Boomin is to levy a traditional monthly fee for estate and letting agents listing on the site, in line with other property portals - although it says it will be free from its launch later this year and for all of 2021.
It was thought that the new portal, expected to go public within weeks, may operate a different form of subscription for agents but it’s been confirmed that once charges are levied from the start of 2022 they will be monthly, based on a per branch system and on the number of properties listed.
The one variation from the traditional portal model will be that there will be a performance fee - in other words, if an agent has a substantial revenue income from sales, lettings and other revenue-earning activity on the site, there will be an uplift in charges.
However, Boomin insists its fee structure will be more than competitive with the three current leading portals and says its aim is to ensure agents always pay less than they earn through the revenue-raising aspects of the platform.
There will be numerous referral fee-style payments if registered agency customers use Boomin to change utility suppliers or even to purchase accessories and services for their homes, independently of moving from one property to another.
The portal - set up by Purplebricks founders Michael and Kenny Bruce - is to have a multi-million pound advertising campaign concentrating on TV and some aspects of social media, but with radio and street advertising as well.
Its aim is that by the end of the first quarter of 2021 some 80 per cent of ABC1 demographic adults across the UK will have seen promotion for Boomin on 10 occasions each.
Yesterday we exclusively revealed that the new portal would carry a number of features marking it out from Rightmove, Zoopla and OnTheMarket.
These would include a ‘sneak peek’ element which means visitors to Boomin will not only see properties listed for sale, but also those instructed but not yet marketed, those in a chain, and in some cases those currently being valued; there would also be a ‘matchmaker’ option allowing would-be buyers to name the street they wish to move to, allowing agents covering that area to proactively offer potential properties.
In addition, a ’24-7’ service will allow buyers and sellers to book, respectively, viewings and valuations; and a ‘Property Playground’ allows more casual visitors to Boomin to buy services, utilities, or lifestyle and design supplies - with potential referral fees for agents.
You can see more details of the new portal here.
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I am afraid this is nothing radical. It is still owned and controlled by investors who will take back their invested £millions, and then more ad infinitum. A big blow out on initial advertising will always come back and bite you when the investors want to profit from agents' data. Rightmove 2.0.
Simply do not trust them. No thanks. First they try to undermine estate agents value with 'commisery', and now they want your backing.
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