A new portal has launched listing off-market properties at the very highest end of the market, and says it does not contravene OnTheMarket’s ‘one other portal’ rule.
Called Ultra Primus it offers what it calls a members-only service for buying agents and estate agents “catering to those owners who seek to sell their property in a discreet yet efficient manner.”
The portal claims that property intermediaries and advisers to High Net Worth/Ultra High Net Worth individuals can use it to notify potential buyers when appropriate off-market properties becoming available, while retaining full control over the amount of information disclosed, respecting the vendor’s desire for complete privacy and ensuring that a digital footprint of the listing is not created in the way it is with some existing portals.
“Having partnered with luxury brands including Rolls Royce and [watch-maker] Parmigiani Fleurier on our recent property events, we were increasingly being contacted by buying agents, selling agents and other property intermediaries regarding their off-market properties” explains Art Jenkins, director of Ultra Primus.
“Whilst current methods - relying on professional and personal networks - do produce some results, they mainly focus on the seller's requirement for discretion whilst not necessarily being efficient or making enough relevant buyers aware of the property's availability. We would therefore describe our service as a significant enhancement to the current marketplace” says Jenkins.
The portal does not charge a percentage commission but levies a single per-property fee with no on-going costs.
Ultra Primus has told Estate Agent Today that once its website is out of its beta version at the end of this month, it expects to have between 50 and 100 properties listed at first with a total value of over £500m.
Whilst its portfolio will be modest initially, it has told EAT that: “We believe that having a few thousand live listings at any one time is feasible. Our goal is to make Ultra Primus synonymous with this 'space' whereby if an agent needs to discreetly market, pre-market or source a luxury property, this will be the platform for them to use.”
The site will also list off market boutique hotels and off market residential investment portfolios. The site is global but anticipates have a number of London properties listed at any one time. An existing Ultra Primus hard-copy magazine is focused on UHNWI readers.
Ultra Primus says its now online venture is not in breach of the one other portal rule imposed by OnTheMarket, which was founded by high-end agents, many of them handling off-market properties.
“As a members-only, industry-focused network (not available to the general public), we don't believe we would fall under their definition of a portal” Ultra Primus has told Estate Agent Today.