An online estate agency is launching what has been described as a ‘quasi franchise operation’ it calls ‘Agency In A Box’.
Online Estate Agents, a company which has the Sellmyhome and RentMyHome brands, is behind the partner licensing system, which it says allows applicants to “effectively” keep 90% of their fees.
The model has no entry fee but charges licence holders £500 plus VAT per month and takes 10% of each transaction fee.
Licencees get the use of a back-office team, marketing, training and what managing director Shezad Tayub calls “a recognised brand” with access to major portals and a CRM.
Tayub said: “All they need is a desire to achieve the best and be part of something that will become a national, household brand.
“We’ve already received a lot of positive response from potential partners and the fact we are waiving the first three months management fees for the first 50 successful Partners, demonstrates we are willing to contribute towards their success.”
He says the Rentmyhome brand delivers a full lettings and property management business and his newly launched Financemyhome brand “is already generating a significant contribution.”
Sellmyhome charges an upfront “essential standard” fee of £799 to £999 including VAT, and a no sale no fee “essential plus” at £1,499 to £1,999 including VAT. There is also a “premium traditional” charging from 0.75 per cent plus VAT.
Tayub added: “one of the biggest impediments to setting up an agency is the cost and compliance aspect. Having started and successfully grown a real estate business, I wanted to empower top performing property professionals to reach their full potential by removing the significant cost barrier to running their own agency. The fact this will help us achieve our goal of national growth makes it a win-win for the right person.”
The model has no entry fee, a nominal monthly fee of £500 plus VST per month and a 10% per transaction fee.
He continued: “Licencees will effectively retain 90% of their fees and will be supported by a back office team, marketing services, training, a recognised brand and access to the major portals and industry leading CRM.
“It’s effectively an ‘Agency in a Box’ and delivers everything an agent needs to drive their success. All they need is a desire to achieve the best and be part of something that will become a national, household brand. We’ve already received a lot of positive response from potential Partners and the fact we are waiving the first three months management fees for the first 50 successful Partners, demonstrates we are willing to contribute towards their success.
“The opportunities for creating a long-term, sustainable business of their own is enhanced by our additional brands, all of which deliver attractive, ongoing revenue streams. Our Rentmyhome.co.uk brand delivers a full lettings and property management business and our newly launched Financemyhome.co.uk brand is already generating a significant contribution to our Group and benefit to staff.
“With a suite of end to end property solutions, an agent who is currently performing well, but perhaps lacking the recognition and reward they deserve can now take back control of their future and retain the vast majority of their revenue. We look forward to hearing from applicants who will partner with our brand, but build on their own profile as great agents in their local area, with no territory restrictions.
“We believe in making it easy and our model is easy to enter and easy to exit with only a rolling 12 month contract and option to renew. We are not interested in creating punitive, long term contracts as we believe a contract is only as good as the relationship that underpins it. If it is not working for an agent they can move on. However, we’re confident that by creating the right environment for success and leaving the agent with the lion’s share of reward, we will all benefit.”
Maybe we could have a pyramid selling section so that suckers can choose between a “free” estate agency business or some other tacky BOGOF offer? I am sure that most employed agents are not stupid enough to give up a well paid job in return for a few peanuts being scattered on the ground by the pyramid sellers.
Bring on qualifications, licensing, and better entry standards, so that we can finally ditch the lowest of the low.
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How about ‘agency in a box room’
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Another agency? It’s exhausting trying to keep up with so many “great” estate agent ideas
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Interesting addition to the current models out there. One that requires some skin in the game is preferable to the ‘free’, no fees model. Should keep out the non skilled or agent that just wants to ‘give it a go’.
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It’s a well known fact that it costs at least £1,000 to sell a home, if you’re charging less than that per transaction, you’re literally doomed. Do the maths, look at all of the other “game changers”, none of them are making any money….
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I’d say £1500 ex VAT minimum and with increasing supply scarcity, this figure will rocket.
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The “at least £***” figure is entirely dependent upon a myriad of variables. Plus of course it also depends upon the interpretation of “sell” that a company or individual may elect to base their claims off.
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so £600 a month and 10% gratis with no cap… sounds like a rubbish deal to me cheaper to go alone
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Their website is abysmal – no company information to be found anywhere. The Ts&Cs and Privacy Policy page ofonlineestateagents.co.uk links both open the blog.
So little information, some might think they have something to hide…
Any poor soul wanting to list with onlineestateagent.co.uk for the quoted £120 (inc VAT) per month is faced with a rather different figure when going through the online instruction process with them. Added to the cheap-as-chips month’s fee is:
£250 ‘set up fee’,
‘Marketing Booster (£199),
“Completion Management” (£299),
EPC (£90),
‘Virtual Walkthrough’ (£99), and
“Unlimited Accompanied Viewings (£399)
So – a kick in the pants off £1400 if you don’t UNtick all the boxes… and that’s just for ONE MONTH!
But it seems that the ‘onlineestateagents.co.uk’ website – “Your Trusted Online Estate Agent” written all over it – is a mere shell site. There are no properties on the in-site Search facility and their claims to advertise on Rightmove and Zoopla are met with no listings for a company of that name on either of the portals.
But, of course, the article refers to “Online Estate Agents, a company which has the Sellmyhome and RentMyHome brands”
That would be the brands that currently advertise on Rightmove stating ” part of MyHomeGroup Ltd.” – which, according to Companies House, is currently in a state of dissolution (like so many others we have seen come… and go… and come again).
Which is exactly what appears to going on here. Yet another phoenix from the ashes. S.S.D.D. (credit: Stephen King)
OEA apparently acquired the ‘sellmyhome’ brand in April 2020. The website for this ‘trading style’ claims they are “UK’s best-rated online agent” according to their (un)Trust(worthy)pilot score…
…a completely bogus claim as over 80% of the reviews were posted before the takeover. The eMoov trick all over again.
There are so many inaccuracies to be found, it’s hard to tell one misleading statement from another.
Oh – and according to LinkedIn, apparently Tim Shinners is a “Partner” at OEA.
THAT IS something you’d want to hide! (for those that don’t know the name – or can’t remember why they do – look him up in the Archive.)
I’ll rest my case here for now…
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“… according to LinkedIn, apparently Tim Shinners is a “Partner” at OEA. ”
Shinners appears to be a shifty little so and so and he is also the subject of a Prohibition Order from April 2020. I wonder if being a “Partner” would be considered as working in Estate Agency.
In fairness, his Linkedin profile suggests that his “Partner” status with OEA predates the Prohibition Order. Lets hope that his Linkedin profile is out of date and he has now left OEA following the Prohibition Order. Clearly someone who should be kept at a good distance from Agency
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Hi Retirednrelaxed.
Mr Shinners received his Prohibition Order on 20 April 2020. I believe at that time his LinkedIn profile described him as a “Valuer” for OEA – not “Partner” as it now states.
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Yours is possibly the most impressive post I’ve seen for a long while PeeBee. I searched for the facts on Google and you are 100% correct on all fronts.
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Thank you for the recognition, AlwaysAnAgent…
I just wish I was wrong on all counts.
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