Property portal OnTheMarket has partnered with development finance comparison site Brickflow, enabling its estate agents to offer additional services to their clients.
The Brickflow platform, launched in 2020, allows users to compare loans from more than 30 lenders, including Barclays, Investec and Secure Trust Bank, and peer-to-peer lenders CapitalRise, CrowdProperty and Assetz Capital. It primarily targets the small- and medium-sized developers.
The exclusive partnership with the company will provide OnTheMarket’s agents the ability to connect their property developer clients with lenders and earn additional revenue on land deals. Agents who successfully refer leads through the Brickflow platform will earn commission on the fees from completed deals.
On a first deal, agents can earn up to 50 per cent of relevant fees and then up to 25 per cent more if the same client makes further successful facility applications.
“A recent survey of our membership showed that 35 per cent 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,” said Jason Tebb (pictured), chief executive officer of OnTheMarket.
“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.”
In the six months since launching in October 2020, Brickflow secured £47.6m in approved loans, supporting the delivery of 220 units. According to a more recent update, £88m was funded through the platform in November.
In its latest trading update published on 21 January, OnTheMarket said 2021 revenues are expected to be “slightly ahead of market consensus”.