FAQs in more detail
Boomin FAQs
Who owns the Data?
Agents always own and control their own Data. It is not correct that Boomin take possession of any of the Agent’s database for their own purposes or make calls on the Customer’s personal information. It is purely to feed insights and transact with that Agent’s Customers, for and on behalf of the Agent.
Through extensive marketing, Boomin will bring millions of visitors to our site where they will be able to arrange Market Appraisals, book Viewings, become a MatchMaker Seller or Buyer and register for various features such as Secret Property. Those Customers will create a Boomin account and we will pass details to the Agent at the request of and with the permission of the Customer.
How does the Diary work and what happens if we need to change for a specific Seller or Negotiator?
The Diary is fully configurable by Company, Branch and Property/Customer. You decide what you want to happen and who should receive Market Appraisals and Valuations. You can even choose the percentage of Market Appraisals or Viewings that you would like to automatically allocate to particular members of the team. It has been built to be highly flexible to meet the ever-changing demands of your business.
How do I become a Platinum Agent?
The benefits that come with being a Platinum Agent are not about what you pay but the level of integration you have with Boomin. Those with a CRM integration (who can therefore offer a much richer and deeper experience for their business and Customers) are eligible to be Platinum. Those who do not have an integration but use the Boomin system, will be Gold. Those who just send us a normal portal feed when the property is due to go live on the market, will be Standard.
Are you integrating with all CRM platforms?
All Agents should have the opportunity to enjoy the full power of Boomin. Therefore, our aim is to work with all CRM platforms as well as providing an easy integration pathway for those with their own bespoke systems. We also know that about 10% of Agents manually load their properties to portals and we have a solution for them, too.
How are Agents selected for MatchMaker?
We do not charge for the benefits of MatchMaker; it is all about opening up the market and getting more people moving, with the help of professional Agents. Our algorithm is about fairly profiling Platinum Agents, featured exclusively to Sellers at positions 1, 2 and 3 and then collectively at position 4. Platinum Agents are featured based upon proximity, relevance (in terms of the types of Agents that tend to sell that particular style of property in that price bracket) and those who sell more properties in that area. We aim to achieve the fairest and most relevant results for everyone.
How will Secret Property and Sneak Peek work? Do they have to be displayed/appear in every instance?
Our features have been developed to provide visitors to Boomin with the same deeper insights and market activity they receive when they engage with a great Agent; we do not just provide them with a list of classified adverts of properties for sale or to let. When a visitor is making a decision about whether to move, with Boomin they are empowered to make that decision based on a wider understanding of the activity in the market. When a Market Appraisal is booked, a Secret Property advert is created which contains “just enough” information to pique interest in the Property. We do not show the full address and you can also choose to make the advert invisible, if required. We build momentum prior to the Market Appraisal taking place and arrange Viewings for the registered Buyers as soon as you are instructed. Once you are instructed, and give us the green light, the Secret Property advert turns into a Sneak Peek advert which unlocks the ability for Viewings to be arranged and momentum to build; all whilst you prepare the full listing.
How does the revenue share in Property Playground work?
The revenue share received from Property Playground differs for Founder Agents to non-Founder Agents. For Founder Agents, 40% is shared in Year 1 and 50% from Year 2 onwards. For non-Founder Agents, the share is 33% and 40% respectively. If an Agent’s Customer is registered for the first time on Boomin via the Agent (although the Boomin platform will do all the work), the Agent will receive the full revenue share until there is an “Event”. An “Event” is an exchange of contracts or a completion/move in. If you are the same Agent that registered the Customer
and caused the Event, then you will continue to receive the full revenue share.
If another Agent caused the Event, then you still get 20%, but the other Agent thereafter receives 80%. By registering a Customer for the first time in Boomin, you are guaranteed at least 20% of the revenue share.
How are Customers assigned to an Agent from a revenue perspective in Property Playground and Priorities?
If you are the first to secure the Customer’s registration on Boomin or a (registered) Customer sells/lets a Property with you, then they are assigned to your business. We can work with you on a campaign to introduce Boomin to
your Customers and provide a unique, seamless digital process to ensure that a Customer registering for the first time is assigned to your business (for the purposes of the revenue share).
Do you offer banner adverts and “featured property” like other portals?
Pretty much everything that other portals charge for at an additional cost is included for a Platinum Agent with Boomin. Remember, our objective is to earn you more in revenue share than you ever pay to us in fees. We do not sell your Data or allow Data generated by the listing of one Agent to be sold to their highest bidding Agent competitor.
Will you ever deal with Customers directly to cut out Agents?
No, never. And for peace of mind, we are contracting not to do this.
Data FAQs
Who owns Data for Agents using Boomin?
Agents always own and control their own Data. It is not correct that Boomin take possession of any of the Agent’s database for their own purposes or make calls on the Customer’s personal information. It is purely to feed insights and
transact with that Agent’s Customers, for and on behalf of the Agent.
Through extensive marketing, Boomin will bring millions of visitors to our site where they will be able to arrange Market Appraisals, book Viewings, become a MatchMaker Seller or Buyer and register for various features such as Secret Property. Those Customers will create a Boomin account and we will pass details to the Agent at the request of and with the permission of the Customer.
Do you scrape our database?
No. Never.
Do you take Data from our database?
We talk to your database using an API (integration) and as a result, we share information securely; ultimately, you have full control. We pass Data to you as the Agent, we update Data as a result of Boomin activity, we share new applicants and sync Diary appointments (all through the integration). We allocate you revenue when you are the first to facilitate a Customer to register on Boomin but in all cases only when that Customer has agreed to our Privacy Policy.
How do Customers register with Boomin?
Customers will register and open an account on Boomin when they visit the site and want to action anything, such as arranging a Market Appraisal, booking a Viewing, becoming a Matchmaker Seller or Buyer, unveiling a Sneak Peek property, or creating collections in Property Playground. Agents will also be able to invite Customers to register with Boomin through a unique, seamless digital process.
Do you sell any of the Data that you hold?
No. Never.
Do you share Data and if so, with whom?
We share Data in order to complete tasks and deliver the service offered by Boomin, for Agents and Customers.
This Data is shared with registered Customers, third party service providers (upon request from a registered Customer; for example, when using the Priorities feature) and an Agent’s CRM provider. All in accordance with our Privacy Policy.
How do you make use of Data?
We only use Data strictly in accordance with our Privacy Policy and in ways that provide Customers and Agents with a better experience, greater insights and support to meet their collective objectives.
Do you comply with GDPR?
Compliance has always been at the top of our agenda whilst building our new, exciting and innovative property platform; which we believe will transform the property market for everyone. To that end, from the outset, we have engaged with a leading London law firm specialising in data protection, to ensure complete compliance with the law, including GDPR.
Do you have a Privacy Policy?
We have a Privacy Policy, which is displayed on our website at all times and made available to Users at data collection points (such as registration or booking a viewing, for example). The Privacy Policy details our personal data processing activities and sets out all other necessary information required by applicable law. All of our processing of personal data is carried out in accordance with our Privacy Policy, which may be updated from time to time. We only process personal data for the purposes for which it is collected, as identified in our Privacy Policy.
Pricing FAQs
The Boomin fee announcement refers to Founder Agent fees. What is a Founder Agent?
A Founder Agent is any Estate Agent who lists all of their branches and stock with Boomin on the day we launch.
What if you are not a Founder Agent – how are fees determined?
The fixed fees are only guaranteed for Founder Agents. Anyone who joins after our launch day will be subject to a different fee structure.
How do you determine whether an Agent is classed as London?
It is determined by postcode regions. Any branch that sits within the following post code districts will be classed as “London”: NW, W, SW, SE, E, WC, EC & N.
What happens with multi branches with some districts inside of London, and some outside?
Each office will be charged the fees that apply to their location.
Will you be increasing your fees year on year?
Any increase in fees will always be based around fairness and value. We have guaranteed to Founder Agents that there will be no fee increase before the 1st January 2023 and only then if we have earned them more revenue than they paid to Boomin (in total) for their business during the prior year.
What is classed as a branch or branch equivalent in terms of stock?
We will confirm the maximum number of properties per branch by September 2021 and we have promised to be in line with or better (on average) than our competitors. There is no maximum during the free period.
What about sales and lettings branches – will they have a higher stock allowance?
Yes. We have promised to be in line with or better (on average) than our competitors.
What happens with multi branches when only 1 or 2 branches have higher stock levels?
We will be fair and take an average of the Agent’s total stock, then divide that between the branches.
Will a branch be able to give notice at the end of the free period if they decide not to continue?
Yes. All we ask is a minimum of one month to comply with your wishes. You are free to leave at any time, although we hope you never do.
How and when will I receive any revenue that is generated for my business?
You will receive a revenue share from the following:
- “Priorities” (removals, utilities, broadband, TV etc…).
- “Property Playground” (products, services and advertising revenue from independent and major retailers, businesses etc…).
The revenue will be paid to you in the month following receipt of the monies by Boomin.
How is a Customer defined as being “my” Customer to entitle me to the revenue share?
If you’re first to register the Customer on Boomin, you will always receive some form of revenue share
- If you’re first to register the Customer on Boomin, you will always receive some form of revenue share.
- You will receive the full revenue share from when the Customer is first Registered, until there is an exchange of contracts or a completion/move in.
- If you create the exchange of contracts or completion/move in, nothing changes and you will continue to receive the full revenue share.
- If another Agent creates the exchange of contracts or completion/move in, they will receive 80% of the revenue share thereafter and you will receive 20% (because you registered the Customer).
How long does my entitlement to the revenue share last?
You will continue to receive your entitlement to the revenue share in accordance with our terms, for as long as you are a Customer of Boomin.
How can I see what revenue is due to my branch and/or my business?
This will all be visible in the dashboard and reporting section of Boomin.
How quickly will I start to earn revenue?
Whilst we will be seeking to earn you revenue from launch, we recognise that there will be a period where visitors to the site will be engaging with the new features. Therefore, revenues will build over the course of the free year, with a view to achieving a healthy average before January 2022.
Does everything you generate for me count as revenue for the Performance Fee?
No. Revenue we generate for you from arranging Market Appraisals, instructions, introductions and from anything you advertise in your Customer’s Property Hub, does not count as revenue towards the Performance Fee.
Revenue we generate for you from Priorities, Property Playground and MatchMaker completions are the only things that count as revenue for the purposes of the Performance Fee. MatchMaker only applies where we have introduced the Seller, the Buyer and the transaction to those parties proceeds to completion/move in.
What about revenue under £250.00 – does this all come to me without any Performance Fee being paid?
Yes. We do not take a penny of Performance Fee until we reach a minimum revenue generated for your branch of £250.00 in any month. The maximum we earn as a Performance Fee in any month is £150.00 per branch, but only if we have earned you £800 or more per branch.
What is the maximum average fee I will pay Boomin from launch until 1st January 2024 as a Founder Agent?
Taking into account the free period and payments made to 2024, an Agent outside of London will pay a maximum average fee of £266 per branch for sales and lettings and £333 per branch inside London. This does not take account of revenue earned, so every penny we earn you will reduce this average.
For sales only, it will be £200 and £267 respectively per branch and for lettings only £100 and £167 per branch.
Sign up as a Founder Agent
Contact us today to find out more about how you can earn new revenues, receive more instructions, increase brand exposure, pay nothing until 2022 (with no commitment) and claim your free equity in Boomin.
Click the button below to sign up as a Founder Agent; we'll provide all the information you need during the process. Alternatively, book your place today to attend a live Q&A session with the Founders. We look forward to being of service.