Michael Bruce and his brother Kenny the co-founders of Purplebricks have launched a new business venture, Boomin. The new property search portal has the same principle as Rightmove, Zoopla, and OnTheMarket - advertising properties that come on the market. The property search portal is free for buyers to use and will charge agents both base and performance fees.
Boomin however claims to have an advantage over other portals ‘We show you what other property sites can’t’. They have special features including ‘secret properties’ and ‘sneak peaks’ that will show properties before they even come on the market, properties that are in the process of being valued by Estate Agents.
This aspect will certainly give the search portal the edge if all goes smoothly. Vendors that want a quick sale may be likely to take the first offer they are presented with, so the buyers who register their interest quickly will be at an advantage. However, will this logistically work?
The short amount of time between a property being instructed and being launched on the market is very slim. The idea is during this period of time an agent can publish some basic details of the property on Boomin, however, there won’t be all of the property details and the buyers won’t be able to identify the specific property. This is a great opportunity for agents to generate interest before the property has even come to market but also for potential sellers to assess demand on their property.
Once a property has been valued, all marketing materials are completed; this includes the detailed write-up, photography, videography, floorplans, and all other small details to be put together before the property can then be launched on the market. Boomin’s secret properties will supposedly provide you with a snapshot of the property details before the property is launched.
Initially, the Boomin launch date was December 2020 however this date was pushed back four months after a lack of agents signing up. A lack of sign-ups means a lack of properties to advertise… will house hunters bother searching on Boomin when the same and more properties can be found on the established Rightmove, Zoopla, and OnTheMarket? Is the Rightmove giant too big to compete with?
Below shows a graph published by property industry eye. The graph displays the percentages of agents signing up to the new property search portal. This data gives us an insight into how agents feel about the new site. With over a quarter of agents voting to ‘never sign up’ this is bad news for Boomin, these agents' loyalties clearly lie with Rightmove and the other more established property search portals. 8% of agents still seem to be undecided on Boomin’s capabilities and may sign up later in the year.
Above graph: sourced via property industry eye.
Boomin has pledged to spend approx £50m on marketing costs over the next three years, this sum will be needed in order to compete with the current market leaders. They have spread their marketing efforts over social media and several TV adverts. It will be interesting to see how this new property search portal grows over the next few years and whether Boomin can take on Rightmove, Zoopla, and OnTheMarket.