Boomin has unveiled its plans to launch a‘property portal for the home’, which they say will provide estate agents and consumers with an unparalleled depth and breadth of service, underpinned by cutting edge technology.
The business is set to launch later this year.
Gary Barker, CEO, explained:
“Boomin is not just a listing site and will have a wealth of unique features that give everyone deeper insights into the market, get more people engaged and interested in property, whether they are active or passive and put agents and their brand front and centre like never before.
“Visitors to the site will get a richer, more interactive experience. Boomin will be a place where people can get things done, a place that makes the process more straightforward for everyone. We have created the most customer and agent centric platform ever.”
The new company has so far recruited a team of well over 100, including an internal tech team of over 60 people, led by CTO, David Kavanagh.
Lesley Dunn, formerly a member of the senior team at Rightmove and thereafter the Corporate and National Sales Director at Zoopla, has been appointed to the role of Sales Director.
Phil Lloyd, who was previously the Global Head of Advertising for Paddy Power and more recently the Chief Marketing Officer of Carwow is the Boomin CMO. He is working alongside Brand Director, James Kydd who spearheaded the launch and enormous brand growth of entrepreneur led businesses like Virgin and Purplebricks.
Andrew Stewart, COO, has joined from Cazoo and Zoopla and will be responsible for some key customer experiences and driving revenue for agents.
Conversations with agents and partners are currently underway and at an advanced stage. Boomin says the feedback on the proposition is overwhelmingly positive.
Michael Bruce Executive Chairman of Boomin said:
“We aim to transform the property market, with the Boomin portal which will provide estate agents and consumers with an unparalleled depth and breadth of service, harnessing the latest technology.
“New tools will facilitate a greater number of property transactions and new services centred on the broader home will benefit consumers and provide additional revenue generating opportunities for agents. We are privileged to have attracted a large number of leading experts spanning technology, marketing and partnerships to achieve our ambitious goals.
“We will be doubling our workforce over the coming weeks and months as we prepare to launch the UK’s first portal for the home.”
An impressive team led by a dangerous and disingenuous duo. Watch your wallets everyone.
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Don’t forget Mr. Barker ‘nonstarter’.
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Whos funding all these people? 100 staff now, 70 in IT, and another 100 staff plus a board of established directors? It’s amazing what can be achieved with a bounce back loan.
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£millions in from shareholders and investors means £millions plus more out, back into the pockets of those investors.
A data grab.
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Have you not done your tease arch in who is running the company? Michael Bruce can bank roll this with his spare change, that’s without taking James Kydd or any other investors into consideration. You need to stop being hung up on purple bricks days and realise this company is going to help high street agents defeat online agents!
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The sooner this Data grabbing site is killed off the better. The last thing Agents need is a fourth portal, whatever it might be dressed up as !
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I don’t think we’ll have to worry about them getting much data, considering none of the major CRMs have signed-up nor will.
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Hmm – not very much meat on the bone here. This is my take on what it is happenin’ (I have NO inside knowledge and there is no truth in the rumour that I work as a part-time cleaner in Boomin’ HQ).
The marketin’ team at Boomin’ have been workin’ really hard to come up with an EA Pitch which will be part of an Email campaign via the Trade Press (and contacts of Trusted Industry Consultants).
The Emails will contain links to a series of Youtube videos, all based on a Godfather/Sopranos theme targetin’ the current portal fiefdom(particularly Rightmove).
The key USP for Boomin’, which they are confident will win over reluctant EA, is their NSNF chargin’ model. This will be based on EA markin’ properties as SOLD (NOT SSTC) on the Boomin’ platform which will automatically generate the invoice, thus mirrorin’ EA cash-flow.(Obviously, sales will be reconciled to the Land Registry, should any EA be foolish enough to try and avoid the commission due!)
Memory Hooks/Straplines have already been brainstormed and are awaitin’ final approval – likely favourites are:-
“Portal price hike loomin’ – you need to speak to Boomin’! ”
“Why pay to LIST – with Boomin’ you only pay when you SELL”
#End the Rightmove FEEFDOM
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Having retreated from Purple with little dignity but for a wad of cash, the Bruce’s figure there is another way to skin a cat …
… envious of the margins they will attempt to one up Rightmove
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Better to spend their cash…buying shares in Rightmove
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Having been down this yellow brick road before, the only people benefiting from this charade is the Bruce Bros.
There’s no doubt that they know estate agency, so they’ve looked at the largest cash flow company (RM) and pinpointed that as their new business profit potential.
Like RM they’ll use the agents to promote this and potentially end up a bigger and uglier RM.
If they don’t get the return they want from OUR sales and hard work, one day they’ll flip the switch allowing sellers to list their own homes and it’ll be game over (and a massive thorn in our sides) just like PB.
Lets not walk into this with our eyes closed.
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And I assume you use RM, Zoopla or one other?
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It will be interesting to watch this play out and to see if the inscrutable and currently all-powerful Rightmove feels the need to stir itself into some sort of defensive reaction to Boomin or whether it will, as usual, simply ignore it.
There is no doubt whatsoever that one day an enterprise will come along and knock Rightmove off its lofty perch. Whether it’s this one, we shall see.
It’s probably OnTheMarket that should be most worried at the moment.
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I like to see tech in the industry evolving, healthy competition. RM have monopolised the market for many years & all agents complain about the price. I quite like Zillow, used in the US. Both agent & vendor use it & no one died.
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Zillow is hated and shunned by a decisive faction of US real estate agents.
Search for the hashtag #zillowsucks for some of the negative sentiments.
https://www.google.com/search?q=%23zillowsucks
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The industry is about providing a client/vendor with service & choice, they provide us with stock, it’s them paying. It’s absolutely not about tailoring the industry to agent wants & needs.
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Not just Zillow apparently. Try Googleing – boominsucks. Someone really doesn’t like them.
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I’m good thanks.
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Good grief, just viewed the site.
someone doesn’t like them. I wonder who the investigative journalist is? He/she has gone to great lengths in terms of setting up the website so is pretty serious about it.
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It’s the same clown in America that started Purplebricks sucks… he has serious beef with PB and now seems to have linked Boomin to it. Absolute muppet! I can’t wait for Boomin to launch as it will give high agents the advantage over online agents like PB And Yopa
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Whatever you think of these guys they made a fortune from agency getting an online/hybrid agent to work – not many have done that.
We have to embrace new models and competition and accept they are part of life – and compete on our own terms.
This Boomin press release is a waste of time – no content, no detail so impossible to judge what its going to do. Certaintly seems to be well funded though.
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Hold on, they made a fortune from going public. That’s it. The stock took a dive and so did they.
If anyone thinks they’re coming back to save the industry… then pity the fool.
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Its an absolute joke!
Heads are so easily turned and agents seem to have very short memories given that they shafted us for years. No amount of tech will sway us as once bitten an all that
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Going to be an empty home if theres no properties listed.
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If you treat the attempt to disrupt agency for what it was and understand what it was and then understand that Boomin is the product of what has been learned. The cash is what has been earned and the support from investors who saw their investments grow from £1- £5 Boomin can be looked at as an exciting, well funded project.
For sure those who were harmed or allowed themselves to be harmed by disruption will struggle to get past the personailities and the history but for others introducing and supporting real competition in the portal space will benefit their businesses.
The trick this time is to work out the relationship with a new supplier to the industry and understand that it is agents’ small data that makes the BIG data income opportunities possible. To that end Agency as a whole needs to decide whether it will treat with Boomin on an individual agency basis or as a single collective voice.
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There seems to be a new wave of portals looking to feed off rather than promote and enhance those with the raw product…..Agents.
Be careful out there; it’s getting more and more like feeding time at the zoo……..
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I said a while back that they will be looking to leach onto the third party sales and i believe this will be the case.
I am guessing Boomin will be free to list but they will try and push utilities, mortgages, conveyancing, insurance and a host of other things such as trades people. They will offer a nominal split but the big thing is the data.
They will try and be the homeowners / buyers first port of call anything property related. They then gain a ‘Lifetime’ client and us as agents have given our data away.
I then see in 5 years time Boomin allowing the public to list on their site with no agent needed (the re-emergence of PB) thus looking to kill us off.
I may be wrong, but one thing i do know is DO NOT TRUST THESE PEOPLE.
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This is exactly how I see it, more like a Trojan horse.
I’m no fan of Rightmove fees but I would lose out more with losing revenue from mortgages, conveyancing,etc. using a free to list portal. This seems to be the route Boomin, Onedome, Homesearch, etc. are going down and it makes me feel uneasy. Robbing Peter to pay Paul.
I’m even more worried about a portal controlling the customer journey from start to end like Onedome (and it sounds like with Boomin). That is the biggest thread to all of us and could eventually lead to being cut out of the process.
We simply need another Rightmove without the unreasonable fees.
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Also, which one of Agents Together’s trusted, respected, founding members will be the first to publically come out and back Boomin/ The Bruces?
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Probably all of them, they have all in their own way been doing it over the last month or so. Funny how they used to moan about them for years and now best buddies. Very very two faced
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Keyzer Soze,
I am not sure if you are an agent or a competitor, but let’s make a few things clear.
1. All portals are advertising auxiliary services (mortgages/ conveyancing) to customers on their websites. Rightmove (Nationwide), Zoopla (money.co.uk), OTM (John Charcoal) etc etc. So the fact that you are charged for listings doesn’t mean the customers are not exposed to advertising.
2. via Google display, anybody could advertise any product on Portal websites.
3. You don’t understand how our model works. We enable you as an agent to have your own network of suppliers and keep all the referral fee (agents keeping it, NOT US), so it helps to maximise your revenue not the other way around. The homebuying process isn’t great for all parties and our goal is to improve it for everybody’s sake.
I appreciate that based on the past experience with portals, you might be sceptical about everything coming your way. But I am happy to explain how it works in as much detail as you would like. So the next time you comment, you heard it from me and you can make your own call!
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Babek,
It’s quite clear in my post I am not a competitor. Please re-read my comments.
As stated above my concern, which you have chosen not to address, is that it appears as though you are attempting to control the customer journey from first search/enquiry through to exchange/completion. This should be very worrying for any agent on many different levels.
Using the guise of improving the process doesn’t sit well with me.
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Keyser Soze,
I didn’t ignore your comment. I offered to explain everything in detail at your earliest convenience. If you are genuinely interested in understanding how it works, feel free to get in touch. Can’t be more transparent than that
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I don’t see why you wouldn’t explain it here for everyone’s benefit.
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All of the revenue all of the opportunities of the transaction chain rightfully belong to the agent who has won the instruction.
By all means pay a service provider to manage the income and opportunity but its daft to allow a service supplier into the transaction chain without controlling the income that can be attributed to and particular agent or transaction AND have a full and transparent view of the gap opportunities that cannot easily be apportioned to an agent or property.
I think most people are aware of the opportunities connected with a property move and a ‘stay put after all’ but understanding that agency is often the first line in that awareness of intention to ‘might do’ or ‘actually do’ something ought to be given a much greater consideration.
Here is the Achilles heal for BIG data systems taking on Rightmove, Rightmove could match the model like for like and let the agents and consumers decide who they prefer.
With personalities playing a BIG part of the project which obviously some people cannot see past, Rightmove have the high ground advantage
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Robert May,
this is exactly what we offer agents. We allow them to build their own network of suppliers and automate leads to their conveyancers and mortgage brokers and Keep all the Referral Fees.
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How long before Boomin goes Bustin?
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I read only the headline…
Here’s my take
It’s another Bruce Bros Production – Megaphone Millionaire Marketing meets Virtual Heist Movie, played out in the Property World.
The Bank – replaced by “The Property Market”
The Caper – take millions and disappear
The Team – think “Oceans 14” …a crack team of Specialists, Caper Merchants, Fly by Nights ……headed by The Caper King/s.
Daring? NO
Revolutionary? NO
Another “Get Rich Quick Scheme” for the DUO? (Answers on the back of a virtual fag packet)
Another Classic – while everyone watched the fireworks/commotion/headlines – the culprits got in & out with The Swag!
Boomin? ….you gotta love The Headline Grabbin’ Brand
What next?
Boomin 2 – The Sequel ……even better, even bigger, even louder …….just remember to not look at what’s going on in front of you ….go figure what you are actually watching!
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Just waiting for Russell Quirk to be announced as PR supremo…
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Doubt it, they know how to raise money and keep it. All RQ knows how to do is raise it and flush it down the toilet.
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I think a no sale, no fee portal would be brilliant for the industry…
If everyone parked their prejudices about the Bruce Brothers, they might finally rid themselves of the RM burden.
Boomin sounds like we will (at last) see a performance related portal…
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Having worked in and analyzed from a consumer perspective the ‘Hybrid’ model of estate agency for over 10 years (not internet or online agency as commonly referred to on here) and written a book about it. That’s the model where technology is used more effectively by an experienced estate agent I can confirm that if the recipe for Boomin or similar is what I hope it is then traditional estate agents will have to embrace it.
Great local agent plus direct booking of viewings and receiving offers from the portal when used correctly is an absolutely unbeatable formula. I have attended over 2000 valuations under a ‘big hybrid’ model, gained instructions on over a 1000 of them and sold all but a few of them using a technology backed offering.
Dismissing any new technology in the estate agency industry is entirely due to fear. A fear that is entirely justified as a traditional high street agent, just look up and down the high street where you work – nothing much there now, the only places left are places to meet like coffee shops and charity shops that are there because they don’t pay rates. So if your business model is based on retail premises with armies of phone answering staff making 6 calls to book a single viewing maybe you should consider new technology methods more closely before its too late…
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