OnTheMarket has introduced an overseas property arm, just over a year after first launching.
The site will now list overseas properties for sale, using coordinates to present search results on a map, as well as presenting them in grit and list formats. A ‘draw’ search facility will be available with the ability to create up to 10 different areas within a single search.
In line with OnTheMarket.com’s policy, listings from online-only agents will not be accepted, while the site will also not not carry third party advertising, nor any other “unnecessary information”.
Ian Springett, Chief Executive of OnTheMarket.com, says: “It is exciting to launch our new overseas channel which already lists thousands of properties for sale and complements our existing UK offering.”
The announcement arrives shortly after the portal’s first anniversary, by which point it originally claimed it would be the number two portal in the UK, after attempting to disrupt the perceived duopoly of Rightmove and Zoopla in the market. Both rivals continue to grow, with one analyst arguing that the two are no longer direct competitors.
Anthony Codling of Jerrferies said that, based on Rightmove’s recent annual report, the portal was increasingly aiming to assist estate agents with additional tasks as well as marketing, such as branding and day-to-day IT activities. Zoopla, on the other hand, acquired uSwitch last year, as the property group seeks to become a go-to hub for consumers.
“Whilst Zoopla is keen to explore opportunities in the fertile adjacent markets (such as uSwitch), we sense that Rightmove is seeking to entrench rather than expand, looking to become embedded in its agency customers CRM systems and back office,” Codling is quoted as saying by Estate Agent Today.
Codling reportedly says Zoopla’s share value and importance within the property world will increase in the future, because of “challenger portal OnTheMarket failing to live up to its own hype of being the UK’s number two portal by January 2016 leading to customers returning to Zoopla, and uSwitch continuing to perform ahead of expectations”.
“We believe Rightmove is seeking to maintain the support of the UK estate agents, and Zoopla to win the minds of the ultimate end user – the home buyer and home seller,” Codling adds.Google+