14th Apr 2016 08:36
LONDON (Alliance News) - Hundreds of estate agents are understood to have turned against upstart property portal OnTheMarket a year after its launch, the Financial Times reported, amid a row about fees.
OnTheMarket was launched by Agents Mutual, a group of estate agents, as a challenger to London-listed property portals Rightmove PLC and Zoopla Property Group PLC. The site set a rule that agents who signed up had to ditch either Rightmove or Zoopla, and the latter took the brunt of the initial hit as the smaller of the two players.
Property consultant Iain White told the FT he was in contact with more than 200 estate agencies seeking to leave OnTheMarket.
The company pledged early converts to its service would get discounted subscription rates, but it has since offered even lower prices to new recruits, angering agents who signed up when it launched, the newspaper said.
https://next.ft.com/content/8837ede2-0172-11e6-99cb-83242733f755
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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