We all know that the online property portals, dominated by a handful of websites, are by far the most popular home search method, which is why an increasing number of agents are spending significantly more money on maintaining an online presence that goes beyond simply listing properties on their own website.
Rightmove remains the most visited UK property portal, Zoopla, part of ZPG, has consolidated its position as the second largest property website in the country, while OnTheMarket continues to challenge what they previously described as the ‘duopoly’ of the two big property portals.
While the three main portals continue to leverage their dominance in the industry to grow market share, there are other property websites, including soon-to-launch Boomin, which has already attracted big hitters like Foxtons and Hunters, that are hoping to regain control of the homebuyer audience.
Boomin, backed by the founders of Purplebricks, plans to launch in the coming weeks, hoping to make inroads in what many agents see as a crowded space. But a number of agents remain unconvinced, with some expressing opposition to those behind the platform , while others have requested more information before making a decision.
To help persuade more agents to sign up to its portal, Boomin has shared with many firms a Q&A (‘Top 10’) providing answers to what it claims are the most commonly asked questions, a copy of which has been presented to Property Industry Eye.
So here it is, ‘Your Questions Answered’ (by Boomin’s marketing department):
01 Who owns the data?
(Boomin:) You always own and control your data. Most of the data will originate from Boomin and be sent to you at the request of and with the permission of the customer. Any data we receive will never be shared or sold and will only be processed in accordance with agreements and permissions.
02 How does the diary work, what happens if we need to change for a specific vendor or negotiator?
The diary is fully configurable by company, branch, property or customer. You decide what you want to happen, where you want viewings and valuations to go and you can even choose the percentage of valuations or viewings you would like to automatically allocate to particular members of the team. It has been built to be highly flexible.
03 How do I become a Platinum agent?
The benefits that come with being a Platinum Agent are not about what you pay. It is all about the level of integration you have with Boomin. Those with a full CRM integration, that can therefore offer a much richer, deeper experience for them and their customers are eligible to be Platinum. Those that send us a normal portal feed would be Gold.
04 Are you integrating with all CRM platforms?
All agents should have the opportunity to enjoy the full power of Boomin and therefore our aim is to work with all CRM platforms as well as providing an easy integration pathway for those with their own bespoke systems. We also know that about 10% of agents manually load to portals and we have a solution for them as well.
05 How are agents selected for Matchmaker?
We do not charge for the benefits of Matchmaker, it is all about opening up the market and getting more people moving with the help of professional estate agents. Our algorithm is about fairly profiling Platinum Agents, being featured exclusively to sellers at positions 1, 2 and 3 and collectively by clicking across to position 4. The choice of Platinum Agents will be weighted towards those most local to the seller and those who have the greatest amount of similar stock to the sellers property. We aim to achieve the fairest and most relevant results for sellers and agents.
06 How will secret property & sneak peek work and do they have to be displayed/appear in every instance?
Our features are about giving visitors to Boomin the deeper insights into the market and the activity in the market they get when they engage with a great agent, and not just give them a list of classified adverts of properties for sale or to let. When they are making a decision whether to move or not at least they are making that decision based on a wider understanding of the activity in the market.
When a valuation is booked a secret property advert is created. Only enough information to get people interested is displayed. We do not show the full address and you can also choose to make the advert invisible if needs be. We build momentum prior to the valuation taking place and book the interested registered buyers for viewings as soon as you are instructed. Once you are instructed and give us the green light the secret property advert turns into a sneak peak advert unlocking the ability for viewings to be booked and momentum to build whilst you get the full advert ready.
07 How does the revenue share in Property Playground work?
If a seller, buyer, landlord or tenant is registered for the first time on Boomin by you, you get 100% of the revenue share until there is what we call an “Event”.
An “Event” is an exchange of contracts or a move in. If you are the same agent who registered for the first time and caused the Event then you continue to get 100% of the revenue share. If another agent caused the Event then you still get 20% but the other agent thereafter gets 80%.
The revenue shared is 33% in year 1 and 50% in year 2.
08 How are customers assigned to me from a revenue perspective in Property Playground and priorities?
If you are the first to secure the registration on Boomin of a customer or they sell or let with you and are registered on Boomin then they are assigned to your business. We can work with you on a campaign to introduce Boomin to your customers and provide a unique link so if the customer chooses to click on the link and agree to be registered for the first time then you will be assigned the customer for the purposes of the revenue share.
09 What will the rates be post the end of the free period?
Whilst we haven’t finalised this yet, we are likely to follow a method of payment on a monthly basis, per branch and maximum number of properties. We have tried to find alternative ways but cannot find anything that is a clear, fair, transparent and acceptable to all. There is a difference though.
We will charge a lower base fee and an in-month performance fee. As we earn you revenue and hit certain thresholds we will get an incremental increase in the base fee that month up to a maximum amount. At the end of each month it resets and starts again the following month.
We will announce the base fee and performance increments at least three months before you are required to start paying. There is no obligation on you whatsoever.
10 Will you ever deal directly with vendors and purchasers and cut out agents?
No never. We are contracting not to do this to give peace of mind.
Comments (36)
This is the online version of TEAM – but on speed! Hours will be spent checking commissions are correct. All the reasons to fear this site are listed above with agents manipulating data to their benefit plus the Bruce Bros factor! Beam me up Scottie.
Someone had a good lunch ! Where’s spellcheck when you need it ? Have to agree with the last line though.
I wish , just very bad at spelling
Its very intersting how the debate re Boomin is so very different on Linkedin comapred to here on PIE . I really dont see what there is to loose with Boomin. some of these comments are either based on jelousy ,, ignorance or perosnal dislike none of which provide for sound judgements to be made. Have a look , ask the right peoole the questions you have , get the answers validated and then decide wehter this might help your busness or not and wether it can be a catalyst for a fairer relationship with the portals. one thinng that is absolutley certain is the current relationship between Portal and Agent is not a heathy one for estate agents at all.
Well mine certainly isn’t based on “jealousy, ignorance or personal dislike none of which provide for sound judgements to be made”.(spelling corrected)
1. Do I want to hand over my business data with the risk of loosing it?
2. Do I want to have the Hassel from fallout over GDPR?
3. Do I want the fall out over poor service or declaring commission to my customers, sellers and landlords who may think they are entitled to some of it!
4. Do I want the risk of no commission when I don’t achieve a set target (still to be announced) EVERY MONTH?
5. Do I want to maintain my relationships with my local traders and suppliers and support my local communities well-being?
The list is long and all because I’m being offered a bit of commission that is not guaranteed. Someone else will also be making money on from my efforts without my involvement!
Boomin hasn’t done anything to make a real change in how our industry operates. It is nothing more than a commercial exercise and tweaked what we do everyday, including referral fees. None of it is new!!!!!!!!!!!!!! It is not a revolution and does not give my customers freedom of choice …. it will hound them with junk mail and calls and questionable of what they offer is best for the consumer?
The biggest RISK is the animal in charge. Trust someone who went out of their way to degrade the high street agent and caused COMMISSARY. Personal dislike, no, but sound business sense to survive not just today but the risk that is staring one in the face for the future.
Well said.
You’re not a ‘consultant’ to this outfit are you Ian? You seem to be defending/promoting them an awful lot.
Boomin seems to me to be a modern version of TEAM with properties shared and fees split – but on speed! I foresee managing the potential for inaccurate fee payments to be a nightmare and very time consuming. Just read the comments above on the potential for manipulation and abuse of data, alongside a lack of trust with the Bruce Bros and one wonders why so many have jumped into bed with this.
Could I run my business without Boomin’ given the above Q&A..?
YES!
Thank goodness for that! I thought I might have to close!
This lot who, “…..aim to work with all CRM platforms” might run into some resistance from that portal who own over half the agents desktops via multiple CRM software.
If there is no resistance then that’s the Turkey voting for Christmas.
Having just trimmed the fat and off-loaded the well known print, design and marketing arm like a hot potato, will a silver platter of CRM’s follow? And whose table might they be served up on?
Who knows, but plenty of turkeys are gonna get plucked.
Please change the name of this site to Property Industry Adverts until it returns to what it used to be.
Seems more apt at the moment.
I will repeat myself from an earlier post, which for me puts the nail in a coffin, which I had already buried. This venture is nothing about agents, it is all about Boomin and getting your data ……….
James Munro, the head of the National Trading Standards Estate and Letting Agent Team, is seeking information on the Boomin model. NTSELAT recommended agents disclose fees in a bid to improve transparency and ensure consumers felt confident in the services they receive.
The Consumer Protection from Unfair Trading Regulations – made it legally binding for agents to disclose referral fee, like Boomin’s offering to agents. Government is looking at new legislation to make it mandatory if agents fail to disclose.
There are also BIG QUESTIONS over how an agent qualifies for their referral fee, as a minimum fee must be earned by the agent EACH MONTH to qualify.
The last paragraph is massively important to take note of.
Another nail …..
They will cross sell my customers, the ones that help keep a local economy going. You know the local shops and trades people that rely on us and we live next to, the ones we have developed relationships with for many years and often in times of need are there to help.
When the service being offered by Boomin becomes poor service in my customers eyes, who are they going to complain about. The agent that recommened them????????
Am I going to abandone them for Boomin … not a fat chance.
Am I going to allow Boomin the potential to be detrimental to my business with my local community ….. not a fat chance. We all have a responsibility to our local communities and their well-being.
Does the public need Boomin? No. Agents certainly don’t as the offer of getting a fee seems to be the big push they are providing above what is already on the market for agents from web portals. But you will end having to pay for a monthly subscription and have to achieve every month a target to get your referal fee. They say they have no idea what the subscription will be once the freebie period has ended! Give me a break anyone with this business model should know where they will need to be today to have a business plan to succeed.
Trust: Firm belief in the reliability, truth, or ability of someone or something.
I know who I trust first and foremost …. myself. It’s my business data they want to get their hands on but I will be the one to sort any fall out directlt or indirectly.
From January 2021 they will charge £399 per month outside London and £499 inside London for sales and letting. I can’t see how they can create enough sales revenue to cover the monthly subscription, as they suggest. Will this just be another monthly drain on top of RM, Z, OTM …
if by the time the free period is up they havent achieved the two things below then you can come off , as they tie you to nothing
1. Moved consumers from curent portals to them as a main search facility ( if they achieve this PAID TO LIST PORTALS will change pricing models or die)
2. provided the revenue levels to warrant your custom
But if they have achieved what they aim, and have reached the tipping point (Like RM did many years ago).
Agents will not be able to walk away and end up paying for ANOTHER portal. When Boomin can effectively squeeze agents for more money.
Do we need another £400 (minimum) per month portal?
NO.
It strikes me as curious that with looming mandatory regulations about referral fees, and the likely need to be upfront about these, that a new portal, seemingly based entirely on the concept of cross-selling and additional revenue streams through referrals, should appeal.
Such ideas seem to me to put still further pressure and disadvantage to the dwindling band of independent, professional agents whose mantra of acting in the client’s best interest at all times, may soon become a distant memory: along with the long cherished notion by many in our industry of being regarded as professionals.
Another day, another “advert”! Surely, If someone is that interested in finding out about this they can do so themselves directly. Why is PIE constantly bombarding us with stuff about this company when the vast majority of decent agents are not the slightest bit interested?
Morning Fluter,
Ridiculous isn’t it. Glad I am not the only one who thinks this.
Look at the views and comments numbers. Easy to check on the Homepage that this is the 2nd highest viewed article today and the highest for comments. Same usually applies to RQ & PS articles. While the numbers suggest where readers interests lie the article/adverts will continue.
“Most of the data will originate from Boomin and be sent to you at the request of and with the permission of the customer. ”
Feels like boomin are recruiting estate agents to work for them.
This could become a minefield for GDPR court cases, who do we Sue?
Good Morning, and welcome to the latest daily installment of Boomin’ portal marketing!
YAWN!
The presentation was uninspiring, trying to take it in as the guy from PB spoke at a million words per second was tiresome. It seems they just want all your data and client details on the off chance of getting a small amount back if someone swaps energy suppliers, this is a slippery slope for agency. We won’t be giving our client base away so cheaply.
I found it all a bit wishy washy, a bit casual, bordering unprofessional – possibly arrogance ?
2 points.
1- a friend of mine who works for an agency that are signed up for Boomin has said that they’re just going to register everyone from their entire database to try and ‘win’ as much cash back as possible, will everyone not just try and do the same?
2 – He also said they’re planning to constantly load ‘new’ listings that ‘may’ come to market to try and generate leads, same question, what’s to stop everyone doing the same? I’ve found listings in the past that have just become unavailable when you call (which is really frustrating) and it’s just annoying so this is just open to abuse.
To be fair I’m looking forward to see this new site but if it doesn’t have all the properties I won’t be going back.
One last question, are Boomin paying for all these features or is this news??
Dear seller
don’t trust on line diary bookings – unless you want to be hawked relentlessly.
it’s a bit like check a trade but with traders competing on line bidding down fees between each other like piranha’s fighting over a piece of flesh. The bigger fish gets the prize as they ‘do’ more with the portal. The little fishies fight over the scraps.
However, if you would like a trustworthy, experienced service, we will be pleased to help 🙂 … and we don’t hawk your data
From those who made very substantial personal fortunes by rubbishing full-service no sale-no fee agency, the last thing I’d want is a, ‘richer, deeper experience’.
For those among us who are seeking a similar read – there are ample printed works relating to quantum physics.
I mean, its tough enough to focus on current workloads, without the confusion, variable aspects this portal offers. Yes it may have lots of new ideas and angles to generate interest in stock, but I fear that given they can not share projected charges, is this reason to approach with caution? How do you advertise a property which you are invited to value, but have not yet been instructed on – this I find curious.
This appears at first glance of the tail eventually wagging the dog.
I’ve no time whatsoever for this “portal“ but I’ve also wondered for a while, how many Agents, when preparing comparables Via RM select on the drop down box the exact address of the property they are valuing. It’s suggested This is to personalise The report but I suspect more it’s to gather data on who is thinking of moving. Happily proven wrong of course.
I feel exactly the same way and have never put the postcode in that box.
What even is this twaddle:
07 How does the revenue share in Property Playground work?
If a seller, buyer, landlord or tenant is registered for the first time on Boomin by you, you get 100% of the revenue share until there is what we call an “Event”.
An “Event” is an exchange of contracts or a move in. If you are the same agent who registered for the first time and caused the Event then you continue to get 100% of the revenue share. If another agent caused the Event then you still get 20% but the other agent thereafter gets 80%.
The revenue shared is 33% in year 1 and 50% in year 2.
I guess the big question is do you trust them? and for me the answer is no.
Sheep spend most of their lives worrying about being eaten by the fox; only to be eaten by the shepherd…….