A Spanish-based property portal run by two Brits is launching several initiatives that it hopes will persuade more UK agents to earn commission from property sales in countries such as Spain, France and Italy.
Kyero, which was set up by Martin Dell (pictured) and his partner Louise as a Spanish property portal for Brits when the pair moved to Spain in 2000, says it is bigger than rivals Rightmove Overseas and A Place in the Sun.
The portal recently switched to a ‘fremium’ model which has helped it increase its listing to some 700,000 properties including 400,000 in Spain. This means agents can list properties on Kyero’s basic service for free but pay €47 a month for its more sophisticated service.
“Our unique selling point is that unlike the other holiday portals, we offer agents marketing properties overseas access to buyers not just from the UK but hundreds of other countries,” says Dell.
He tells The Negotiator that he’s also about to launch a service that will enable UK agents and house hunters to pick the most trustworthy and successful overseas agents they want to partner with.
“Buyers in Spain don’t necessarily want a property – they want an agent who can help them navigate the sales process and that’s where our rating service will come in, which will be a bit like a Rate People site but for agents, not plumbers.”
During the noughties many UK agents got stuck into the Spanish and French property markets where commission rates for resales are 5% and can hit 10% or more for newbuilds.
“This means Spanish agencies and developers are more than happy to split their fee if you introduce buyers to them, whatever their nationality,” he says.
The numbers are big – UK buyers spend £2 billion every year in Spain on holiday and retirement homes, it estimates, which means potential commission for UK agents of £100 million.