OnTheMarket partners with debt management specialist

OnTheMarket has signed a deal with revenue and recovery specialists MIL Outsource that will allow users recover fees due as a result of a withdrawn property being re-sold to a buyer introduced by the agent.

The offering is free and available now to all OnTheMarket estate agents, with two exclusive sign-up options available featuring an up-front payment and fee split arrangement.

OnTheMarket will provide MIL with the agents’ withdrawn properties from the last eight months and all future withdrawn properties going forward from the date of sign-up. Agents can also provide MIL with their withdrawn properties up to the last two and a half years.

MONITOR

MIL will monitor the agents’ withdrawn properties on a daily basis and agents will always be consulted before a lost fee is pursued. Any necessary litigation will be handled by MIL’s FCA regulated debt collection agency and SRA registered solicitors.

Lost fees because of withdrawn properties being privately sold to buyers introduced by agents can often be missed or overlooked.

Jason Tebb, chief executive of OnTheMarket, says: “As a former estate agent, I know that lost fees because of withdrawn properties being privately sold to buyers introduced by agents can often be missed or overlooked given the complexities involved in keeping track of them.

“Ultimately, in any market, agents are often too stretched for time and rightly focussed on getting deals done in the now, so any withdrawn properties can easily fall through the net and missed revenues can go unnoticed.”

FRONT END

Christopher Barrett, head of legal at MIL, adds: “This service we provide is effective not only at recovering lost fees but also improving front end performance for our clients.

“We have a great success rate on accounts located through this service and have found that these types of sales have become more frequent in recent years which is likely linked to the economic changes of late.”