OnTheMarket to create ‘industry-owned portal’ with issue of 32 million shares

Property platform OnTheMarket is set to issue millions of shares to agents in a bid to create a nationwide industry-owned portal.

The firm, which is around 65 per cent agent-owned, has released 32 million shares for agents who sign listing agreements with the online portal.

The contracts launched today will issue either £1,000 of welcome shares per office with flexible portal choices, or £2,500 of welcome shares per office if an agent commits to list exclusively for a minimum of 12 months.

Listing will be free until 1 September 1, with agents set to receive additional shares that equate to a percentage of the amount that they pay up until August 31, 2022.

Clive Beattie, acting chief executive officer of OnTheMarket, commented: “We are ready to issue shares to agents who sign one of these latest agreements and to welcome them alongside the thousands of existing agent shareholders in OnTheMarket.

“Our offering provides a unique opportunity for agents to participate in the equity value of their own portal.

“This is a defining moment for agents as they make their short-term and longer-term portal choices.

“We are inviting the industry as a whole to join together, get through this period of crisis and emerge stronger than ever with a portal that’s industry-owned. Agents have never been so strongly galvanised to take decisive action - the power is really in their hands.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.