OnTheMarket (OTMP ) said it has signed a 12-month exclusive commercial partnership with Insurestreet Limited, an award-winning tenant referencing platform that trades as Canopy. 

The agent-owned company which operates the OnTheMarket.com property portal said the partnership follows on from a recently announced commercial partnership with Sprift Technologies Limited to provide agent customers with free Market Appraisal Guides. 

This latest commercial partnership announced today with the rental platform Canopy will enable OnTheMarket to provide its agent customers with free comprehensive tenant referencing, including employment and landlord references, for all tenancy applications. 

Canopy's RentPassport includes Experian credit history, adverse financial history and provides verification of identity and address along with Know Your Customer, Anti Money Laundering and other information. The combined rental platform will be live in July 2021.   

Jason Tebb, CEO of OTMP, said: "Our partnership with Canopy is a direct result of feedback from our agents and is a further progression of our OnTheMarket platform. With the private rental sector currently estimated to comprise almost 6 million households in the UK and growing, this offers us the opportunity to create more leads and value for our advertisers.  

He added, “It's another step forward for OTMP in providing products and services that support our agent customers and we look forward to sharing other exciting developments in due course."   

Tahir Farooqui, Founder and Chief Executive of Canopy, commented: "Our partnership will enable OnTheMarket to provide a differentiated tenant referencing solution at no cost to their agency clients, as well as generating qualified applicant leads.” 

He added, “We believe our digital and mobile-first platform is the most sophisticated solution for everyone involved in the rental transaction and we're delighted to be working with OnTheMarket to bring this to a wider audience of agents and consumers.” 

View from Vox 

OTMP’s previously outlined strategy is to build and acquire technology solutions as a ‘next step’ in achieving its mission to deliver an agent backed alternative to Rightmove and Zoopla.  

In February, the group told investors that trading for the year to 31 January 2021 was ahead of previous forecasts following continued strong performance since the Christmas period.   

The number of visits to the site during January totalled 28 million while it also stated that weekly site visits have exceeded 6 million every week since the start of February 2021.    

Whilst it said it will continue to closely monitor the impact of COVID-19, it expects marketing expenditure to return to ‘more usual pre-COVID-19 levels’ in the year to 31 January 2022.    

Shares in OnTheMarket have increased by over 60% in value since May 2020. The stock was trading 6.67% higher this morning at 88p following the company’s announcement.  

Reasons To  OTMP

OnTheMarket, a majority agent-owned company which operates the OnTheMarket.com property portal, is a UK-based residential property portal provider. It aims to deliver an agent-backed portal to agents and new homes developers at ‘sustainably fair prices.’     

Back in September 2020, OTMP unveiled to investors that it has signed a portal listing agreement with Taylor Wimpey, one of the largest British-based house building companies.   

The agreement followed three months of record leads for OnTheMarket during which the portal had seen average visits of 26.8 million per month and an average of 2 million leads per month. Over 2 million leads were generated in August 2020, an 64% year on year rise.   

 “As part of our growth strategy we have continued to attract a wealth of developers and expanding this sector remains a key priority for the portal,” commented Helen Whiteley, Commercial Director of OnTheMarket, at the time of the announcement.      

Since that period, shares in OTMP have risen by over 15% in value. It said it believes its combined revenue growth and financial discipline will continue to provide ‘increasing value’.     

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