OnTheMarket has revealed its latest partnership tie-up which has the potential to pay member estate agents of up to £7,500 per referral.
The extraordinary figure is an output of the portal’s deal with commercial property loans comparison website Brickflow, which provides financing to the SME developer market.
This deal is the first of its kind within the portal market and enables estate agents to offer an additional service to their land and new homes departments.
Once an estate agent registers as a Brickflow user and inputs the developers’ project details, the platform compares loans from over 35 lenders.
By using algorithms and searching over 120 data points across each lender, Brickflow pairs the right development finance options with the project, returning real-time results that the agent can email to the borrower via a link.
OTM gives the example of an initial £1.5m development loan on which estate agents could earn around £7,500. Agents get 50% of the fees as a sweetener for the first deal, and 25% of the fee for subsequent deals.
Jason Tebb (pictured), CEO of OTM says: “This exclusive commercial partnership is designed to help our estate agents generate meaningful revenues by building on their relationships with their developer clients.
“A recent survey of our membership showed that 35% of respondents reported that they made less than £150 per month in ancillary revenue from associated professional services such as mortgages, conveyancing and general insurance.
“We’re aiming to address this with commercial partnerships which are designed to help agents build multiple income streams across all parts of their business.
“Development finance is a significant opportunity for agents to create more income from an existing part of their business which currently is largely untapped; our new relationship with Brickflow changes that.”