Boomin, the still-to-launch property portal, has announced that it will finally launch next month.
The new website was supposed to launch in December 2020, but the introduction of the portal was delayed despite a major marketing campaign.
It was a disappointing start for the platform. It has been suggested by a number of agents that they did not have the take up of agents they expected.
But three months later and the Boomin website is almost ready to go live.
The new platform will launch on Friday 2nd April with more than 5,000 agency offices now signed up, although it is important to point out that growth in those committing to the website has been predominantly fuelled by free listings under the portal’s short-term introductory trial offer.
Agents signed up the portal before the end of March will have free use of the platform for almost 12 months.
Michael Bruce, executive chairman and founder of Boomin, said: “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% more by 2024. 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.
“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.”
According to Bruce, Boomin will be promoted across a range of media channels, including TV.
Bruce added: “We have a £50m plus advertising campaign over the next three years primed and ready to go from 2 April.
“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.”
Comments (46)
A few things to consider;
– it’s interesting that this says branches and not agents. Also there is no split between sales and lettings
– 5000 is around 33% of all agents in the U.K. If this equates to 33% of stock levels this is nowhere near enough for critical mass to make a portal work. They desperately need more sign ups
– through the various agency Facebook groups a lot of the companies that have signed up look like letting agents (with little or no sales stock) or new startup agencies that don’t bare the grudges of the Bruces’ time at PB. So I would guess that stock levels will actually be around 25-30% of all available stock but let’s see
– the first month or so of launch will be make or break. Expect the PR machine to be in full force with almost daily case studies of founding members that have had huge lead levels, amazing seller enquiries and big ticket ancillary sales leading to large commisions. The idea will be lure in other agents through the fear of missing out and get mass signups to achieve the critical mass of at least 70% of stock levels
I still haven’t had a reply to my question I have been asking for months …
When the agents have built-up Boomin, what is to stop the portal changing to a ‘for sale by private sellers’?
Think it’s pretty clear that’s not going to happen WT.
A GLARING WARNING FOR ALL.
Just seen the poll on Estate agents today says it all really, 5,000 agency offices now signed up.. That’s less than OTM had at launch and its took more than 5 years for consumers to take them serious, why would agents want to pay for another Portal on top of what they are paying or will be paying in 12 months, with the delayed launch will they delay the subscriptions when they all start to leave. Discounts will creep in and desperation, the BB will promote the hell out of it in an attempt to claw back all the money they will spend before they SELL IT…
£50m for advertising over 3 years are they having a laugh they would need 10x that over 3 years.
As you point out HM, it’s going to take a LOT more than £50m to dislodge the £6bn market leader.
Fair to say the Boomin staff are all on here today down voting any negative comments. We used to do same at PB
have you seen what happens on their linked in posts about the new founding members? Lots of comments – ALL from boomin staff, apart from the odd one from a founding member agent, saying that they have joined – good onboarding and after that impossible to get hold of. I even saw one the other week welcoming a new founding agent – with that agent commenting and saying – you need to remove – we haven’t joined.
I remember the days when you used a company once you’d seen the good work that they had done, surely that is good business sense. Fear of missing out or FOMO as its apparently called on social media is alive and well it seems. But then it could be the old smoke and mirrors they are so adept at. Remind me how much profit their last venture is making and how the staff were treated. But guess what, they already have a positive review.
The ‘Bruce Brothers’ made their money out of gullible share buyers, well I’m not a gullible estate agent. It is, as allways a BIG NO from me. Boomin joke outfit.
Guaranteed that the 5000 sign ups are inclusive of the staff the agency employs. So if your branch has 10 members of staff thats 10 “sign ups”. Thats how the Bruce’s work.
Given how many run ins with the ASA the Bruce Brothers had whilst at PB I would take anything they have to say with the largest pinch of Salt possible.
There are so many people taking your data these days that I think the word secure and or security are redundant anyway as so many people have it that it isn’t secret and it’s a lot less secure so this “free lunch” is as close as you are going to get to a free lunch.
You moan about costs with portals yet you still pay, you moan about new portals and additional costs yet most of you still join and this new one offers free service for 9 months and you still moan.
Of course you’re free period will still cost you your data so will you get the kickbacks during this period?
Has anyone asked that question? If you are then it’s worth trying it out for “free” because some of your clients will ask what it’s all about and am I on there and in three, six and eight months time you can decide whether you signup for longer, suck it and see people then support it or knock it but stop kicking new ideas into touch before you know, regardless of who owns or runs it, it’s another angle and another opportunity, open your mind, throw away the anger or mistrust just once more and see for yourselves. Those that join are entitled to knock it, if it fails, those that don’t must remain silent until they can laugh at being right or kick themselves for not hitching to the wagon early doors. Let’s not keep knocking innovation, somebody has to make a profit, after all, don’t you and isn’t there someone out there who dislikes you?
let’s break this circle of dislike, mistrust, envy or whatever you want to call it, at least for the next 9 months.
Is the claimed volume of agency offices having signed up, a sign of increased trust in the Bruce’s new venture, or is it a sign of a wider sense of desperation within our industry/FOMO? By this I mean, have we placed our memory and principles to one side, in a bid to climb aboard yet another service provider that promises a panacea?
Whilst it could be deemed as naive by some (not I) to be principled when going about ones business dealings…It seems that ‘principle’ has rather gone out of the window.
I make no comment on the functionality of the platform itself in this comment, however I would be very cautious about flying the flag for/’buying into’ the Bruces. It seems to me and judging by previous form, the Bruces are for themselves (and have done very well doing so), and no one else.
Just give it a wide berth….have agents forgotten what the Bruce brothers think of traditional estate agents….? After a year, he’ll sell his shares to some other nameless fool with more money than sense! Avoid avoid and avoid!
Agents will receive back more than they pay out – sorry – how does this business model work? Where are they going to get there income from then? There is no way on earth they are going to recoup their millions through the “referrals” they are going to put on their site.
Watch out OTM (year 1) Zoopla (year 2). The marketing in the sector is generally insipid at best and cringeworthy at worst. None of it has any impact or is memorable. We all hate the word ‘Commisery’ BUT we all know it. Let’s see what Boomin’s ad campaign is like. All they need to break this sector is high impact advertising that is memorable. All the actual portal needs to do is be an easy to use shop window. From an agent’s point of view if Boomin spend 50m on advertising that can only be a good thing if we are on there free of charge for 12 months and also a fixed charge rate for the future which is performance orientated. This means that busier agents pay more and small agents’ fees never go up. Rightmove watch out!!
They’re going to need a lot more than Rightmove’s Datafeed from the CRM’s to compete with OTM or Zoopla.
If they don’t have the stock it wont matter a jot how good their marketing is.
It doesn’t matter one bit how glorrifying their marketing is. It is the actual service that it provideds to agents and their customers and what they do with their data. People are more wise and informed on propaganda than ever before.
Customers are fed up with call centre cross selling.
Fool me once, shame on you. Fool me twice, shame on me.
I seem to be commenting on this subject a lot today But surely this time when the BB’s are spending £50m, giving their service away free for 12 months and aligning with agents against RM, that’s a good thing for agents??
There is no such thing as a free lunch. Who do you think will be ultimately paying for the £50m?
What’s in it for you EAMD172?
Haven’t you twigged? EAMD172 is Kenny and Michael’s mum.
Ha!
“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.
” Shades of Animal Farm
“ALL ANIMALS ARE EQUAL, BUT SOME ANIMALS ARE MORE EQUAL THAN OTHERS.”
“Agents that sign-up before launch will become founder agents and will not only gain a competitive advantage in their local areas and qualify for free shares but will also benefit from compelling fixed fee rates and cost certainty until 2024.”
The amount of articles on EYE regarding Boomin have been disproportionate .Seemingly deserving of 2 today
Maybe Property Consumer Eye are feathering the nest?
IPO or Acquired by another company… the two targets.
Maybe not…I mean who an earth thinks they can create a company, lose millions every month but sell shares for millions every month and make more money over the hype than the actual reason behind the company.
Multiple income streams” on offer!
Is our industry that gullible or greedy to allow such enterprises to further compromise our service to our clients as professionals? No.
Neither the consumer nor the integrity of our industry will be helped by the arrival of yet another “one stop shop”with such tenuous links to all things property related.
We take pride in the service we offer and should act in the best interest of our clients at all times.
Boomin seems like Dante’s vision of Referral fee heaven.
I take it you don’t like Amazon either? The general public like websites that take them off in different directions. Unless you hadn’t noticed the world has been staring at their small screens for a massively increased amount of time over the last 12 months. A hard habit to break. If something catches their eye it’s nice to follow a virtual journey to an ultimate purchase option. Unfortunately that’s the way the world is going for now. The High St Shops are dying. Long live the (virtual) High Street!
I do like Amazon.
Sexist comment alert;
as a bloke I usually know what I want to buy having done appropriate research and then I go and buy it, either online or in person (where possible). Thus shopping for me may be different to others, I do not wander onto a high street to see what takes my fancy. I am probably also the nemesis of menswear shop assistants, but I’ll park that aspect,
I disagree that “the general public like websites that take them off in different directions”. In fact I couldn’t disagree more as such a description portrays website browsers as the same type of clueless shopper that wanders onto a high street, as above.
And to sell such a concept to estate agents who control the vital resource they need, i.e. stock, seems borderline offensive with the assumption that we, as agents cannot provide such additional links to such services, with or without referral fees.
For my part if a buyer asks for a solicitor recommendation, I’ll give it as a recommendation. My reputation is attached to that recommendation and the solicitor has had to earn it rather than pay for it.
£50m ad spend over three years plus overheads – 5,000 offices…..£10,000 an office on advertising alone? This is massive cash burn, but as we know, talk is cheap with Mr Bruce
Why is that Mr Story Begins?
Not a snowflake’s chance of “success”.
I’ll give you 5:1 odds that they overtake OTM within 12 months. If you haven’t signed up you’ve missed a trick. Free advertising for 12 months! This time the Bruce Brothers are on Agents’ side and aligning against RM. What’s not to love about that???
If something is free, you’re (or your data) usually the product.
Not a chance 1000:1 outsider. The agents on OTM are precisely the ones Bruce’s targeted with his Commissary.
Do we need yet another portal?
I sell and let my properties without any difficulty.
There really is no need for this.
Variety is the spice of life
Easy to say Iain when you are not the one that will be paying for it.
Neither will anyone else unless Boomin crack it and create value to make it worth paying for.
Exactly. I think they’ve actually cracked it with their fee model. All they need to do now is get the advertising right. Please no lame songs!!!
Its more expensive than Zoopla. Why have Zoopla not dominated the portal world?
Why do agents need another portal to have to pay to advertise on? Another one that, if Boomin succeed in their plan, will be considered essential to be on and so we continue with the merrygoround of portals to be on in order to get instructions?
Boomin is not here to improve things for agents, they are here to make a profit like any business, with a very large investment to pay back. Is there really enough of a difference to tempt the consumer away from the brand that they know and have been familier with for a long long time.
If Boomin becomes #1 does that mean agents will suddenly decide they don’t need to advertise on RM, Zoopla or OTM? Or are they just adding a 4th source of advertising into their budgets?
Agents already think they need to be on at least 2 if not 3 portals to win instructions and show their clients that they have complete reach of market. How will Boomin change that? Then, if it does, surely that’s then creating even less of a competition in the portal market place and will that mean that Rightmove Zoopla and OTM go under?
5000 offices? Wow. They certainly have been busy