An online agent, 99home, has revised its prices and launched a new ‘partnership’ programme for Local Property Experts.
It also says it is the first online agent to advertise on all three of the main portals – Rightmove, Zoopla and OnTheMarket.
The firm has previously said it plans to launch on the stock market next year, as part of a crowdfunding campaign.
In its new price menu, it now still offers the basic £99 package, payable upfront, to include listing on Rightmove, Zoopla and OnTheMarket, an online valuation and negotiation.
It now also offers a £499 upfront package, a £999 upfront package, plus two no sale, no fee options – one at a fixed cost, and the other at a negotiable commission.
Director Vijay Vashistha said: “We have revised our prices and added a few more services. This was already in our three-year plan when we launched 99home.”
99home, which launched on July 17, 2017, claims to have served over 10,000 customers in the two years it has been going.
Vashistha said that the commission for no sale, no fee, will be capped at 2.5% – where it might apply, for example, to an inexpensive and isolated property. In areas where there is plenty of competition for well-priced properties, he said the commission might be in the region of 0.7%.
99home previously offered packages where £99 was always payable upfront. With the £499 package, £400 was payable on completion and with the £999 package, £900 was payable on completion.
99home says it continues to undercut its main competitors – but not Doorsteps, which still charges £99.
99home is also looking for partners which it will initially call Local Property Experts. They pay no joining or ongoing fees, according to Vashistha.
Instead, commissions generated from within exclusive territories will be shared.
LPEs are promised ongoing marketing campaigns to build brand awareness and drive business; the ability to generate an uncapped, recurring monthly income; the ability to build up value in their own business “to provide strong exit capital”; and full training and support.
The company last filed accounts for the year to November 2017. They show cash reserves of £10,575 and liabilities of £853, with loans from directors at £7,520. It had no employees in the period.
The company, based in north London where it shares an address with a high street firm called Property Hub, ran a crowdfunding campaign last year, claiming it had raised over its £295,000 target.
Its OnTheMarket listings are here:
https://www.onthemarket.com/agents/branch/99home-wembley/
| Sell services | £99
Pay Adv |
£499
Pay Adv |
£999
Pay Adv |
£799/£999
NSNF |
%
NSNF |
| Marketing | ✔️ | ✔️ | ✔️ | ✔️ | ✔️ |
| Valuation | ✔️
Online only |
✔️ | ✔️ | ✔️ | ✔️ |
| Photo/Floorplan | X | ✔️ | ✔️ | ✔️ | ✔️ |
| Sales progression | X | ✔️ | ✔️ | ✔️ | ✔️ |
| Negotiation | ✔️
|
✔️ | ✔️ | ✔️ | ✔️ |
| “For Sale” Board | X | ✔️ | ✔️ | ✔️ | ✔️ |
| Accompanied Viewings | X | X | ✔️ | X | ✔️ |
| Advance payment | ✔️ | ✔️ | ✔️ | X | X |
| Cost on Completion | 0 | 0 | 0 | £799
£999 For London |
Agreed % or Fee |
| competitor | DoorSteps
£99 |
PurpleBricks
£899 |
YOPA
£1995 |
HouseSimple
£995 |
High Street Agents
1% +VAT |
Good to see OTM supporting real estate agents. It rather cheapens the offering. Probably says a lot about where OTM are heading, down the pan.
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Onthemarket rats.
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Cash reserves of £10k? really that much?
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£99 not making you any money? Who would’ve thought…
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#overcomplicated #pickafee
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Game changing! Yawn.
All hype and no knickers.
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No potential vendor is going to plough through that table of services/prices. Nor will they understand it.
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Reminds me of when my dear old grand dad used to do the pools.
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Headline:
Non-line Agent signals its own doom; and that of Non-The-Market as proper Estate Agents quit in protest!!!
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‘This was already in our plans’
sounds legit when they have even named it 99
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Its changing it’s name too; to 499home; no wait call an ambulance its 999home; or hang on a minute emoov ………………
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I thought you had to visit a property to list it on RM. Not provide an ‘online only’ valuation. Or has that rule changed?
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The online portals knows that this companies will not last so why not milk them for the last penny. Hopefully the online portals are paid in advance!!!!
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Oh my my, what will we find to give us a laugh and cheer us up in the morning when these online johnnies disappear up their own exhaust pipes?
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How on earth can you give a proper value when you haven’t seen the property. The zoopla property values are hopelessly so hope it isn’t the name algorithm and what if the house has had the same owner for the last 50 years where will they get a price from then
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Beach of RM terms and conditions but PB and Yopa being doing it for years.
Disappointed in OTM expected it to happen eventually but they didn’t exactly hold out.
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