Property portals OnTheMarket and Rightmove have slashed fees for high street estate agents during the coronavirus pandemic.
OnTheMarket is offering agents with full-tariff listings a 33% discount for the next three months, starting in April.
It said the measures were to help reduce the anticipated cash flow pressure for agents as a result of coronavirus. The company said it was managing costs to reduce the impact on its own revenues in the long-term.
Rightmove has opted for deferred payments and online training webinars for its network of 700 agents.
Agents will have the option of deferring payments of between £275 per branch for six months or £500 per branch for three months, starting from May. These payments will then be spread over the following term.
David Anderson, director of agency and new homes at Rightmove, said: “As we enter a period of the unknown, at this stage we hope this payment deferral scheme will help to reduce some of negative impacts.”
Clive Beattie, acting chief executive at OnTheMarket, said: “We understand the next few months are going to be tough and, as such, we believe simply kicking the monthly rate back is not helping agent partners, it’s delaying the unavoidable.
“We believe that offering this discount early will assist agents to control their costs in the face of such uncertain times.”
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