An exclusive partnership has been agreed between OnTheMarket and MIL Outsource to provide the property website’s agents with a revenue protection and recovery service.
This is designed to ‘monitor, trace and recover fees’ due as a result of a withdrawn property being re-sold to a buyer who was introduced by the agent.
Free and available now to all OnTheMarket agents, the offering has two exclusive sign-up options available for agents to recoup lost revenues – either upfront or via a fee-split arrangement. This is to give agents a choice of how they would like to use the service.
At the point of sign-up, OnTheMarket says it will provide MIL, if necessary, and with the agents’ agreement, with their withdrawn properties from the last eight months in addition to all future withdrawn properties going forward from the date of sign-up.
What’s more, agents will also be able to provide MIL with their withdrawn properties up to the last two and a half years. This, the portal says, increases the chances of recovering yet more lost revenues agents may not have known they were entitled to.
Following sign-up, MIL says it will monitor the agents’ withdrawn properties on a daily basis while agents will always be consulted before a lost fee is pursued.
According to the new partnership, any necessary litigation will be ‘professionally handled’ by MIL’s FCA-regulated debt collection agency and SRA registered solicitors, to ensure all parts of the process are handled efficiently.
“As a former estate agent, I know that lost fees because of withdrawn properties being privately sold to buyers introduced by agents can often be missed or overlooked given the complexities involved in keeping track of them and investigating each case thoroughly,” Jason Tebb, CEO at OnTheMarket, said.
“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in any market, agents are often too stretched for time and rightly focussed on getting deals done in the now, so any withdrawn properties can easily fall through the net and missed revenues can go unnoticed.”
He added: “Through our exclusive partnership with MIL, we’re able to add more value to our agent offering by taking the hassle out of this process by supplying any withdrawn properties to MIL to then continue monitoring, tracing and recovering fees our agents may have a claim to without them needing to do any of the legwork themselves.”
Christopher Barrett, head of legal at MIL, said the service the firm offers ‘is effective not only at recovering lost fees but also improving front end performance for our clients’.
He continued: “Having the ability to solely focus on what they do best with the assurance that we are looking after their interests behind the scenes and with our partnership with OnTheMarket, it’s even easier to ensure all accounts are covered.
“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. We are excited to be able to offer this service to both new and existing clients as an integral part of their business.”