More than 20 staff members at Boomin face potential redundancies, after the business entered a consultation process with employees earlier today.
The firm’s CEO, Michael Bruce, announced the news to partner agents a few hours ago, with the proposals impacting more than 20 roles across the business.
Boomin has provided EYE with a copy of the letter Bruce sent to partner agents today, which you can read below:
CONFIDENTIAL – PARTNER ANNOUNCEMENT 01.07.22
Hi,
I would like to share some news about Boomin.
Boomin is reducing the excess headcount which was necessary during our build and launch phase. Whilst it is fair to say that we would have liked to have retained some people for longer we recognise that in this economic environment we need to invest to deliver the innovation and high levels of customer service you rightly expect from us, whilst also accelerating our path to sustainable profitability.
In view of the fact that these reductions are expected to impact over 20 of our people we will be entering a collective consultation process. We will do all we can to support those team members affected through the process. As agents you should experience no change to the quality of our service.
These efficiency improvements will enable us to redouble our focus and investment on advertising, marketing and, in turn, what we deliver for you; creating more valuation opportunities and quality business for your brand.
We remain incredibly focussed on changing the status quo, away from pure classifieds towards a platform that offers a better experience for home owners, searchers and outcomes for our agent partners. We are excited about the future and have a pipeline of further innovations, which we plan to start announcing in the coming weeks.
As always, thank you for your support and we’re here to answer any specific questions you might have,
Best wishes,
Michael
Comments (23)
Successful, growing companies don’t lay off staff.
Although 20 staff salaries don’t add up to much considering another £12m was pumped into the company in April (at a £110m valuation).
Well said @Ric
Just want to add that anyone from this moment forward jumping in to bed with people who have bitten the industry previously should really start to question their own ability to make good sound business decisions.
I’m fed up of hearing certain well-known ‘industry experts’ sympathise or soften their approach to the Bruce’s since Boomin came along, saying things like “well, they really are trying to help and support the industry now…”
I have no doubt the Bruce’s would have loved for this to work, but they’re not the right people to give your hard earned money too. There’s no magic website/portal that will change your business, fact.
Let’s get back to being agents, yeah?
I’m no fan as most know. (I have no issue with the millions Mr B makes, I simply do not like Boomin the concept or the fact the owner deep down wanted my company bankrupt).
anyhow…
Sad news for those losing their jobs, as no matter how much I might hate Boomin, anyone can go from feeling comfy and confident in their job to a dark and nasty place for no fault of their own. So that is the sad side of this.
I am looking to fill 2 new positions at present, so if any of the team who are on consultation are based in Stockport, and have any Estate Agency experience (important for the roles I have), then feel free to message me or send me a CV.
As for the story… no surprise really… and the next big disaster I predict is OTM and the agents being forced to pay now and come February 2023 they face the same dilemma as Boomin have!
Excellent comment Morriseysilligitimateburger, I don’t agree however that Michael will starve. How can he with cake all over his face? Commisery – remember?
Completely agree, and that’s a looooooooooooooooot of cake. I don’t revel in the fact people are losing their jobs and unfortunately he will come out of this unscathed from a personal wealth perspective.
But the schadenfreude that the industry is showing and is justified and the property industry has a long memory.
“Boomin is reducing the excess headcount which was necessary during our build and launch phase” I don’t think the staff thought they were only going to be employed for the build and launch phase, the same as when they were employed, funnily enough just under 2 years ago, under cloak and dagger and promised they were not being recruited to work for yet another Portal… what is Boomin, if not an unsuccessful portal?
So just further my my rather flippant comment above – I spoke to Boomin just the other day, as the account manager rang me. I said to her “Ah brilliant, I’m glad you’ve called. I need to leave. Our new software providers don’t upload to you, and in any case we’ve had literally nothing from you, I’ll be honest.” I am paraphrasing of course, but that’s roughly the gist of it.
Account Manager “But you’ve had (whatever number) Smartvals. Surely you want to keep them!”
Me “Yes I know, but not a single one has come to anything. We use ValPal and get much better value from it.”
AM “Would you like to manually look after your stock if your software company doesn’t upload to us?”
Me “No, there’s literally no point. You’ve not delivered a single buyer lead so I’m not going to invest that time for nothing. it would be wasting my time.”
AM (getting desperate by now) “You have shares! It’s worth staying with us to keep those”
Me “What are they worth?”
AM “I don’t know.”
Me “I do. Zero. The same as the number as leads and instructions you’ve given me”
Boomin will be dead in no time unless they figure out a way to get buyers using them instead of Rightmove. All the other playthings that they have put together offer literally no value.
AM (getting desperate by now) “You have shares! It’s worth staying with us to keep those”
Me “What are they worth?”
AM “I don’t know.”
Me “I do. Zero. The same as the number as leads and instructions you’ve given me”
Yes, I remember the “Share” promise I received. lol. The paper it was printed on was worth 10x more than the empty, worthless words designed to trick me into working for nothing, while they told us they were going to be bigger than AirBnb and in the same league as Amazon. FFS it was embarrassing.
Zoopla’s going in a different direction-booming all but over. Agents now need to get behind OTM to control the monopoly of RM.
Agents will go out of business in the next two years-RM subscriptions therefore will come down-guess who will end up holding the RM baby paying for the shortfall -and it won’t be C/CWD as they control their own costs with RM believe me.
It’s the independent agents well run that make a few quid that will suffer.
So-Boomin bust -what next
Obviously has managed to fine-tune the art of spaffing money up the wall – a consultancy to Bojo surely on the cards
you could not make it up………………or could you.
Just keep stacking up those shares boys
anyone surprised at this? The only surprise is Michael hasn’t jumped ship already with his pot of gold leaving everyone else in the **** –
Next “great venture?” !!!
That’s a lot of words for “everyone hates us, maybe we shouldn’t have used agents as sacrificial lambs when we started PB.”
“As agents you should experience no change to the quality of our service”. I can say with absolute certainty that this is true. NOTHING will change.
I can hear the chuckling throughout the industry from the shores of Cornwall up to borders of Scotland.
Bite the hands that feed you Brucie, you will starve.
P.S. to the fallen 20, good luck. You may not see it now, understandably, but this is a blessing in disguise.
“Creating more valuation opportunities”, that would imply that Boomin have created at least an opportunity thus far, which I think is just nonsense.
Not surprised. Agents in my area that took up the free trial are leaving. They were told it was £400 a month, then £300, then £200 now being offered £100 a month for a 12 month contract. Don’t see any advertising from them. Always doomed to fail with the chuckle brothers in charge and the lack of respect they have shown estate agents in the past.
Last one there please turn out the lights…….
Well! That didn’t take long!
into my inbox in literally 2 minutes!! PB increasing fees by up to 33% and this sheading staff.
Well hardly a Brucie bonus, everything he touches turns to …….
er he is a multi millionaire LOL
Hahahahahahahahahahahahahahahahahahahahahahahahahahahaha
You’re not terribly bright are you dear? Money can be made… and money can be lost.
Anyway @janbyerss how’s being on the pension treating you? Got enough for Ciggies and Beer, or do you have to eat canned puppy food to keep up?
Bleeding out, slowly, in public.
Good on ‘ya Michael, keep up the use and abuse mentality.
Yes, I worked for you.
Yes, I know what you’re really like.
Yes, You’re haemorrhaging and need to plug the leaks, coz you need to keep your Bentley…
Paid model going well then is it?
The only Boomin I can hear is the sound of a company imploding