A new commission-sharing website is about to launch.
Based on postcodes, Pear Up will eventually roll out throughout the UK, starting on March 1 with postcodes in south London. Each area will consist of approximately 100 agents, offering them the opportunity to share commissions on sales and rentals with other agents in the same geographical location.
The site launches first in south London to Area 1 (SE21, SE22, SE24, SE5, SE15, SW2 & SW9) and Area 2 (SE19, SE20, SE23, SE25, SE26, SE27) with areas across London and the rest of the UK to follow soon.
It is the brainchild of agents Anne Thatcher and John Catling. Thatcher, of Thatch & Co, said: “The rationale behind the website is that estate agency is essentially a cottage industry. Every agent, even the biggest, occasionally comes across a property that has not sold or let and agents often co-operate with other local agents.
“Pear Upwill act as a forum for co-operation between agents within specific areas, which will increase the range of properties available. Agents will have the opportunity to be in more than one area depending on the postcodes in which their businesses currently operate.
“For example, if an agent’s office is based in one postcode but a considerable part of their business takes place in a different postcode, that agent can opt to be in two areas.
“The website will be of benefit to agents, since they will have access to a larger number of properties to sell or let. At the same time, if they are struggling to find a buyer or tenant, agents will have access to other agents’ applicants.
“The general public is set to benefit too since they will be getting a multi-agency service for a sole-agency fee. In addition, the site should encourage people to work more closely with their chosen agent, less inclined to change agents and more ready to listen to advice when things do not go their way. Everyone should gain.”
Agents can use the site to advertise their own properties (as many as they like but at least one every six months) and, in turn, introduce buyers or tenants to other agents. Agents will offer a share of their sales commission on the site; for example, if they are receiving 1.5% commission, they might offer 0.5% to any agent who introduces a successful buyer. The primary agent retains control of the sale or let while the sub-agent acts as the liaison with the buyer or tenant.
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Comments
This is great idea and I shall be signing up for the trial. Having looked at the details I can see that PearUp does offer something different unlike some of the other comments suggest. For a start lonres.com is far too expensive for my independent and PearUp seems to offer much more flexibility than joining a group like Team who have no other agents in my area!
A great idea I say well done!!
Very interesting.......of course Team have been doing this for more than 20 years, sharing instructions and commissions very successfully....check out www.teamprop.co.uk
Such systems already exist. INEA.co.uk is just £40 pcm and allows advanced mls, agent sharing. The system has been developed over the last 4 years, based on good old subbing of 20 years ago in now a hig tech IT solution
I think co-operation between independent agents is a must if they want to survive the battle between themselves and internet /corporate agents. I can guarantee that on your mailing list right now, are out of area vendors with properties to sell, and if you are not within some kind of group that potential referral will not earn you a single penny. Join a network of some kind like this: www.swap-property.co.uk
This is not new, hello lonres.com, they have been doing this for more than 7 years in london, this idea has been stolen from lonres which has been successful in central london. Are Estate Agent Today that far behind what is happening in the market that they repost this story!!!!
Excellent idea! Well done chaps. About time British agents saw the benefit of closer cooperation to everyone's advantage. I was brought up on half-comms which was standard practice between most agents in Kensington in the 1980s. The USA and other countries have MLS (Multi Listing Service) which generally works very well. Good luck with the venture!