What does the launch of On The Market mean for people selling homes in Palmers Green and Southgate?

26th January 2015

What does the launch of On The Market mean for people selling homes in Palmers Green and Southgate?

A group of estate agents has launched a new property website to rival Rightmove and Zoopla, which dominate the market. Called Onthemarket.com, it has been set up by a consortium of estate agency firms from around the UK.

All agents that use the new site to advertise their properties for sale will automatically become part owners of the new business, including local Palmers Green & Southgate estate agents Winkworth, KFH and Haart.

But a consequence of joining means they must agree NOT TO advertise with one of the big two established property websites Rightmove or Zoopla.

Onthemarket.com's chief executive, Ian Springett, spelled out the new site's aggressive approach. "In order to enter a market where two major players are so dominant, Onthemarket.com member agents commit only to advertise their properties on one other portal," he said. "In practice, this means in most cases removing their properties from either Rightmove or Zoopla. "The result is that... as well as losing large amounts of property stock, Rightmove and Zoopla will also suffer a substantial hit to their income," he added.

In response to the start of the new website, Lawrence Hall of Zoopla was scathing.

"This new portal, owned by about one in four High Street estate agents, is a regressive business model trying to stifle innovation at the expense of home sellers up and down the country," he said. "It creates the single biggest conflict of interest we have ever seen between an agent and their client where the agent is now trying to limit exactly what the seller is paying for - maximum exposure of their property."

The new site says it already has 2,200 estate agents signed up, operating more than 4,600 branches between them. Many, the new business said, have also agreed to advertise their properties only on the new site for the first 48 hours, before advertising them elsewhere.

At Anthony Webb we have made the controversial choice not to sign up to the new property portal On The Market. We will continue to list every property on the most well known websites including: Zoopla, Rightmove and Prime Location as well as our own national site anthonywebb.co.uk so as to provide our clients with optimal on-line coverage.

With 93% of buyers now beginning their property search online we believe that this form of marketing is likely to have a positive contribution in attracting a buyer and achieving the best price.

If you are considering selling your home in Palmers Green, Southgate or Winchmore Hill please call us to discuss your options, we can help advise you and ensure that your property is marketed to its maximum potential.

If you are in the process of selling your home but want to discuss your options with an alternative local estate agent please feel free to contact us in confidence. We can help guide you and advise you on the options available to you.

Call a member of our team on 020 8882 7888