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spyguy

On The Market - On The Market

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All is not good with on the market. EAs have been double dealt. HaHa.

On ft.com I cannot post a link as tablet is sh1t.

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The FT article covers this dispute discussed in Estate Agent Today:

https://www.estateagenttoday.co.uk/breaking-news/2016/4/otm-disputes-begin-to-focus-on-information-memorandum-and-fees

Looks like OTM has been giving massive discounts to recruit more agents to list with them, but it promised initial subscribers that they would receive cheaper fees than those who signed up later.

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I hope OTM disappears. It's utterly EA-centric, offering no added value to the buyer which is a shame because I presume it is actually aimed at buyers. It has no info about similar houses for sale, no info regarding flood areas (OK, no portal does that), no info about how many times a property has been viewed...it's pointless.

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I hope OTM disappears. It's utterly EA-centric, offering no added value to the buyer which is a shame because I presume it is actually aimed at buyers. It has no info about similar houses for sale, no info regarding flood areas (OK, no portal does that), no info about how many times a property has been viewed...it's pointless.

It's not aimed at buyers. Rightmove and Zoopla compete fiercely to offer information useful to buyers, including things the agents would rather we didn't know. OTM's purpose is to damage their end-user-focussed market.

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Just don't bother using it and it will go away.

Depends rather on how much losses they're prepared to sustain to try&damage the rightmove/zoopla duopoly.

If they see any prospect of killing either of those off, and with it the competitive market, they'll do whatever it takes. Hence the ever-lower prices to their agents.

So when in the presence of an agent, be sure to mention that you'd look on RMV/ZPLA, but wouldn't ever use OTM because it makes no effort to bring you useful info the real portals do. And if you're ever selling or letting, you instantly rule out any agent that fails to advertise your place on both portals.

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Estate agents are ditching it in droves according to an agent friend of mine, contract or no.

Apparently they also included some sort of exclusivity deal where you could only use one of the other portals if you use OTM, which seems to be really hurting the EAs round my way.

In fairness to this guy, his firm wouldn't touch it with a barge pole from day one. He pretty much made that a USP of theirs and it seems to have paid dividends.

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I have an OTM alert for a particular postcode that I'm interested in. Instead, I get e-mails with every bit of tat and dog kennel within a couple of miles of the single street I want.

Result - if I were selling my own house I'd insist the agent was using Rightmove and Zoopla, anyone insisting on OTM would be dead to me and I never even bother looking at OTM for houses.

.

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