Home » News » Marketing » Boomin battles competitors over £10m mortgage referral fees
Marketing

Boomin battles competitors over £10m mortgage referral fees

Challenger portal says agents have been 'robbed' of mortgage fee income by other portals for too long.

Nigel Lewis

boomin mortgage maker

Boomin has launched MortgageMaker, its latest service for agents and consumers designed to disrupt the status quo within the property industry.

The service, which went live yesterday, claims to be unique because it enables agents to earn mortgage referral income from their listings on Boomin unlike on other portals – many of which either sell them to third parties such as Nationwide or Natwest for the highest price or sell them back to the agent.

Boomin estimates that this kind of mortgage referral lead ‘meat market’ nets the other big portals some £10 million a year.

gareth overton henry adams“This issue has been overlooked and left unchallenged for far too long,” says Gareth Overton (pictured), Head of Residential Sales at south of England agency Henry Adams.

“As someone who sits as an independent agent on Boomin’s Strategic board, I have been fortunate to have had early sight of MortgageMaker and I would recommend agents take a close look. With agent support this can make a difference.”

Boomin will now add a mortgage calculator on every listings to drive purchase and remortgage leads back to agents without their own in-house brokerage for free.

For agents that work with a broker, in-house or third party, their advisor’s brand will be prominently displayed, and Boomin will drive all of the leads to that broker.

Agents who don’t fit either category can sell their mortgage leads direct to MAB via Boomin. The portal says it does not receive a fee for this service.

Link to Portals featureMichael Bruce, CEO and founder Boomin (pictured), says:  “Agents have reached out to me following my earlier open letter highlighting this industry-wide issue, to say that they are fed up with portals pocketing all of the income from mortgage referral leads generated from their listings.”

March 11, 2022

What's your opinion?

Please note: This is a site for professional discussion. Comments will carry your full name and company.

This site uses Akismet to reduce spam. Learn how your comment data is processed.