The ever growing popularity of the broker or self employed sector in the UK residential market, means that there is a very real opportunity to create a more collaborative marketplace, one which encourages cooperation between would be competitors for their mutual benefit as well as that of their clients.
As one of the pioneers in this space, having founded The London Broker 5 years ago this month, I have been thrilled to witness first hand the rapid growth of the “broker” model in its various guises. Indeed, I’ve been proud to watch as the term “broker” has entered common usage within the industry.
With more and more agents breaking free from their corporate shackles and heading out either on their own or increasingly in partnership with the various broker or hybrid agencies, the financial and general business autonomy they gain, means that for the first time in the UK market there is a chance for agents, brokers and consultants to work together and achieve increasingly successful outcomes for their clients and importantly for themselves. Moreover, there might even be a chance that we can improve the image of our industry at the same time.
Whilst we might be increasingly adopting a US style of working, as brokers and self employed agents, we are yet to grasp the ultimate benefit of this style of marketplace, which is the ability to sell and rent our clients properties via any other broker in the marketplace who might just have to hand the right buyer or tenant. Of course, those operating within a hybrid or broker style agency will (I believe) have the ability to sell their colleagues properties, it is far rarer for agents to cooperate between competitor agencies, and indeed our marketplace and the history of our industry positively discourages it!
By dint of history, we do not have what our American cousins call the MLS (multiple listing service), instead we have our portals. Portals that encourage aggressive competition for stock and accordingly promote competition on fees. Meanwhile they hike the cost for us to list with them, the very product that enables them to charge us more!
The financial autonomy provided by self employment as an agent or broker means that we have more choice. We can choose to work with others, and we can choose to incentivise others with fee splits and half coms, and whilst at first it might sting a little to give away fees, if the relationships we create with others are reciprocal, what we give away with the one hand, we will then gain with the other.
Of course all of this would require each of us to build a network of trusted brokers, consultants and independent agents, it would also require us to build a marketplace where we could post listings that were either off market, or listings where we might be willing and able to share a fee with our trusted partners. Similarly, it might be useful for those of us representing buyers to be able to list their requirements in such a way that other brokers could search for them and offer up opportunities both on and off market.
It is for this reason that I have built Agentsonly.
Agentsonly is a members only professional community with both an online and real world presence, where vetted independent agents, brokers and consultants can network with others in the industry no matter where they work. The aim is to create an environment which will encourage and facilitate closer collaboration between independent agents, with a focus on those working in the self employed, or broker marketplace.
Agentsonly also incorporates a marketplace, in essence a mini portal, where members can upload opportunities, of all shapes and sizes for others to search and contact the listing agent directly.
Of course this community is in its infancy, and for this reason there will be no charge for at least 6 months, and thereafter only if there is some intrinsic value in the platform. Thereafter it is the intention to charge each individual just £25 per month for access to the marketplace and the community space.
Some commentators in our sector have described the emergence of the self employed and broker sector as a “fracturing” of the marketplace, and to an extent they are right, as individuals branch out on their own or in small groups, either within or without a brokerage house. Yet as independents take control over their own decisions, both personal and financial, it may just be, that this fracturing leads ultimately to a unification. A unification of purpose, and an aligning of interests between independent agents, in order that we might better serve our clientele and in doing so benefit ourselves both financially and professionally.
Fingers Crossed.
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