OnTheMarket will provide its agent customers with free comprehensive tenant referencing, including employment and landlord references, for all tenancy applications regardless of where the applicant lead was generated, after agreeing a 12-month exclusive commercial partnership with Canopy, the tenant referencing platform.
Canopy’s RentPassport includes Experian credit history, adverse financial history and provides verification of identity and address along with Know Your Customer, Anti Money Laundering and other information. The Canopy and OnTheMarket rental platform will be live in July 2021.
This partnership follows OnTheMarket’s recently announced commercial partnership with Sprift Technologies Limited to provide agent customers with free Market Appraisal Guides.
Jason Tebb, chief executive officer of OnTheMarket, said: “Our partnership with Canopy is a direct result of feedback from our agents and is a further progression of our OnTheMarket platform. With the private rental sector currently estimated to comprise almost 6 million households in the UK and growing, this offers us the opportunity to create more leads and value for our advertisers.
“It’s another step forward for OnTheMarket in providing products and services that support our agent customers and we look forward to sharing other exciting developments in due course.”
Tahir Farooqui, founder and chief executive Officer of Canopy, commented: “Our partnership will enable OnTheMarket to provide a differentiated tenant referencing solution at no cost to their agency clients, as well as generating qualified applicant leads. We believe our digital and mobile-first platform is the most sophisticated solution for everyone involved in the rental transaction and we’re delighted to be working with OnTheMarket to bring this to a wider audience of agents and consumers.”
Another great option for agents to use being provided by On the Market
Well done Jason Tebb!
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I’m afraid to say that going to belly to belly with the portals at the expense of liked and trusted industry suppliers might backfire. Not only is OTM now competing with Rightmove, Zoopla and Boomin, it has now picked a fist fight with Andy, Bryn and Heidi
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Interesting Robert that you don’t mention Rightmove’s acquisition of Van Mildert- although that has yet to show any direct benefit to its member agents (that I’m aware of). For years we’ve moaned about portals not innovating and not giving agents what they need. OTM (which, I hasten to add, we have never been on and, until Jason’s tenure, I did not rate)- has formed two strategic partnerships, giving agents the market data insights/reporting with Sprift and now free referencing with Canopy. If I was an OTM agent right now I’d be pretty damn chuffed with those practical products being added to the service and would be excited about what is yet to come. We all live and operate in a highly competitive environment, both as agents and suppliers, so I don’t see how this is any different to other tie-ups and partnerships.
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I’ve never been one to shout their praises but this is a really good look for OnTheMarket. Quality collaboration! Who can complain about free resources for agents, RM and Z better catch up.
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A potentially very smart move…
Well done OTM, adding value rather than the usual additional “fluff” services from the other major portal players.
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Obviously biased as I sit on the Advisory Board of Canopy, but this is a real win-win. And with great respect to Robert, there’s no limit on ‘liked and trusted’ industry suppliers as long as they’re innovative and effective which Canopy undoubtedly are.
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Any reason Marsh and Parsons don’t use Canopy Peter? I thought you would have been able to sway that one at the very least?
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OTM is the agent’s portal where agents have established working relationships with suppliers, I can’t quite figure out how exclusive commercial deals reward suppliers who have supported customers for many years.
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Anyone excited by this has clearly never used Canopy before.
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A last throw of the dice for Canopy having burned through millions of raised money and gained next to no traction with Agents. A free offering in the hope that tenants/landlords purchase their additional products.
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Headlines make for good reading but is it really going to entice agents to stay once the handcuffs have gone? Is it really going to get more agents signing up?
Maybe if this happened years ago once OTM launched but far too little too late.
Jason seems a good guy but he is on a hiding to nothing taking this role.
For what is worth, i think OTM should try and become what Rightmove is to sales but for lettings. RM do not have such a straggle hold on rentals and there is an opening in the market for a portal dedicated (or mostly dedicated) to lettings.
The only agents i see on here or other sites praising OTM are lettings agents. Go after them Jason, once you reach critical mass go back to sales.
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In a strong market most rental properties don’t even reach the portals.
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