Commission-sharing and property data platform LonRes has launched a service to enable agents who sell new-build property in London to commission share with other agents, it has been revealed.
Called ResDev, LonRes says the service will help agents tap into London’s burgeoning new homes market, which last year saw 16,230 new homes built.
“With access to a network of properties and potential commission splits, ResDev is a natural extension of the LonRes system,” says says Lonres co-founder Anthony Payne (pictured, left).
“Just as LonRes transformed the way in which London agents worked together, ResDev promises to do the same for the new build sector.”
The ambitious building efforts of London’s developers, who are finishing projects such as the mixed-used redevelopment of Battersea Power Station started when the London market was over-heating, make it the ideal time to launch the ResDev.
LonRes says the numbers of new homes coming to the market is up 53% compared to five years ago.
Such extraordinary growth compares with the struggling general sales market in London, within which the number of homes sold has dropped by approximately a quarter year on year.
LonRes say its new service will offer agents selling new build properties access to its panel of 6,500 agents across the capital and, the company claims, access to 100,000 active buyers.
“Put simply, ResDev opens up an untapped potential for selling agents and their respective buyers to the new build market,” says Anthony Payne.
“A platform that uniquely brings together new homes and traditional agents, ResDev enables them to work together for the benefit of seller and buyer alike.”
LonRes offers member agents a unique mix of both properties for sale and rent that other agents are prepared to commission share on, as well as real-time sales and lettings data.
LonRes, which launched a micro-market reporting tool earlier this year, held its summer garden party last week in London where 700 or more member agents gathered in Belgrave Square to both enjoy a drink or two and also see if they’d won awards for best sales – based on LonRes data.
This included industry veteran Trevor Abrahamson, founder of agent Glentree (pictured left), who garnered a ‘lifetime award’ for his many years topping the sales boards in the prime North London market, not to mention his famous friends including, during the height of the 1980s property boom in London, Margaret Thatcher and Mikhail Gorbachev.