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New commission-share website launches for agents

Wednesday 14th September 2011

A new property website has launched which will allow agents to share their stock and applicants.

Comm Split launched last week, and is founded by former London estate agent Simeon Miighty.

The site can be used by agents with an abundance of instructions, but not enough applicants, and by agents who have applicants but not the properties to suit. It can be used for both sales and lettings.

The site lets agents set their own terms and agree their own commissions. It also lets agents browse through instructions listed by other members of the site, including private sellers and landlords, taking on any that suit their own applicants.

The site costs £99 per month to belong to, per sales and lettings branch, and £89 for a lettings-only office.

Miighty said: “We only soft-launched last week, and we are initially concentrating on the London area, where we have already made some big wins, including Bushells and Laristons.

“We have a sales staff of 12, and they are already busy. Over the next few months, we will be taking the concept nationwide.

“I’m convinced it will work, from my own time as an estate agent in Fulham, when we often operated in a market without enough stock.”

http://www.commsplit.co.uk

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Added by Puzzled of Tunbridge Wells on 2011-09-16 15:04:50

Trevor Mealham: "A TRUE multi-list means that agents collaborating can pool resources and save funds on advertising"

How about every agent in the country pooling resources and advertising on one portal? Oh, sorry, you already do that but you all choose to advertise on the most expensive one. Surely the whole idea of agents collaborating on anything is nonsense. Try getting 5 agents in a chain to collaborate.

Added by Disgrace on 2011-09-15 12:44:14

EA Today??? can you not block posters just conning you for a free advert, make them pay you, very poor show Trevor M - well I think so stopped reading when I saw it was him yet again!

Added by Fun Boy Agent on 2011-09-15 11:37:13

Just took a squizzy at listings on INEA site for my area.

15 offerings, from what I can see, old stock, one even has snow in the photos. All heavy prices.

Would I be able to pick out the ones I think look good and with something getting towards a realistic price and list them as my own?

How would that impact on the Vendors as they pop up on portals with various agents (sending that desperation message).

If I put a property on with you could 'any ole' agent list it as theirs, thus putting it on the portals over and over?

Added by Trevor INEAmls on 2011-09-14 19:43:49

Hi Anna,

I'm more than happy to put you in touch with agents fully embracing what we are doing who are gaining results. Our system has come along way and I could tell you how fab it is but instead, I'll highlight some of the results and you judge.

Local group - of now 4 agents. start agent subbed others nearby, in 3 weeks one subbed 20 listings back, wk 5 another subbed 35 back and wk 6 another subbed him 40ish, he now has over 100 listings to offer and is gaining sub agent viewings - sales and lets

Bromley agent got asked for dev sites, didnt have anything. Checked the INEA mls and found a match. The dev site was over £1m with a 0.5% share available. Applicant viewed. Deal done between two agents who didnt previously know each other, INEA brought them together.

Two London agents - property to let, other agent had tenant, match made, tenant moved in. sub agent received a lead fee on a property to let that he wouldnt have had.

There are many, many more such instances. We are also bringing the US MLS style agents websites to the UK which have a real agent benefit which at the moment I wont go into, but more listings be it us, comm split, TEAM, HomeSale network or whomever is a good thing when it works.

I was an agent and a successful one at that who had 2 offices and a staff of 8, but I thought the industry could be better. I sold my offices for good profit and have put my effort and money into creating something that is doing the above.

If agents can't trust other agents then why should the public. My aim is to use technology to unite good agents to provide agents with more to sell and let. Equally subbing is a process that can gain the seller and landlords greater exposure to the market.

So Anna please feel free to contact me and have a look inside. I'm easily contactable at admin@inea.co.uk or (UK) 01233 633633.

But above all, whichever system is used and good luck to comm split, agents working together is a better client choice that lone agents. No one puller beats the group of pullers in a tug of war. Gain a little trust - seek out good agents and network, you might just find it works if you give it a chance.

Added by Agent Orange on 2011-09-14 19:06:23

Simeon, you appear to have failed to answer my question, which I'll repeat for you. Why would any agent actually NEED this site? What's so difficult about them looking at their current competitor's websites, contacting them themselves and offering/requesting a commission share for either sending a buyer to them or taking a buyer from them? Why would they need their properties listed on a separate website?

Added by PeeBee on 2011-09-14 16:43:19

Mr Miighty. You have caught my attention.

Now this may well be THE new big thing to revolutionise the industry. If it does - and for all the right reasons - then well done. But so far, I only see questions that need answering.

Please don't come the line of "Well... it's a new site so you have to expect gremlins". No you don't. The site should be right - otherwise it only reflects badly upon the company whose site it is - and those who subscribe to it. Remember the old mantra "pee-poor preparation..."

On the site, you refer to Rightmove, Zoopla, NFoPP, NALS & TPO as being 'affiliates'. Is that correct? In what sense? Your Agents may be Members - but does that give you the right to go anywhere near claiming affiliation with these companies and associations?

I take it that you would you be THE Simeon Miighty that on Twitter describes himself as "Entrepreneur, Investor, founder of the UK's Revolutionary Tenant Buyers Network."? If so - which "network" are you referring to? (or would you have to shoot me if you told me... ;o) )

You say above that your company "...has been in development for 2 years". Why, then, was it only registered in July 2011? Were you not nervous of someone else knicking your idea and company name?

As said by the anonymous poster below, when you stick your head over the parapet on EAT you must expect fallout.

Like ANY idea or 'innovation', people - whether Agents, sellers, buyers, landlords or tenants - need to know what they are dealing with.

If this IS the golden egg as you seem to believe, then you will have no hesitation to offer the proof we need!

Look forward to your response...

Added by HD on 2011-09-14 16:00:34

Whats the difference between this and Lonres?

Added by Anna on 2011-09-14 14:58:09

Trevor never misses a chance to get a free advert for the rubbisjh INEA- a bunch of low selling rubbish agents he pretends to lead.. Agree with other posters very cheap shot.

Now if he had ever actually acheived anything perhaps we may listen.......

Added by on 2011-09-14 14:37:43

Comm Splitt, you have already made two mistakes>

1) Post a PA article about it on EAT - It is bound to get pulled apart, if you have ever read EAT before you would know this. It is suicide.

2) You have commented - Now people will expect you to reply to their criticisms and each time you do, you will be digging yourself a bigger hole.

For the risk of temptation, I would stear clear of this article as you will end up doing yourself more harm than good!

All new property portals that will no doubt post a publicity piece here, take heed!

Added by Simeon Miighty on 2011-09-14 12:42:24

We're glad that everyone has such strong opinions

Anything to encourage agents to work together is positive, as the industry and been non transparent for too long.

Comm Split has been in development for 2 years, an idea we had from years of working within the industry with agents that were unwilling to collaborate leading to the closure of some estate agencies whilst aiding some of the larger agents who are always there to pick up the pieces.

The site has been 'live' for a short space of time and is fully usable but like any website there may or may not be a few gremlins, but I'm sure that Rightmove have also experienced this.

After 30 days you have to re-publish all listings, with the simple click of a mouse, this makes sure that all the listings on Comm Split should be active and not just there to waste our members time!

All estate agents that we have spoken to or are currently speaking to completely understand the need for Comm Split as all the listings on the website are listed with one intention, to collaborate with another property profession to sell or Let a property. Whereas if you call an agent about a property that you have seen on their website 1. They may not want to split the commission on that property 2. They may not want to collaborate with you (Comm Split gives you anonymity until you correspond with the prospective collaborator) 3. The property may no longer be available 4. The agent may be comfortable in trying to transact on that property without collaborating etc etc.

Since developing the idea we in fact found LonRes to be the pioneers albeit for the elite estate agents based in Central London.

The bottom line here is clearly that healthy competition is good and drives us to become the best platform available to property professionals which is why our members 'Share and Prosper'!

Added by Trevor Mealham INEAmls on 2011-09-14 12:03:29

** Thanks Pee bee.

CommSplit has had some good comments, so hats off to them if theyve brought buyers and sellers together through agents.

Be it: INEA - CommSplit - TEAM - etc, etc the key thing is that such systems get agents working together. Blast was that a plug for TEAM too (that I have nothing to do with). So which ever find the one that suits you the agent.

A TRUE multi-list means that agents collaborating can pool resources and save funds on advertising and whatsmore offer other agents listings when their own don't match. Look if another agent has a listing and you the applicant, it is a very easy upsell to clients to offer them greater coverage normally at an upsell fee. We have many agents now doing this, it works and it makes revenue for agents rather than lowering their fees. From personal experience I worked back as far as the early 1990's with other agents subbing our listings to them and vice versa. My turnover for my offices went up 41%.

Trevor INEAmls

Added by on 2011-09-14 11:27:37

Looks like a 13 year old made it. And there is html coding visible all over the place.

I would suggest you actually proof read your own site before trying to get people to look at it.

Trevor, I suggest that since oyu are already so successful, you look at other means of advertising rather than simply using the comments section of EAT.

Added by Agent Orange on 2011-09-14 11:06:55

According to Nominet, the website is registered to a "non-trading individual who has opted to have their address omitted from the WHOIS service" ....

Website first registered in 2010

Added by Agent Orange on 2011-09-14 11:02:36

£99 per month, and they drop your properties after 30 days.....

Honestly, why would anyone actually NEED this?

What's so difficult about looking at your competitor's websites, contacting them yourself and offering a commission share? Why do you need your properties listed on a separate website?

Added by PeeBee on 2011-09-14 10:04:20

James Yusif: "I must say I have subscribed to various agent sharing businesses in the past and Comm split is the best of the lot."

WOW!! seeing as it only launched LAST WEEK, it must be REALLY good for you to establish that already...

Or... are you just yet another woeful attempt to fluff up the feathers of a 'new' idea?

By the way - as an apparently delighted member, you should be worried that the site isn't even finished yet! Are they so lax with other procedures...?

PS - Don't knock Trevor M so quickly - he apparently introduced the idea that your lot have cottoned on to!

Added by James Yusif on 2011-09-14 09:40:33

P.s That really wasn't necessary Trevor.

JY

Added by Fun Boy Agent on 2011-09-14 09:40:30

Fantastic, it looks like one to investigate in depth. What an opportune time to launch... just as the most hated supplier in the history of business announce 2 incredible bits of news.

1. Their Directors are cashing in on millions.
2. They are putting their fees up.

I can see a lot of agents looking for alternative advertising. This looks like a good idea.

Added by James Yusif on 2011-09-14 09:39:13

I must say I have subscribed to various agent sharing businesses in the past and Comm split is the best of the lot. Its no surprise how well they are doing in such a short period of time once you check the website out. I can see Comm split really going places.

JY

Added by on 2011-09-14 09:34:55

Cheap shot Trevor.

Added by Trevor Mealham INEAmls on 2011-09-14 08:34:35

Anything to encourage agents to work together is positive, likewise at INEA we maybe the most advanced agent sharing platform at just £25pcm and many agents now getting sales and lets from other member agents. We now have over 100 London agents and 650 in total. Good luck commsplit agents can best move forward together. INEA.co.uk

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