OnTheMarket plc (OTMPO.L, OTMP LN)
Founded in 2015, OnTheMarket (OTMP) was created by a group of leading UK estate agents with the aim to challenge Rightmove's (RMV) dominance and constant annual price rises. Agent ownership remains high at c.60%, but the strategic focus has shifted away from operating a real estate portal to now becoming a technology-enabled service provider to SME estate agents - although this remains in the early stages. Due to RMV's dominance, OTMP does not enjoy the network effect. The success of an estate agent is determined by the ability to win instructions and keep costs low; OTMP aims to serve these needs. The current service offerings include CRM software, app-based referencing, data services and valuation leads.
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