Jason Tebb started in his new role as chief executive officer of OnTheMarket yesterday and has wasted no time in sharing his immediate plans for the portal.
Tebb, who was appointed on 1 September 2020, has outlined his initial strategy, which includes asking OTM’s customers to provide him with direct feedback on how they view the portal, and what changes they feel should be made.
Tebb also announced a set of measures yesterday designed to improve communication and interaction with OTM’s customer base on both an operational and strategic level.
In an email to agents yesterday, Tebb said as a former estate agent, he has “first-hand experience of running both independent and corporate businesses”.
He explained that he too has been at the coalface; “sitting on vendors’ and landlords’ sofas winning instructions, managing difficult chains and negotiating with buyers”.
He continued: “It’s this first-hand perspective that I believe will help OnTheMarket to deliver a truly ‘agent first’ service. Keeping this front and centre of all we do will form the cornerstone of my strategy, both in the short and long term.”
For the last three years Tebb has been group chief operating officer of Ultimate Holdings, a firm specialising in property investment, management and development.
The 45-year-old has previously had roles at estate agents including Chestertons and Foxtons.
Tebb’s predecessor Ian Springett left the business in March and Clive Beattie, who has been acting boss over the past eight months, has now resumed his role as finance chief.
Tebb added: “I join a business that already has very strong foundations. Significant progress has been made this year; record numbers of leads and, despite the economic headwinds, a strong balance sheet. You will also see that we have announced we are trading ahead of expectations and are planning to increase investment in the business. It’s down to the outstanding efforts of the existing management team that OnTheMarket is in a solid position and I’m hugely grateful for all they’ve done over the past few months.”
Tebb also included in his email, short-term plans which will be implemented within his first few months in the business. This included:
+ A series of regional ‘Town Halls’ will be arranged in January, February and March; these sessions will be conducted either virtually or face-to- face where possible and will enable Tebb to personally meet with as many OnTheMarket customers as is practical, in order to gather first-hand feedback and discuss the agent’s recommendations directly.
+ The implementation of an extended testing community via the OTM Beta testing programme. Membership will be voluntary, but those who participate will get early access to OnTheMarket’s planned products and services as well as having the opportunity to test and provide feedback on functionality. Those agents who are already early adopters of their new products will have an opportunity to be involved in their development.
+ Tebb will work closely with the marketing and PR teams to explore new ways of generating improved, measurable results, which will ultimately produce more inbound sales, lettings and valuation leads, as well as supporting their member agents brands in their local communities.
+ A strategy of innovation through the evolution of the OnTheMarket platform, both for consumers and for estate agents, with enhanced market data, better tools, and new ways to interact with customers.
Tebb added: “OnTheMarket is truly unique. It is majority owned by agents, with approximately 65% of the company is in agent’s hands, and I firmly believe that we need to stay true to these roots.”
Its really straight forward, how to be successful.
1 – Go get the listings, people will follow, RM is weaker on numbers, Z is giving it away to compete.
2 – Once you have the listings on site, shout loudly
3 – change the business model quickly, its not worked so far, do it at the start, accept the criticism, ignore it, grow business
4 – Keep the reps out of PIE comments
5 – Bury Bruce Bros new offering, because if they give it away and get 3rd spot quickly there is no way back.
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Everything that can be video, will be video. Make OTM the leader in putting video content front and centre. Top quality, tasteful video integration across all channels is a must.
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The key to OTM is “New and exclusive”
This is the main reason for its success at the upper end of the market.
Only 50% of agents get it, probably less. Savills are on board, but Knight Frank, Strutt & Parker etc need to follow. Independents are really benefiting from this, particularly the free exposure in Country Life.
Please build on this success Jason. Setting yourself apart from the other portals is the answer.
Don’t believe the negative vibes; there are trust issues, but these can be sorted with some hard work. Let’s look to the future.
And before you say it, again; I’m not a OTM rep (zzzzz)
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Where possible and where properly explained to vendors beforehand new and exclusive ought to be 14 days not 24 hours before listings are put on on the duopoly portals.
Out of courtesy to the applicants who have taken the trouble to register and maintain contact with an agent who sells the sort of property they’re looking for I take the view that those applicants define the market and determine prices more than applicants that might happen along from a portal enquiry.
Portals introduce applicants to agents, that’s all they do.
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Its too late, the previous management has destroyed relationships with agents.
Jason seems a nice guy, good to have an ex-agent on board but its about 4 years too late.
You can’t flog a dead horse, Jason will realise that at some point in the future.
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Not too late in my view. Booming’ embraces referral fee income that will put further distance between estate agency and trust/professionalism in the minds of our customer base.
OTM deserves to succeed, if only to do what the industry has failed to address itself: namely to have a viable strategy to counter the RM strategy of royally ******** us each year.
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Agreed. After Bad Leaver Barker caused Boomin to be delayed by several months and then jumped ship (again), maybe this is OTM’s phoenix from the flames moment they’ve been waiting for? I met Jason at Ivy Gate in 2017 and he’s switched on. We’re still listing with RM but this might be enough for us to go fully with OTM. Interesting 2020 for sure in the portal wars, what does 2021 hold I wonder.
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The share price would agree. OTM on the uppers again.
Agents like me will never trust Bustin Boomin Bruce Bros.
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Share price is currently false economy, Money that was pulled at the start of covid is going back in to the market, but not in the same ways, investors now spending money on businesses linked to growth, which property is just now, IF that swings (when stamp duty comes back) then it will drop again. Share prices in the likes of Zoom and Amazon are off the scale, simply as people are buying it up as much as they can.
Only way to maintain it is getting more listings and that means going to the likes of Connells, Countrywide & LSL and getting their stock on site, the more stock the more eyes.
It explains why Boomin have taken all the ex corporate staff from Z & RM as they have the contacts to get them on, and it still attributes 35%ish of the UK sales market
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The portal market is wide open, hence new operators looking at this as a real opportunity. Therefor any existing portal has a real opportunity to step up their game. At the same time there is a turbulent environment to operate in. Agents are fed up with being abused, let down or being provided with offerings from the pantomime villain’s of agency. If onthemarket can really engage with their clients and insert change then they have as much chance as anyone else. If Rightmove can get off their high horse they could wrap this up, equally Zoopla are not to be forgotten. I certainly don’t see 4 or 5 portals, a merge between onthemarket and zoopla could be interesting.
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It would be madness for OTM to consider that. If ZPG group were without issues that prevent an effective challenge on Rightmove they’d be on fire right now but a ‘Royal Flush’ of legacy software means a real dilemma for the executive team. OTM doesen’t need any of that to deal with.
Coming up 6 years since launch ought to be telling Jason what has and what hasn’t worked. He can either make changes or carry on doing stuff that doesn’t really inspire uptake
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