do you keep them? I have heard you are paying tech staff a lot of money, again having to compete in london with big payers or big option grant start ups. How do you cope?

    Marketing. Who controls? what input do the big sponsors have? It looks skewed to high end to me/others, and given the background of springett how do we have confidence that it is being spread around fairly, and not skewed towards high end?

    traffic – both r and z use google analytics, but the numbers are close (within 10-15%) of hitwise. Your numbers are wildly different to hitwise. Why?

    Springett said 2m unique visitors my march 6th. Are you willing to admit this was an unfortunate mistake?

    You said 2m unique visitors in july off 5.2m visits. This looks crazy. How are you calculating? how do you decouple mobile/ipad/computer and when people dont log in?

    R say they will spend 12 a year on marketing, z about 20. What is the plan for you guys, and how much has gone to date?

     

    Overall, many like me support the Am concept, but cant take the risk of damaging our business in the short term, and cant face lying to vendors that having our marketing limited is better for them. By not being on we feel we are at a genuine disadvantage? Why not get rid of the exclusivity clause, reduce fees hugely and build the business that way, so we can all get behind you?

    If you arent numbr 2 by january, how close do we have to be? and what metric should we use to judge you? inventory, members, traffic??

     

    Genuinely interested in replies which if we can get will help more people want to think about joining. 2/3 of agents havent been convinced and you have to try better to convince us

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  7. jmeapps01
    August 13, 2015 at 12:10

    Can’t work out if Springetts pseudonym is Wilko or AgentProvocateur!

    Ultimately a company head taking a £500k starting salary on a new start up is bizarre. He should have the courage of his conviction and work on a far more performance related salary from the start. He is milking the company and the agents for his own gain.

    I will repost this in the near future when the bubble has burst and only then say I told you so. Those who want to comment and tell me I’m spouting rubbish will have to eat humble PIE then.

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    1. wilko
      August 13, 2015 at 13:48

      “near future”…….what sort of timescale do you think, and why?

      Oh and by the way, I don’t know Ian Sringett…..never met him, but then I don’t know the ceo of Z or RM either….never met them…….don’t even know who the ceo of my Bank is……or how much he/she earns……..it’s nothing to do with me……not something I’m interested in at all.

      And seeing as so many on here totally obsess about otm staff earnings how much exactly do you think those that run major websites, or are asked to set up a major company should earn?

      Lastly, as salaries are clearly important to you, how much does the head of your pension company earn in salaries and bonuses?…..I assume you know and question it regularly as the funds (newly formed or existing) continue not to deliver on your investments.

      The people on this publication who continually post and obsess about salaries of those working in other companies (that are nothing to do with them) must be seriously underpaid or just plain jelous of others that have succeeded where they have obviously failed.

       

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  8. JS
    August 13, 2015 at 13:25

    Wish OTM was a better website. They should take a leaf out of Lonres. I’d visit it more if it had more interesting content.

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    1. wilko
      August 13, 2015 at 13:50

      I hear they have just added some free video games and an app that makes your head appear twice its’ size if that’s your bag!

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      1. JS
        August 13, 2015 at 14:44

        Gosh thanks Wilko, I’ll head on over

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  9. AgentProvocateur
    August 13, 2015 at 15:38

    Staggering really…..if you’re not a paid employee or troll from Zoopla why would you post negative posts here?

    In a short response to themessage above
    The point is that a huge agent collective has funded and committed itself to a new portal which has been delivered, is building traffic rapidly and continues to grow at the expense of Zoopla. It has plenty of marketing firepower (£1M per month) and only now needs the additional support of roughly 2000 agent offices to have more UK listings than Zoopla. It will then be positioned to become the proper, agent-friendly alternative to Rightmove which Zoopla never was.
    The rest of what you ask is of no consequence – there’s a board in place to specifically check costs and employment is sensibly monitored and everyone is doing their best despite massive and ill directed negativity and obfuscation from Zoopla.
    Those who seek to knock OTM in valuations can be well rebuffed as a client’s property is still on another portal, so I don’t understand your point about lying.

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  10. the message
    August 13, 2015 at 15:47

    your first line sums it up, why would any agent possibly voice any discontent and not just throw plaudits?

     

    Truly mind numbing the arrogance you have, the lack of listening that you do and the pig headed ignorance you display.

    And it isnt just about listings, portals have had total listings by scraping, doesnt mean anyone goes there. I will advertise on you when the amount of traffic and leads you deliver is worthy of the amount you charge, and that will be when you have enough on the site to keep people.

     

    and you gave a great politica andswer, ie didnt answer any of my questions.

     

    And to confirm the OTM board is the main backers of this deal, the central london based sponsors?? and their experience of running and setting up tech start ups is??…..have you ever thought about getting any external expertise on digital start ups in a mobile age? whats the average age of the board and how many of them even know how to use the internet?? – I give you. shame on you for your ignorance

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  11. the message
    August 13, 2015 at 15:50

    And one last point – the stance of hammering Z only makes RM stronger – have you seen their numbers and share price?? – they are worth double than what they were when OTM launched. Is this all still according to plan? – the whole world saying one thing but you another? RM getting stronger and stronger every day….genuises the lot of you

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  12. agent orange
    August 13, 2015 at 16:01

    wow, what interesting reading. I didn’t realise that such a simple concept can be made so complicated. allow me to unravel it a bit.

    Q1. would all us agents rather a. continue to pay exorbitant fees to RM or b. own our own major property portal where we control things like the directors salary..

    Q2. would it be better to a. all sign up to OTM and make it instantly a major player or b. continue to sit on the fence due to a poor attitude to risk thus helping it fail.

    I am an agent. I supported OTM from day 1 as I instantly recognised it for what it was, – A WAY OF PROTECTING OUR INDUSTRY.

    For all you agents moaning that it will affect their business – why don’t you “grow a pair” no i don’t get as many leads from OTM as i did from Zoopla but its hardly killing my business, in fact im selling more than i ever did! to the absolute best of my knowledge, I have not lost a single instruction through being OTM, honestly, the subject very rarely comes up at all.

    lets stop being short sighted idiots and take control of our own future. Wilko, I don’t know you but i am willing to stand next to you and verbally put my arm round your shoulder and say – I’m on the market, are you?

     

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    1. wilko
      August 13, 2015 at 17:05

      I’m just a professional estate agent, that’s all.

      I chose to put my branches on OTM because I am totally against the cross selling that the plc portals carry out to data created by our businesses.

      Unfortunately you will find that some (most have moved on because OTM is up and running and growing now) still churn out the same old rubbish about how members of otm should constantly attack their mutual and the way it’s run, without stopping to think that we may well be very pleased with how its going and seeing increased leads month on month.

      To be honest, Like GPL yesterday I think I’ll take a break from posting on this subject for a while because, with the exception of smile please, the other anti otm ers don’t seem able or willing to discuss the topic in a rational or mature manner.

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      1. Ric
        August 13, 2015 at 17:30

        yup me too wilko.

        I get and like a good old debate but some right thickos on here who think they are talking to company owners who’s companies are making a loss year in year out and who rely solely on the internet to be recognised.

        Some decent anti-AM comments have been made too in fairness, I don’t begrudge Ian his salary BUT I do think he needs to focus on how to achieve the next 2,500 agents without getting too caught up in a tit for tat with Z, let Z advertise OTM by talking about them.

        Most OTM agents have simply demonstrated their desire to have the industry own the number 1 portal….. whether this is possible or not, I cannot stand the liars who would say they would not rather we as an industry own it.

        They would be the same people who would say Footballers are paid far too much and then say they would turn down the chance to earn the same for doing the same amount as work!

        Fact is, forgetting your company colours and everything else, Agents coming together to create a portal owned by its advertising agents makes complete sense and I am yet to here any anti-AM poster on here actually come up with a reason WITHOUT mentioning Z or RM why owning the portal as an industry does NOT make sense.

        So my signing off question as I suspect no answer will be given:

        Without saying because it is not possible due to the strength of RM or Z….

        Does it make sense IF it could be done that the number 1 property portal is owned by its advertising agents? (just a yes or no and a reason for the no without mentioned the strength of the others!!!!!!)

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  13. AgentProvocateur
    August 13, 2015 at 16:32

    Last comment to head off some serious attempts at misinformation.

    The members are backing this (it’s a mutual) – no large company (where did you get the idea large agents are backing it?)

    The board does not employ – how would that work? The board is there to keep financial oversight like most boards.

    Quite rightly the IT/digital/SEO expertise is provided by some of best in the business……can’t believe you even think the board would be running the business day to day – again, where does that idea come from?

    Ploughing through the mountains of negativity from Zoopla was what was expected, to have further misinformation from those supposedly in the business was not. I’m trying to help straighten that out.

     

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  14. Paul House
    August 13, 2015 at 20:14

    I am in complete agreement with agent orange, Wilko and Ric. The debate has been done to death, OnTheMarket.com is a complete no brainer for any independent agency owner. There is no real argument against an agent owned portal that can’t be knocked down in an instant. But the short sightedness of many have now left themselves open to some serious long term pain from 2 plc companies.

    If OTM fails then it will only be yourself to blame when the un opposed annual increases come in with no counter argument to it.

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