Sentiment drives the Housing Market say OnTheMarket
“…We will continue to deliver a cash generative Business. We are very pleased with our progress. All we can do is be proud of what we do and do it differently…”
It’s unusual to have two executives on the board who are enthusiastic guitarists. It is rarer still to have the same two decision makers able to quiet their busy minds and embark on a listening tour.
That’s exactly what the chief executive and chief financial officer of OnTheMarket plc did in June. While they didn’t perform rock duets at the week-long meeting stakeholders junket, it was no doubt nerve-racking because CEO Jason Tebb and CFO Clive Beattie were meeting peers and customers. This roadshow wasn’t like the beauty parades that many capital markets events are where best sides are presented to investment suitors. It was close up to the property practitioners that have historically sat on sofas and taken instructions from customers.
They’ve done the grunt work and worn many a shoe sole away and are looking for a less weary alternative.
OnTheMarket is B2B and B2C, a conduit pairing estate agents with buyers and sellers and allowing them to do so on a portal that is fluid and relevant.
Tebb references the proliferation of hundreds of property technology sites that were established to solve problems that probably didn’t exist in the first place. By listening, the team behind OnTheMarket.com establish what problems there genuinely are and create digital, agile, personable solutions.
At its core the company is a differentiated tech-enabled property business with products, services and functionality to help agents and housebuilders operate more effectively and efficiently.
Beattie reminds investors the business is still relatively young and the capacity and refinement of the portal was the key to company success, and revenues would follow.
The recent full year results indeed demonstrate a strong set of figures with website visitor numbers of 283 million and counting, which perhaps will make rock gods of Tebb and Beattie as they set the new pace and rhythm of the world that is PropTech.
Listen to Jason and Clive talk to Sarah about the growth of the portal and revenue, and what sentiment is out there about the property market.
Watch Jason and Clive talk to Proactive’s Katie Pilbeam about what management describe as a really good set of results including the 32% increase in ARPA (average revenue per advertiser) powering growth in revenue and profits.
Access the company FY Results presentation
Watch OnTheMarket’s latest TV advert below…
The author was remunerated but does not hold shares in the company