Boomin has revealed its launch date after months of high-profile publicity.
It’s to be three and a half weeks from now on Friday April 2 - that's Good Friday, the start of the four day Bank Holiday weekend, and the beginning of the stamp duty holiday extension period.
On that day there will start what the portal calls “a compelling and highly engaging advertising campaign across all media channels” including radio marketing, prime-time TV slots on Channel 4, ITV and Sky, plus social media promotions.
Over the next three years the portal pledges to spend £50m on marketing “to create a household brand in near record time.”
It says: “Agents will benefit from a sustained, entertaining and effective campaign.”
A statement from the portal says it’s attempting to ‘onboard’ as many agents as possible by that time; already it has some 5,000 branches as founder members, including several announced this morning. Today's recruits include Greenslade Taylor Hunt, Portico, McCartney, Hackney & Leigh and Edward Mellor.
Founder and executive chair Michael Bruce says of the new portal: "We need agents to make a positive choice and work with us to reset the balance of power for them in the industry. The pips are already being squeezed by Rightmove and, if left unchecked and based on past experience the vast majority of agents will be paying 60 per cent more by 2024.”
Bruce already appears to dismiss OnTheMarket as serious competition when he says: “The portal duopoly is one of the biggest financial and structural challenges agents face and together we can create meaningful change and secure a brighter, fairer future. Boomin has amassed a world class team, 160 strong and growing to achieve its goals.”
He continues: “Boomin offers fair and transparent fees for all. A broader model, with multiple income streams and the specific aim of returning more money to agents than they pay over in fees.
“Our success will be predicated, not just on our superior technology but also our ability to drive consumer awareness and adoption. To this end we have a £50m plus advertising campaign over the next three years primed and ready to go from April 2.
“We are not just trying to build a credible alternative to Rightmove, we are determined to change the centre of gravity, where more of the power is held by the agents and the rewards more equally shared. The portal of the future will go way beyond a classified advertising model and Boomin will spearhead that change.”
This is what we know about Boomin:
- It’s been developed by Michael and Kenny Bruce and David Shepherd, who previously launched Purplebricks in 2014, with the aim of changing the way people buy, sell and let residential property;
- It promises to be the first ‘property portal for the home’ with a deeper offer for both customers and estate agents;
- Early trade publicity claims it will be more than just a classified listings site that generates leads. It says: “The proposition is focussed on opening up the property market, new ways for agents to engage with customers and new services centred on the broader home that will benefit people and provide additional revenue generating opportunities for agents”;
- It is Birmingham based and has 160 staff, over 100 of which are on the technology side;
- Boomin says it “embraces the rapid technological developments of the past 20 years [since Rightmove launched] like no other and originates a fresh business model based on new and multiple income streams, that opens up the market to more transactions and enables agents to build long term relationships with its customers that last far longer than the transaction itself.”
Here’s the website.