Boomin says that agents will be a big part of its growth, with lifetime revenue potential offered to those willing to sign up to the soon-to-launch property portal.
Boomin, which has already gained support from a number of high-profile agents across the UK, says that its primary aim is to create a low-cost platform for agents that generates significantly more revenue for them through property leads as well as a host of other property services, including utilities and design-led furniture.
Taking part in a Boomin webinar yesterday, Michael Bruce, executive chairman and founder of the company, said: “Every time one of your customers buys a product or service [via Boomin]… you will earn a revenue share for life. Our key objective is to earn you more revenue than you will ever pay.”
The Boomin webinar revealed that the new website, which is due to launch over the next few weeks, will offer agents the potential to earn new and recurring revenues, while also pledging to “create a better experience for customers”, when compared with the existing leading property portals.
Aside from embarking on a multi-million pound marketing campaign, Boomin’s plans for growth places partner agents at the heart of their operation, with a view to providing companies with tangible value and new growth opportunities through delivering a broad set of products and services.
In addition to the properties listed for sale and to let, users will also be able to view houses and flats that have been instructed but not yet marketed, those in a chain, and on occasions those that are currently being valued, with a view to giving prospective buyers and renters “a deeper insight into what’s happening on the market”, according to Michael Bruce.
There will also be a ‘matchmaker’ option for would-be purchasers allowing them to make a detailed property search, as well as what Boomin refers to as a ’24-7’ service, enabling them to book a viewing of a property directly through the portal, while vendors will also be able to book valuations.
Boomin’s ‘Property Playground’ facility will, among other things, aim to create what the portal refers to as “lifetime relationships”, which Bruce described as a “career long fascination with how to keep the brand front and centre, relevant, engaged, and important to a customer – not just during that window of opportunity you have when you’ve got them [the customer] in the transaction, but beyond that for a lifetime”.
Bruce said that Boomin’s strategy is aimed at helping agents “increase conversion rates”, not just when it comes to their property listings, but also a wide range of options, including various other services.
Bruce explained: “Purplebricks proved that if you are at the cold face front and centre when someone is in the market to buy a product or service, if you are there in the moment, your conversion rate materially increases.
“With lifetime relationships, we have created an environment whereby you can press exchange of contracts, and we will immediately arrange [and offer services such as] removals, gas and electrics, broadband, insurance, sky – whatever the case may be, but in a much easier, far more simple way.
Bruce claimed that customers “trying to achieve the same objective by going to Comparethemarket.com or Confused, for example”, will find that “it would take them anywhere between nine and seven hours to achieve the same objective”.
He went on: “Because we know who you [the customer] are, where you are moving from, and where you are moving into, we can deliver you the exact same quotes as Comparethemarket.com from the exact same provider at the exact same cost but in a much more easy and straightforward way.”
He added: “Every time a customer either buys a product or service during the course of the transaction, or for a lifetime thereafter, you will earn a share of that revenue.”
Boomin also announced that it is planning to launch a YouTube channel as part of its marketing mix.
The company has teamed up with media agencies, Uncommon Creative Studio, Goodstuff and THE PHA Group, to create targeted investment across key channels, including TV, radio, out of home advertising (OOH), YouTube, and SEO.
We asked Boomin to release a pre-recorded video clip, aired as part of the webinar yesterday, which explains more about the website and the potential opportunities for agents, but the company declined.
We also asked Boomin to permit us to share with readers the promotional YouTube clip, also shared with a small group of agents on yesterday’s webinar, but again, this request was rejected.
A company spokesperson said: “We feel it is premature to release the video and YouTube clip to a wider distribution network at this current moment. As we get even closer to launch, hopefully we will be able to share more.”
Comments (16)
Why so much secrecy NDA is just a sign of dishonesty and untrustworthiness, these guys are not your friends and neither a solution to leave or substitute Rightmove, wind your neck in and concentrate on your own business not someone else’s, stick with what you know before you sell your sole to the devils. Once you are in there’s no way out and the costs will increase to a point that you can’t afford to stay and can’t afford to leave, and if you leave all the so called residual income will become theirs. Don’t be fooled by the Wolves in Sheep’s clothing.
Nothing fills me with dread like automated non pre-vetted appointments from a third party especially in the current climate. I have no intention of losing control of how my business operates and no amount of bribery will change my mind. Once the trust has gone it’s gone. I’d like to say good luck to them and I wish them well but I don’t. If people wish to line the pockets of Boomin and eventually rely on them in the way that agents rely on Rightmove then that’s up to them. If your business doesn’t need them right now then why bother.
As I write this, all comments on this story are anti-Boomin and all do not have a single downvote. Which is quite interesting (albeit a small sample of the industy).
I would be very interested to know the general sign up rate to the Boomin free offering. Are they struggling to get any real traction (my instinct says they are) which they would need to make a success of their business? Aside of Foxtons are there any other big names that have joined? Can they make a true success without CW, Connells, LSL, Spicerhaart and even PB? Surely they would be shouting from the rooftops if they had made any further major coups?
This is a critcal moment for our industry right now and we need to be careful about the emerging portals we back. We could quite easily be helping creating a cure that is worse than the disease. There is no doubt that this at the very least is a big data play (see Mark Burgess’ thoughts on this) and at the very worst a trojan horse that would control the transaction from the start of the customer journey and eliminate us from the process (what Zillow are doing in the US). Is this PB 2.0? I would say there is a good chance.
Boomin have made attempts to ease agents’ concern over the overriding vision of cutting us out of the transaction. I believe by possibly adding something to the contract. How long does this contract last for and would it even be enforceable in the long-term? Even if the founders have the best intentions in the world their 3-5 year goal will no doubt be to exit with another huge payout. What would be the intentions of the new owners? What if the new owners/major shareholders were Zillow? It’s too much of a risk to take in my opinion.
It is easy to become too emotional about RM and the pain that they have caused over the years. I liked the initial idea of Openbrix in theory as something to back. Is there any progress there or is it stuttering? Homesearch too?
My concluding thoughts; beware of the propaganda that will no doubt be making its way across the trade press in the coming weeks from Boomin prior to their launch. No doubt there will be a strong attempt to worry us into joining from the very start in fear of missing out.
Mine wasn’t anti-Boomin
Just pointing out the obvious to the uneducated.
I have also seen another report on Boomin and what stands out is you lot are being dangled a carrot to build a household name platform which cannot be done without your help. Think about it, Bruce and Co are out to make money and you run the risk of giving all your data, for them to then stab you in then back with a private listing site?
If it is so good, why hasn’t he offered this to his pet Purple Bricks with all the Commissary!!!!
A fourth platform (actually its something like 50th plus) isn’t needed. The three main players offer exactly what you need, an advertising outlet. Boomin is nothing more than that for your needs. The consumer is tired of all these different sites, being picked off for additional junk marketing and the extras … they like to make thier own choice, not a Boomin only selection.
I wouldn’t touch this venture, end of.
I’ve read on another site more detail of this future offering and what I would say is, read between the lines at not what is hidden but what is camouflaged.
when you start griping about charges they will fall back on, well we stated this right from the start!
good luck y’all, even as a consumer I’m not looking forward to this as I don’t want my data to be linked in with them or you for life.
I am afraid that our eyes are bigger than our stomachs, and that we have more curiosity than understanding. We grasp at everything, but catch nothing except wind.”― Michel de Montaigne, The Complete Essays
Did the original Territory Owners at Purple Bricks not hear something similar ? How’s that worked out for them ?
It’s actually a little sickening to see the weak minded and gold diggers trying to jump on the Bruce brother bandwagon. Having see them rake in millions at the expense of others last time, I think many people are trying to get in early and hope that some of the millions will rub off on them this time. Many rich people don’t have friends and colleagues. They just have hangers on.
Utter shysters.
You’ll all be raving about Boomin this time next year.
So if vendors can book valuations and buyers can book viewings through Boomin ….agents sound like they will be downstream and dependent on it.
Remember to wear your asbestos gloves when you are playing with fire kids….
Whilst I get the idea of offering a one stop shop portal for buyers, sellers and agents alike; is it just me or is Boomin’s offerings simply going to confuse as offering way too much.
I also look forward to reading the small print at the bottom of each page on the screen, where by Boomin position themselves in order to adhere to recent guidelines and legislation explaining the referral fee’s and who benefits from them. Also, the agents who use the portal and benefit from the referral fees. Isn’t compliance fun!
It’s all about the data…….
There are millions to be earned from Agents’ data.
A name and address of a house mover can be bought from a portal, insurance company, bank etc for 2p and sold on for 10p…..
Imagine controlling the end price too? It’s worth more than the subscription fee to the portal…..
James
I think you make a very good point … its not something Ive thought about previously.
Presumably theres nothing to stop agents getting together and providing this data collectively to an agent controlled company doing the same thing. Making money out of the data they provide…..
This would be totally seperate to feeding a portal so perhaps agents could agree to work together (for once) for their common good.
Sorry – I just cant trust these Boomin lot. No amount of shares will help!!