Boomin chief executive Michael Bruce has for the first time given some figures on the usage of some of the key features of his portal, which launched a year ago this week.
Bruce says two innovations on the portal have been particularly satisfying - the SmartVal service and the Secret Property feature. He suggests that both drive business opportunities towards agents without actually having to involve a confirmed listing on Boomin.
“SmartVal is about getting people back engaging with agents and not peering at a database waiting on an alert, and getting an accurate indication of value, and giving agents an opportunity to get those people into the market.
“We’ve done 40,000 SmartVals in January, 50,000 in February and the current run-rate is going to hit one million a year. That’s going to be a big proportion of transaction volume” says Bruce, in a video interview with Angels Media chief executive Nat Daniels.
Bruce believes another highly successful feature is the Secret Property concept, which after a valuation has been achieved asks portal users whether - should that property valuation turn into a listing actually on the market - they would be interested.
Bruce continues: “The average number of people who register their interest is 10.2 … and 62 per cent of those have a house to sell. So there’s an opportunity for an agent, just off one single valuation, to be able and support six more people into the market.”
He also reveals that the portal has added 50 per cent more agents since it launched and achieved high levels of penetration among the industry's top 100 agents.
In the 20-minute video interview Bruce discusses additionally the new portal’s TV campaigns, how agents have engaged with him during the first year, whether his Purplebricks pedigree has been a blessing or a curse, and how he sees the future development of the charity he helped establish - Agents Together.
You can see the full interview in EAT’s features section, here.
*SmartVal is powered in part by The ValPal Network’s valuation tool, owned by Angels Media, publisher of Estate Agent Today.
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This is hilarious. There is ZERO people...ZERO..that have heard of Boomin as I go round. And the fact it's free at the moment explains the uplift. You wait until everyone has to pay for it, with rising costs and you'll see it dumped very quickly
I think that is the hard truth of the matter - people don't know it in the way they definitely did/do PB, for good or ill.
Everyone knows Rightmove and Zoopla, more and more people now know OTM. But even after a year I just don't think that brand awareness is there, nor ever will be. Despite the high-profile advertising campaign and the bright marketing.
Still no sign of traffic figures, number of participating agencies or how many have signed up to get their first bill at the beginning of April.
its a busted flush in my view
It will all end in commisery !
I love smart val and happy to admit to signing up with Boomin after my trial period. For a very small agency, we have at least 15 smart vals a week, it's definitely worth investing in for £300 plus vat a month.
I've been paying for On the market and zoopla leads, £450 plus vat a month between them and the leads are all just curious, no sellers!
We have converted more from Boomin and our first completion from a lead today has paid for our year contract.
If Smart vals is the best feature for you why not just pay for that, you will find there are lots of these instant valuation tools available, the portal is an absolute joke who has actually heard of them. if you put as much effort into OTM and Z then you would see better results but by diluting your business across so many platforms will not do you any good.
£300 per month for one completion? an Instruction that would have come though the other portals anyway. the money is better spent on social media, leaflets or good old hard work
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