This month, a new property portal, planning to ‘revolutionise the property market’ and disrupt the existing dominance of Rightmove, Zoopla and OnTheMarket, has finally launched after two years in the making. The question is, will ‘Boomin’ live up to its name or end up like the many others which have tried and failed before?
Backed by Purplebricks’ founders Michael and Kenny Bruce, the aim of Boomin is to transform the property market for all, both agents and customers alike.
For agents it has promised to get customers engaging with agents like they used to, to give agents unprecedented life-long exposure, increase productivity and increase revenues during and long after the transaction. Whilst there is no denying that some leading agents have taken the decisions to sign up to Boomin, I think it will take a lot more than promises to change the Bruce brothers’ long-standing anti-agent image that has existed in the industry since their Purplebricks days.
For consumers, aside from the usual browsing features of the traditional portals, Boomin has added Secret Properties, the Sneak Peak and MatchMaker features, as well as having a utilities section, which could prove convenient for homeowners and renters as well as a lucrative market to tap into.
Secret Properties – This is where, let’s say a property is being valued, an agent can list basic details such as the approximate area, number of bedrooms and bathrooms of a property, but not enough that it can be identified. Prospective buyers can then register potential interest – a clever way for agents to assess demand and hopefully win the instruction off the back of it.
Sneak Peek – This is where agents can offer prospective buyers a sneak peek at a property 14 days before the property is fully listed on the other portals, allowing Boomin users early access. To me, this seems to benefit the portal more than homeowner, who is effectively restricting the number of potential buyers who may see their property.
Matchmaker – This is perhaps the most controversial of features, described by Boomin as “a unique service that helps buyers connect with homeowners who aren’t on the market. Simply place an advert pinpointing your dream locations and potential sellers can ask to be introduced, with the support of a professional local Estate Agent.” Whilst this sounds like a great idea, rather like a dating app, will it work in practice? It relies on prospective sellers, who may not have even considered selling, registering with Boomin.
There are also other features which are yet to be developed fully, such as the idea that if you see a particular piece of furniture in a home for sale or rent on Boomin, you will only be one-click away from purchasing it. A great idea and concept, given the fact that many people browse houses on the market for their own interior design ideas, but whether this will materialise is yet to be seen.
With 5000 registered agency branches, in comparison to Rightmove and Zoopla who have in excess of 19,000, there is clearly still quite a way to go. However, with Channel 4, Foxtons and Mortgage Advice Bureau having all agreed to take a stake in Boomin, alongside existing investment from DM Capital, a pledge to spend £50 million on marketing over the next three years, and former Virgin Group chief executive Stephen Murphy as the company’s new chairman, it’s clear Boomin mean business.
Buy, if you can’t wait for buyers to start ‘Boomin’ and you need a quick sale now, WeBuyProperty will purchase your property for cash and transact within a matter of weeks, all without your home ever having to have appeared on a property portal. We will provide you with a no-obligation valuation and explain the entire process to make it as simple and stress free as possible for you.
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