OnTheMarket CEO is ‘playing the man, rather than the ball’ in a recent memo to agents

OnTheMarket (OTM) Chief Executive Officer, Ian Springett, has sent out a memo to estate agents, which could change how they work and that might directly affect the bonuses of Rightmove executives.

In a note which some may see as ‘playing the man, rather than the ball’, Springett tells OTM member agents that everyday activity by agents may boost Rightmove bonuses.

“Every minute which agents spend on Rightmove/Rightmove Plus, including minutes when they leave it open on their computers, may be adding to Rightmove executive bonuses. This is because Rightmove focuses on ‘traffic market share’ which it defines in terms of ‘time on site … (minutes spent relative to our nearest competitors) by reference to comScore.’”

Springett adds: “Time on site is explicitly outlined in Rightmove’s 2018 Annual Report as a key strategic target in determining executive bonuses. A considerable proportion of the gap in time spent between Rightmove and other portals reflects its historic position as a reference site for tens of thousands of property professionals in their daily work.”

In August 2017 the Daily Telegraph suggested that OTM’s floating on the London Stock Exchange - then still some months off - could “trigger a £20 million windfall for its Chief Executive” who is of course Ian Springett himself.

The rest of the OTM note, sent out recently, gives a detailed breakdown of certain aspects of Rightmove’s trading statement, made to its shareholders and the City.

Read more here

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