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TODAY'S OTHER NEWS

Revealed! The first paid-up agents joining Boomin

Foxtons, Chancellors and Douglas & Gordon have been named among the first paid-up agency brands on Boomin.

The challenger portal, launched by Purplebricks founder Michael Bruce last year, is also setting aside tens of millions of pounds worth of free shares for agents who join the brand should it go public.

A spokesman told Estate Agent Today that contract lengths are typically at least a year.

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The portal had let agents join for free for the first year when it launched in April 2021.

Boomin said in its announcement that agents now paying to join the portal will have the commitment of a competitive fee that covers all of the features of the platform.

These include SmartVal, MatchMaker, Secret Property and Sneak Peek as well the ability to protect transactions through ChainMaker.

Agents will also receive ancillary revenues generated through the Property Playground and Priorities services and will retain mortgage referral income, which Boomin estimates to be a £50m opportunity.

More announcements are due to be made in the coming weeks as talks continue but the first batch of agents revealed to be paying to use Boomin are: 

  • Acorn

  • Andrews

  • Balgores

  • Chancellors

  • Douglas & Gordon

  • Foxtons

  • Hammond & Stratford

  • Keatons

  • Martyn Gerrard

  • Pacitti Jones

Simon Gerrard, managing director of Martyn Gerrard, said Boomin is different to other portals.

He says: "The demands from the public in the property market have become more nuanced, the features and tools Boomin offers allows an experienced and proactive agent the opportunity to build and put together sales, rather than just waiting for them to drop in their lap.

"We are looking forward to the advantages Boomin will give us in this challenging market as we believe it will give us a big advantage over our competitors and give the public the tools and features they need."

Nic Budden, chief executive of Foxtons, adds: “Our strategy at Foxtons is to provide customers and clients with the best service possible.

"This is underpinned by data science that pin-points their requirements, and then delivered by talented, committed people, and supported by smart technology.

"Foxtons’ investment in Boomin delivers all these things – Boomin has identified core customer insights and behaviours, and are developing unique, innovative features to
meet them.

"Their evolving tech stack delivers a far superior product suite than is found elsewhere, which works for both customers and agents alike, and across a wider scope of the whole home-moving process.

"Boomin has delivered on its first year objectives, and is rapidly growing its base of agents with strong, collaborative account management, so we were happy to invest again to support its continued growth in 2022."

Bruce said he is excited by the quality of agents signing up.

He says: "We firmly believe that it is our responsibility to build technology for agents that creates more transactions, drives more revenue and gives them and their customers a better experience.

"Property portals need the oxygen of a live listing to be remotely effective and therefore in a low inventory market are highly ineffective.

"Agents are choosing Boomin so they can access SmartVal, Secret Property, Sneak Peek, MatchMaker and MortgageMaker, all of which operate to create transactions without the oxygen of a live listing and ChainMaker saves transactions and creates more.

"We are delighted to invest in those agents who choose Boomin as a key part of their lead generation.

"We will deliver increased business for agents and more technology for a single low fixed cost. Watch this space for more."

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    Is this just an advert for Boomin ?? Certainly comes across that way......is this the best you can do EAT ?

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    They keep advertising but the features don't work for most, What is their point??? Sorry but won't be joining that club no matter what rubbish they publish.

  • Lenny White

    I'm pretty sure Foxtons and Chancellors (not sure about the others listed) were joint investors / creators of Boomin with Bruce, et al. An article saying they're one of the early subscribers is pretty poor and borderline misleading.

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    • S S
    • 08 April 2022 10:18 AM

    Well having had a son who rented through Chancellors, I wouldnt use them to sell a property and I'd try and avoid buying one through them.

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    Past performance cannot be used to reliably predict future performance because Investments entail risks, the value of investments can go down as well as up and investors should be aware they might not get back the full value invested.

    So not much research needed then!

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    I would class that first batch as shallow and narcissistic.

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    If Purplebricks are anything to go by, this will be a case of Mr Bruce getting richer, using other people's money to create a business that uses hype, to over promise and under deliver something that was never deliverable. Got to take your hat off to the bloke, it's nice work if you can get it.

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    Agree - he has probably made more money than anyone who posts on here

     
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    Smacks of desparation. I am sure in the begining they said they were not raising investment but they did and recently another £150M all before making any money. I hear too that their account managers hounding agents to sign up to paid subscriptions even after saying no multiple times and asking not to be contacted. One reportedly was sent a contract too after declining their offer. This is out and out harrassment!

    This company has to make its shareholders happy and can go no other way now than RM and the others. Its about profit and profit only.

    Also, they are up to their old tricks again will false reviews on trustpilot and elsewhere. They are first class manipulators and prime example of emporers clothing syndrom.

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