More than 10% of estate agents that were signed up to Zoopla have stopped listing on the property portal and moved their business to new rival OnTheMarket.
Zoopla chief executive Alex Chesterman says around 2,000 agents (11% of Zoopla’s total) have left to join OnTheMarket.
The new site, which launched on 26 January, is backed by PrimeLocation founder Ian Springett and property heavyweights Savills, Knight Frank, Strutt & Parker, Chesterton Humberts, Douglas & Gordon and Glentree Estates.
OnTheMarket, which is owned by Agents’ Mutual, stipulates its members can only advertise on one other portal, forcing them to make a choice between Zoopla and RightMove.
In a trading statement issued on Thursday (12 February), Chesterman said: “We believe that Agents’ Mutual remains a short-term event and that its success will be determined by whether consumers engage with it. So far it appears to have got off to a very slow start with consumers.”