Foxtons selects new portal for advertising lettings p…

Foxtons is to advertise all of its lettings properties on OnTheMarket with immediate effect.

The agency say it already “facilitates” 10 per cent of lettings transactions in London and has a strategy based on the acquisition of smaller rivals. 

It says this strategy has three prongs –     to snap up lettings portfolios that fit well its existing portfolio, to rapidly integrate acquired lettings portfolios into its “highly scalable lettings infrastructure to realise significant synergies”, and to provide a continuity of service post-acquisition to maximise financial returns.

In May this year the company announced the acquisition of two smaller agencies to expand its lettings portfolio, for a combined £10.5m.

It bought Gordon & Co in south London and Stones Residential in the north of the capital. Both had strong lettings businesses that together generated over 80 per cent of their total combined revenues from lettings services across 2,500 tenancies.

The latest trading statement from Foxtons, relating to the first quarter of 2022, saw lettings revenue leap by 21 per cent over the previous 12 months, making rentals – not sales – the main driver of growth for the agency.

Now Foxtons’ decision to list on OnTheMarket has proven a boost to the ‘third portal’ behind Rightmove and Zoopla. 

Jason Tebb – chief executive officer of OnTheMarket, and himself a former Foxtons manager – says: “We are delighted to welcome Foxtons to OnTheMarket. We have been working hard to enhance our offer, adding products and services to deliver greater value to agents and consumers. Being recognised by Foxtons is further proof that our strategy is working and there is more to come as we continue to develop our differentiated, technology-enabled property business.”

Foxtons’ new chief executive is former Chestertons boss Guy Gittins – Chestertons was a founding member of OnTheMarket along with Knight Frank, Savills, Strutt & Parker, Douglas and Gordon and Glentree Estates.

Meanwhile OnTheMarket has launched a Save As You Earn Scheme offering a three-year savings plan for eligible employees.

Some 81 employees have participated in the scheme which allows them to buy shares with their savings for a fixed price, up to a total of £500 per month.

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