British online property portal OnTheMarket has launched Market Intel, an online dashboard for agents featuring key market performance data.
The product is designed to challenge the market dominance of rivals RightMove and Zoopla. Market Intel will offer agents a way to reduce reliance on the two leading U.K. real estate portals and will compete directly with RightMove’s Market Report.
Market Intel provides information on competitors and shows market share performance by location, property value or property type. Agents also get insights into how their properties are performing and can check contact details relating to leads. The tool shows agents details about their performance, measured against the number of properties for sale in their area or the number recently sold or rented.
Agents can then create their own customized sales and rental performance reports, presented with their own branding. All figures related to the previous 28 days are shown by default, with an option to analyze older data. Agents can see how many times properties have featured in search results and how often they have been viewed.
It also includes a sales monitor, a feature not available on RightMove, according to OnTheMarket. This feature shows if a withdrawn property was sold elsewhere and if any fees are still owed to the previous agent. Additional features include the ability to view properties that are reduced, where sales have fallen through or properties that are slow to gain interest.
“Our first step was to introduce the Market Appraisal Guide (our version of Rightmove’s Best Price Guide) which went live in March and gave agents access to sold prices, comparable properties, local information and maps, and now we have followed in quick succession with this latest suite of products,” said Ian Springett, OnTheMarket’s CEO.
“We have already achieved much to close the gap between OnTheMarket and the previous effective duopoly of Rightmove and Zoopla and we have every intention of creating a viable alternative for agents and property-seekers alike,” Springett said.
The product was beta tested by OnTheMarket agents and refined following feedback. It is now live for agents.
OnTheMarket is scheduled to publish its latest financial figures this Thursday, Oct. 10.