Boomin, the soon-to-launch property portal, is inviting ‘founder agents’ to apply for a seat on the company’s board of directors, which will be a paid position, with a fee of £25,000 a year.
Michael Bruce, executive chairman and founder of Boomin, has written to all founder agents – you can read his letter below – inviting them to apply.
The process for nominations opens today and runs to the end of December.
Bruce is keen to stress that it is not too late for agents to sign-up as ‘founder agents’ to participate in the process – they have until 31 December, when nominations close.
Below is a copy of Bruce’s letter sent to founder agents.
Nominate a Founder Agent to Boomin’s Board of Directors
Set the strategy, know the direction, represent
Boomin wants to deliver innovative, partnership solutions for agents that are great for them and great for their customers and Boomin. We want to have a lasting level of clarity, transparency, integrity and trust with agents who will always be a key part of everything we do at Boomin.
One of the many ways that will contribute to achieving this lasting objective is to have an agent sit on the main Board of Directors of Boomin who is chosen by Founder Agents. This ensures that agents’ best interests are always being pursued. We’re also creating a Business Development Board comprising of a number of agents and experts in different fields to review and formulate the published ambitions of the company.
Founder Agents choosing who should be elected to the main Board is unprecedented in the property portal space and we encourage everyone who works for a Founder Agent to participate by making a nomination. This is a paid position, with the elected Board Member having direct influence over the strategy, direction and execution of the company and will become the voice of agents up and down the country.
This entire process is open to current Founder Agents and any further Founder Agents who join before the public launch of the business.
Today we announce the two-stage process for nominations and set out below the main details.
Main Board appointment process
Stage 1: Nominations
Nominations will open from 12.00pm on Tuesday 1 December and close at 5.00pm 31st December 2020
Anyone who is an owner, partner, director or employee of a Founder Agent can make one nomination
They can nominate themselves or someone in their organisation
The twelve agents with the highest number of votes, subject to their approval, will be put forward as the final chosen nominees
Stage 2: Final selection
The twelve nominees will be put to the executive of each Founder Agent whereupon they can cast one vote on behalf of their business for one of the nominees
For franchise groups each Franchisor brand will get a single vote
The voting will open at 9am on Tuesday 5 January 2021 and close at 5pm on Monday 18th January 2021
The nominee with the most votes will be appointed subject to their agreement and the sanction of the current Board
They can choose to be a statutory Director or a Board Observer and will receive a fee of £25,000 plus expenses
The successful applicant will sit on the Board for 18 months and thereafter there will be a new vote by Founder Agents.
All voting for Stage 1 Nominations will take place using this link or nominations can be emailed to directornomination@boomin.com.
Our Head of Legal & Compliance Stephen Parker will be overseeing the process and will be happy to answer your questions. Please email Stephen.parker@boomin.com with any questions.
Please share widely within your teams and encourage them to nominate. There can be no doubting that a more active process, with the many rather than the few participating will help to secure the best candidate.
Business Development Board
Ambition never comes to an end
In addition to the Main Board, there will be a Business Development Board, whose central remit will be to ensure that we stay focused on our ambitions for agents and customers. In addition to myself, David Shepherd (Founder and CTO) and Tom Kirk (Head of Product) will sit on the Board to ensure that our technology remains optimised to achieve the best experiences for both agents and customers, with Andrew Stewart (COO) accountable for maximising agent earnings potential. The final Boomin member will be Phil Lloyd, who as
CMO bares ultimate responsibility for marketing success and efficiency.
As with the Main Board we will look to bring-in outside agent expertise, with the remaining three seats on the Business Development Board reserved for Founder agents. We will be undertaking a search and selection process to identify and appoint three of the leading talents across the Founder Agency community to provide external insights, expertise and strong representation.
In summary, Boomin is committed to working with agents, for agents, to deliver a better future for everyone. Please engage and participate with us and help us to select the Board, which will work tirelessly on your behalf.
Yours sincerely
Michael Bruce
Executive Chairman & Founder
Boomin everybody’s friend. Shades of Animal Farm.
“All animals are equal but some animals are more equal than others’ .
Just swap the name territory owner for founder agents.
Fox in the hen house.
Talking of animals .
Sporting Ken’s Pink Sheets has made an extremely successful switch from the flat to the jumps.
Has won 4 times on the bounce after getting home at Kempton at a very tasty 10-1.
Were the founder agents on large?
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Pie , informative pieces like your other stories today, may not get as many comments but they are more important then stories of the Bruce’s next venture.
Even the concept of bricks which takes money off people upfront, could only have been morally invented by a immoral people.
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Ian has surely earned himself a place on the board. I’m a Platinum agent and excited about the potential of Boomin however I have been told it could be more than 18 months before Boomin is integrated with Alto. Does anyone know what the hold up is? We were the first to jump on OTM but I’m nervous Boomin has less stock. Perhaps someone more knowledgeable can comment?
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What potential excites you? (Genuine question) what does Boomin offer which fills you with excitement?
OTM was/is a property portal, Boomin to my knowledge isn’t trying to be a property portal is it?
My post is not to cause an argument or poke at Boomin, it is however to understand how an agent has become excited and with which bit have they become excited about.
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@Ric Frustrated with RM’s lack of innovation and fees. We signed up to Boomin’s portal for the matchmaker and property playground functionality and excited about Boomin using our data to cross-sell to customers and the revenue share from this as well as opaque referral fees. We have a lot of data which I’ve been trying to get the business to understand the value of but up until now it’s fallen on deaf ears.
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Excellent. Sounds like you have bought into the data sharing bit, which I think is where Boomin will have success.
Bear with me, because I am a tad simple on most fronts, and all this data Boomin, cross selling confuses me a tad.
I think for me, I can’t (at the moment) get my head around which cross selling my team cannot do themselves with the data they have. Although I respect Boomin are looking to tap into the digital leads and therefore leads perhaps my team would never have got if they are tapping into the people who never call us and just surf on the web? but I wonder how in control of that income with Boomin are you…
Have Boomin given any EA an estimate on what return to expect on the “cross selling” or is this down to how hard the agent works at it? Or have they said, list with us and watch the returns roll in.
Maybe I cannot see past or unhear… who needs a High Street EA as shouted quite loudly by the Bruce brothers.
If Boomin doesn’t become a go to property website, I assume it is flawed as an income generator, or… So does it become; BriefYourMarket meets uSwiitch and Google Adsense (BUG for short) and is just going to pepper your client database with adverts and offers?
It will be an interesting one to watch but with so much talk of the “extra revenue” it sounds like a service which should be free… they are using your data after all, so perhaps they should pay you for the lead generator.
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Anyone else think Chris Wood would be a great nomination??
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It’s just a guess but, I think that is as likely as Jeremy Corbyn being invited to officiate at a Bar Mitzvah.
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Nope!
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Bruce – “lasting level of clarity, transparency, integrity and trust with agents” – Ha!
You tried to bust every professional agents business in the country. Get back in the undergrowth.
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One vote on a board which is will have countless votes from paid Boomin ‘members’
This is just PR.
And lets face it it will be someone like Rob Sargent who has already shown his mind changes dependent on the wind that favors him.
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A decent, trustworthy business….
Source CityAM “Purplebricks fined £260,000 for breach of money-laundering rules” https://www.cityam.com/purplebricks-fined-260000-for-breach-of-money-laundering-rules/
Odd that the regulators appear to have turned a blind eye to this given this was under the Bruce Brothers directorship.
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Hey PIE. This is just promotion for a “challenger”. I was told by both Ros and Nick that they would not run stories from me that sought to promote my Mutual challenger. What is the difference?
OTM made a big noise and so has Boomin. Is noise the only thing that agents are expected to listen to or understand?.
Why do agents think that saddling yet another “challenger portal” with £millions of debt, is going to turn it into the next Rightmove? If Rightmove had started up with £millions of debt it would possibly never have never got off the ground. And why do agents want or need another Rightmove? Aren’t investor controlled and run businesses the problem?
Bustin has to make £millions off the back of agents data, driving traffic to their website, before they have even repaid the principal, let alone the interest on the investors loans. And what about the £millions more made off the agents backs, year on year, in dividends and investor profit? How did it work out for Purple Bricks and the £millions they raised back then; or eMoov, going back to investors, raising more money, spending it. diluting control, and eventually ending up bust; or OTM, locking agents into raising a sum and then pulling the rug and floating, diluting control.
The definition of madness…
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#ad missing from post
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Two articles today, makes up for not having any yesterday!
Come on PIE, where is your objective journalism. How about you tell us what YOU think in a non advertising sort of way. Think of the little people in this business who would like to understand a fully impartial view. Not a summary of why we should all jump into bed with this new portal, akin to all the sound bites shared within this very publication by every egotistical self proclaimed estate agency saviours; but PIEs very own research resulting in a candid opinion – one which PIE can stand alongside.
Its the small independent agents who need the assistance, guidance and insight from publications like PIE. Those agents who do not have deep pockets and the shoulder rub within the clique to allow them to be heard and listened too when raising questions. And PIE, it is your responsibility to provide that. Not just with Boomin, but with all aspects within the circle of the property business and what is current and relative.
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Its more adding to Boomins promotion, not journalism. I thought PIE said ‘no promoting business’.
Not a single person has answered concerns over ‘TRUST’. What you get now is not what you will get once the free period is over. Or why the public need Boomin? Strange that as any business worth its salt would be shouting allowed its benefits but no, Boomin is all behind closed doors and smoke screens.
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