OnTheMarket renews several agent contracts, signs up Lomond Group

Property marketing portal operator OnTheMarket announced the renewal of contracts with a number of existing customers on Thursday, as well as the signing of an agreement with Lomond Group.

The firm said that on its admission to AIM in February 2018, many of its agency customers committed to listing agreements with a five-year minimum term at the time, initially running to February 2023.

It said on Thursday that several of its “highest profile” agency brands had signed new agreements, including Arun Estates, Knight Frank, Chancellors, Savills, Chestertons, Spicerhaart, Douglas & Gordon, Webbers, Glentree and Carter Jonas.

Alongside the contract renewals, OnTheMarket announced an agreement with Lomond Group to list its properties with the portal.

The company said Lomond’s “fast-growing” network of sales and lettings businesses encompassed more than 60 branches across many agency brands in England and Scotland.

In July, London-focussed estate agency Foxtons also committed to a listing agreement, “significantly expanding” the portal's presence in the capital.

“We have been successfully broadening the technology capabilities and functionality of our agent-focussed products and services, ensuring we continue to offer greater value to agents and consumers alike,” said chief executive officer Jason Tebb.

“The commitment of these major brands and our valued long-term agency customers and shareholders is proof that our strategy is working.

“We look forward to unveiling many more innovations as we continue to develop our differentiated, technology-enabled property business.”

At 1029 BST, shares in OnTheMarket were flat at 73.5p.

Reporting by Josh White at Sharecast.com.