Online firm says its agents could earn ‘unlimited monthly income’

An online agency which last autumn said it wanted to have as much as a three per cent market share of the entire house sales sector by the end of 2019 is now launching a partnership scheme.

North London based 99home, which launched in mid-2017, boasted during a crowdfunding pitch last year that it hoped to become “one of the biggest estate agents by 2020” with the interim goal of “over 300 locally based agents in the field with one to three per cent of market share in sales and lettings by 2019.”

The latest assessment by The Advisory, a property consultancy which monitors the online market share, put 99home as the fifth largest online operator with 55 new instructions in the fortnight to June 28. 

Now, in a new statement which does not mention its market share ambitions, 99home is seeking partners - people who will work from home “with flexible working hours” to assist the company sell the homes it lists.

It says that unlike franchisees, partners in its firm will pay no upfront or ongoing fees and instead promises “the ability to generate an uncapped recurring monthly income” and to “build up the residual value in your own business to provide strong exit capital.”

The new pitch for people to work under its brand continues: “We work together by sharing all vendor/landlord commission generated from properties within your exclusive territory. Our transparent remuneration model ensures our goals are completely aligned and drive excellence in customer services.”

The men behind 99home are IT expert Vijay Vashistha and property professional Sachin Gupta.

The company - which shares its north London business address with a traditional high street estate agency called Property Hub - lists properties on Zoopla, Rightmove, PrimeLocation and OnTheMarket and for substantial additional costs beyond its £99 basic can provide support services including conveyancing, insurance, mortgages and EPCs.

It also now has what it calls a “No Sale No Fee” package which instead of involving an upfront payment is a lump sum post-sale of £799 outside of London and £999 inside.