Innovative property platform OpenBrix has revealed that the nation’s estate and letting agents could be leaving as much as £835 in additional referral fee income on the table for every sale they make, £540 for every property they let.
Estate agency fees have increased in cash terms over the past few years as house prices have gone up. Yet the turbulence of the property market has left many agents on the edge as overheads increase and competition remains stiff.
It’s well known that to subsidise their P&Ls, the large corporate estate agency businesses promote ancillary revenue as a vital component to their profitability. In fact, some are not profitable at all without such income.
Conveyancing, mortgage referral fees and insurance commissions have long been the staple diet of the industry’s multi-branch operations with millions of pounds in such revenue banked by the likes of Countrywide, Connells, LSL and Foxtons.
Not only is this income predominantly the preserve of the big-boys but there are now many more revenue streams that can be maximised – if you know where to find them.
Having partnered with Sky Homes, CreditLadder, Lettings Hub, Product Care, Inventory Base, CallWell, YourTour and Vaboo, OpenBrix can already offer agents the chance to increase the commission they earn. With even more revenue streams yet to be added to the platform.
OpenBrix also passes 100% of the commission earned via these ancillary products to the agent. Yes, 100%.
The strength of the proposition presented by OpenBrix comes via the slick technology deployed across its platform. All information on a sale or let is pre-populated across the OpenBrix platform, with the system allowing third-party partners to sell to consumers at the right point in their property life-cycle. With no effort required on the part of the sales or letting agent despite them earning a cut of those signing up.
For estate agents, the potential earnings are as high as £835 a transaction for those taking up a range of services such as conveyancing, insurance, utilities, TV and broadband—a potential boost of over £8,000 for those agents completing more than 10 sales a month.
For letting agents, a range of additional products including deposit protection, inventory, utilities, TV and broadband, could also bring an additional £540 per transaction—more than £5,000 a month for those letting 10 properties.
Adam Pigott, CEO of OpenBrix, explains “Agents attract buyers, sellers, tenants and landlords and traditionally do a great job of providing them with a two-dimensional answer to their needs.
However, the money that is being left on the table from wasted opportunities elsewhere in the entire moving process is enormous, and OpenBrix is now filling that gap.
We will introduce an agent’s customers to an array of helpful products and services without the agent having to lift a finger. We’ll then pay the agent everything we earn from each supplier adding another, important financial dimension to the mix for them.
Of course, not every transaction will require every product and the ability to earn is dependent on the agent’s selection of services and the end-users appetite for such services.
However, our platform provides seamless integration between our member agents and partners, which allows them to pitch these additional products at the perfect point in a sale or lettings transaction to maximise profitability.
With no additional work on the part of the agent and 100% of the commission retained for every successful product sold, what’s not to like?”
Estate and lettings agents can register their interest in becoming an OpenBrix partner here at OpenBrix.co.uk – and start earning free money immediately.
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