Challenger property portal Residential People is planning to ‘pivot’ and become an estate agency led, owned and operated business. Launched in February last year, the free-to-list portal has 1,800 listing agents.
It is now offering member agents the opportunity to be the first 7,000 to given shares in the property portal, which will include Class A voting rights and be available on a first-come, first serve basis.
Residential People will then be run by its share-owning agents via an electronic decision making system, including voting in directors. Each member will be treated the same and, unlike other portals, there will not be tiered membership options depending on branch numbers or listing size.
Christopher May (left), founder of Residential People, says: “Most of the common issues that agents are currently facing are price hikes, lack of control, being forgotten about and the most severe of all, having their data exploited.
“Many agents are unhappy and feel that they have been given a raw deal by property portals, which are making money by using agent’s support and the rewards they give back are one-sided.
“We want to change this by creating a portal owned and run by agents. We will not sell data to any third parties unless it is to pass the full benefits back to agent members and we will never be a company that sells data. In fact, we want to pass back to agents significantly more than they give us.”
May and co-founder Nahim Rahman have over 30 years’ experience in the property and financial services industry and say they have invested millions developing the platform.