Since its launch a year ago, Boomin has built its momentum on the basis of offering agents free use of the platform and claims to have 8,000 agents on board.
Inevitably there has been speculation about what would happen when the free period finished on April 1st 2022.
Would the 8,000 agents get on board with paying for the platform or would they simply say ‘thanks for the ride’ and leave?
As a result there has been growing anticipation in recent weeks about how soon after the end of the free period Boomin would give solid indications of how successfully the move to the paid-for model was going.
This morning the wait for news has ended as the platform has issued its first release on the subject.
“Boomin…confirms that it has commenced the move from a free to a paid for platform, and announces the first ten of the many leading agents who have already signed up .
“Our programme of agent sign up meetings is continuing and as a result there will be further announcements coming shortly.”
The first ten agencies are:
Acorn
Andrews
Balgores
Chancellors
Douglas & Gordon
Foxtons
Hammond & Stratford
Keatons
Martyn Gerrard
Pacitti Jones
Boomin says that agents will receive free shares in the platform, “to ensure that they benefit from its growing success” and that, “As part of our commitment to long term relationships with our agents we have put aside tens of millions of pounds of founder shares and additional shares for those who sign up.”
Simon Gerrard, Managing Director of Martyn Gerrard said:
“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, CEO of Foxtons – which was already an investor in Boomin – said:
“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.”
Robert Sargent of Acorn Group added:
“Working with Michael, Kenny and their wider management team has been a very straightforward process. The tech Boomin has developed, and in particular, the nurturing approach to prospective buyers and sellers has borne early fruit in terms of fresh new quality leads.”
Michael Bruce, Boomin’s CEO concluded:
“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 innovation for our agents and more agents signing up to a brighter future.”
Comments (31)
What fool is truly falling for these charlatans?
Never forget they tried to run us out of business with slander campaigns at PB and abandoned that sinking ship like the rats they are.
They will and that is a business plan
I also want to sell my business
Bin them all off. Why on earth do we all use portals? How does displaying when a listing was added to the market actually help anyone? If someone wants to buy a house, they can buy it. Worrying about how long it has been listed, or clearly displaying that a property is reduced is just not helpful and yet we pay for this service. Don’t worry though because portals have a way of helping you around this hurdle that they have created by making you pay for premium products. Utter, utter tosh the lot of it. You put yourself on an even keel with other estate agents then wonder why the vendor just instructs the cheapy chaps at 0.5%.
Take back control of your data, which along with your knowledge is the real value that estate agents actually have. Anyone can open a door and let people view a house. Not everyone can negotiate a good sale unless they have experience, knowledge and credible data.
I think most agents remember commisery and how they laughed at us in those adverts. That said I always keep an open mind on new potential business generation tools. Boomin has not been one of them, and I can echo the comments above regarding Smart Val leads. As a relatively small office with only me and one other valuer, we managed to do about 85% and followed up with a call and personal email. Not one actual valuation and no viewings. Regarding subscriptions. £400 – £600 has been banded around for Sales & Lettings. I would rather pump £6k a year into targeted canvassing which in my experience over the last year has given a decent ROI.
I have had what I would describe as near harrasment from the Boomin Sales Team in the last month via email and calls. Despite my emailing back stating that I am not interested. They even sent me a contract to sign last week which was especially annoying. The shares will have no value once the investors have had enough, that said, some fool has pumped £20 Million in recently!
I know some moan about Rightmove / fees / incerases, but at least they give a return, and lets face it, with property values increasing in the UK by an average of 19% over the last 5 years, we have in effect also increased our average commision by 19%.
So much positivity on here! Why are you all always out to knock new ideas and concepts? It’s not a good look hiding behind a false name and slagging everything off. I think they call that trolling. The ironic thing is that the alternative is Rightmove that you all hate so much and criticise as much as Boomin but continue chuck all your money at!! Go figure.
Its a total mystery why estate agents would be less than enthusiastic about the Bruce Brothers latest venture given their track record…..
Boomin is not and never will be a viable alternative to RM because that would mean having a long term strategy and that is not something that the bruce’s have much of track record for.
Hi Danny, I don’t hide… and it isn’t hard to find out which real life “Ric” this is… (just google, gobby opinionated, moody know it all estate agent and pages of “Ric” will appear)
Anyhow, lets keep this real.
Tell me in your experience of Boomin and your experience in the world of Estate Agency, why is Boomin good?
As I see it, having been on the end of the pitch: Boomin has been put to EAs as a new source of income. They will feed us with leads (quality leads and better than any other portal valuation leads) and these leads and spin off services will earn us money.
OTM, Z, OneDome and now Boomin have turned their pitch to “Quality Leads” whilst oddly RM have just quietly gone about listing houses and as a result maintained a status with the public as the “go to website” and as a result produce the most leads and probably the best quality,
HOWEVER no portal produces the BEST leads… because a seller who is ready to list and serious will typically call the agent they want to call based on local activity and word of mouth, not the EA who has paid a portal some money or extra money to get the lead.
You’ve jumped in twice to defend Boomin, which is great… (First one was a bit daft but hey hoe…)
My background is Estate Agency (30 years, although you would think I am a yoof if you find me on google) and my staff’s jobs were at potential risk when the Bruce Brothers went public with a hate campaign of end the High Street Agency. So me personally I cannot forgive the message they spat out which was to kill my business and me make people redundant as a result.
Put the above message aside and still Boomin is garbage… but then any “Digital Val Lead” is garbage as creating high volumes of leads from people who would like to know what their house is worth is EASY!… seriously really easy… no idea why anyone would pay to get a “online valuation” lead when you can hammer Facebook in your community and get hundreds of clicks on your online tool on your own website.
So what is it, I am missing about Boomin which you feel is so good that it can replace Rightmove? (I say Rightmove as you talk about Rightmove) but more importantly what is so good about Boomin full stop?
I ask in all seriousness as I am always happy to try something when someone can convince me there is merit in doing so! Proof… I supported OTM! So I am an open book when it comes to alternatives, but Boomin isn’t? it is a digital lead generator.
Well said Ric.
hear hear, or is it here here?
New idea and concepts! In business you move forward, not backwards or sideways with ideas that so far have failed to produce. Is it no surprise that comments are made, rather than bury the head in the sand and think … “because they say its good, I’ll be alright jack”. So many companies get into financial difficulty with that mentality, many go bust, cause no end of misery by the fall out for their employee’s/families, as well as their customers and the industry at large.
Ric said it all …….. my staff’s jobs were at potential risk when the Bruce Brothers went public with a hate campaign of end the High Street Agency. So me personally I cannot forgive the message they spat out which was to kill my business and me make people redundant as a result.
You need to look at that facts Danny. Where do you believe they will be in a couple of years time? I’ll be happy to remind you when it happens but I think those of us that are smart enough, already know the answer …… Boom.
Need convincing … just look at the rise and fall of Purple Bricks, its investors and staff, not just in the UK but internationally. Now who was it that walked away after everybody ran with it as being “it was a good idea”, with a big sell off!
Great debate Danny.
Which region do you cover for Boomin? (it’s the only conclusion to your silence).
Not free shares, you have to pay to be a passenger on the ship. How long will it stay afloat for!
The ‘smart val’ is a failure from what I can see. Seems to take up agents time with little to no return, if you were lucky to be asked.
If you can’t make it work being ‘Free’ …. what hope do agents expect when they now have to pay for what?
I only came here for the comments
Same as… Love a good PIE story on Boomin’ as I just love the comments section as it always makes for good reading.
Happy Friday!
I just can’t get behind this, I’m afraid.
We’ve had a few SmartVal requests, however these invariably go through the roof when they run some TV ads, and fall off a cliff when they don’t. Every single one is “curious” and not selling, and whilst I appreciate they can be poured into a marketing funnel, I already have my own instant val tool and facebook marketing campaigns which send those leads directly to me, which means I don’t need Boomin.
Buyer leads from Boomin are rarer than rocking horse s**t.
For me, and I daresay any estate agent, to get ANY value from Boomin and to consider send them any of our hard earned pound notes, they’re simply going to have to lure away buyer traffic from Rightmove. Right now, it appears they’re failing miserably to do that.
I spoke to our Boomin Account Manager recently & was told for Lettings only it is a monthly charge of £150 + VAT and we would be issued with 2400 free shares or alternatively 1200 shares for a discounted monthly payment.
Thanks but no thanks based on 12 months of very few referrals.
How does this compare to what others are being offered ?
why would anyone in their right mind sign up with these [Word removed as it breached posting guidelines]?
we all know the plan, big it up, get idiots to invest, give themselves shares and then sell off and run off in to the sunset.
Leopard, spots, etc
Seriously, you’ve not heard of the others? Some very good, large agencies there.
I’m not a Boomin client or employee, or employee of any of those agencies, btw, I just find it hard to believe you don’t know who some of those agents are!
Nothing like a bit of FOMO to get the masses signing up. And apart from Foxtons I’ve never heard of the others, not exactly a who’s who list.
Only heard of one? Clearly you’re not in the business!!
In property but not an estate agent. I’ve heard of Foxtons, Connells, Spicerhart, Hamptons etc. Apologies if you work for any of them said list, I stand corrected.
I am
I have not heard of any of them
I could not care less what other companies do or who runs them
I get on running my own busiess
I would expect that Boomin will have a fairly decent PR team for the obvious reasons and yet when the free trials have stopped, 10 agents out of c8000 have been announced as now paying, it does not look good. We did the free trial, not a single lead. This is no PB which tbf was a change of the usual approach. Boomin is just a v poor version of RM sadly.
Is this the same Boomin as the one I’m registered with for property in a wide price range in West Midlands?
I have had 8 emails from them in a space of a year and 4 of those were just advertising themselves.
Boomin, more like Bloomin Hopeless.
We have had just one valuation request in 12-months, from somebody who had only bought 6-months ago and was “just considering a move”.
Trialled this for the free year and the results were astonishing – Not a single lead that actually turned into business! One of the many of the 8,000 who has hurtled towards the exit…
Is that the same Rob Sargent that started Say no to Rightmove, who’s brands are all still on Rightmove? Looks like 10 greedy little piggies hoping to see it float and then sell out faster than an Oasis reunion gig.
Free shares? I got those from Purplebricks in 2018 instead of a pay review. Worked out well for me didn’t it lol
My shares in OnTheMarket has actually changed my planned retirement date… but unfortunately added 5 years to it whilst I try to scrape back our investment.
I think roulette is safer! All on Number 9.
or real world headline: “7,990 not yet signed”
But hey… if it helps,
How about “double digit sign ups, as the membership department lines go Boomin crazy for their pay for model”
(PS – One of the ten is already an invester in Boomin… FFS haha, imagine if they had not signed up! Doh)