For the first time, yesterday, I saw the TV advert for the new property portal OnTheMarket.
To start with, in all fairness, I thought it was quite nice. Pleasant music, and pretty on the eye.
But then, to me, it went a bit off-beam.
Suddenly the voiceover told us that participating estate agents advertise properties exclusively on OnTheMarket to start with, before then broadcasting them elsewhere (they can use just one other portal, either Rightmove or Zoopla for example, but not both).
The impression given is that this exclusivity is, well, OnTheMarket’s Unique Selling Point.
In my opinion, that’s a risky strategy, and something that, as an agent – if we had signed up to it – I would very much want to keep quiet about.
In my experience, vendors want their property advertised to as many people as possible. From Day One. That’s the best way of achieving the best price, in the shortest possible time.
I don’t actually believe that estate agents will be able to hold back from advertising everywhere they can, as quickly as possible. Vendor pressure, alone, will make this happen (“why should we instruct you, when Haigh & Sons say they can advertise on the three biggest portal sites within 24 hours?”, etc).
If I’m right, OnTheMarket will lose their USP straight away.
Not to mention an awful lot of money in potentially misleading TV advertisements.<