In a smart move, the not-yet-launched competitor portal has announced its brand name to 'hurry up' those agents who were concerned about the lack of a name.
With a member base approaching 3,000 estate and lettings agency branches, and a full-on sales effort, it is feasible that the agency cartel could hit 5,000 branches in time for the site launch in 2015.
As the company has no requirements to return capital to member agents who have loaned seed capital for up to 5 years, it is feasible that you'll soon see OnTheMarket.com (or more likely .co.uk) dominating outdoor and TV advertising. Well, that's what is likely when you have a group of businesses desperate for success: throw money and hope.
Saying that, the venture has been very successful to date. Raising seed capital with no product (or product name), signing up 2,000 branches with just two sales people and of course beginning the process of assembling a tech team. No mean feat.
At the very least, this makes 2015 a potentially very news-worthy year for property tech. It'll certainly embolden the Aussie Agents' Mutual initiative.
I'm sure no real estate agents in the US are noticing, but if they do get a whiff of this, it'll likely bring back Zillow-killer chat. But US agents are so over-regulated (they think it's a good thing, by the way) that they could never bring even a single state together.
Here's a tip, the US MLS market is ripe for consolidation. If regulation and ego can step aside for a few fleeting moments.
Back in Blighty, I'm sure we'll get the obligatory 'Property Industry Eye exclusive' on Agents' Mutual hitting 3,000 member branches by the end of July.