OnTheMarket Offers Revenue Recovery For Agents With New Partnership

OnTheMarket will provide revenue protection and fee recovery for agents as part of an exclusive agreement with MIL Outsource.

OnTheMarket will cover lost revenues for withdrawn properties being re-sold to a buyer who was introduced by the agent.

MIL, a specialist debt recovery firm based in the UK, monitors withdrawn properties on a daily basis to identify when the property is sold. If a fee is established with a buyer who was introduced to the property by the agent, MIL will recover the fee, purchase the debt from the agent, or carry out litigation at no cost to the agent.

The debt recovery service is free and available to all existing OnTheMarket agents, with two exclusive sign-up options available, for up-upfront payments or split fees. Agents can backdate the agreement to include properties sold up to two and half years ago, with OnTheMarket offering an 8-month backdated window as standard.

Jason Tebb, CEO at OnTheMarket, said:

"As a former estate agent, I know that lost fees because of withdrawn properties being privately sold to buyers introduced by agents can often be missed or overlooked given the complexities involved in keeping track of them and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.

"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in any market, agents are often too stretched for time and rightly focussed on getting deals done in the now, so any withdrawn properties can easily fall through the net and missed revenues can go unnoticed.

"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with MIL, we’re able to add more value to our agent offering by taking the hassle out of this process by supplying any withdrawn properties to MIL to then continue monitoring, tracing and recovering fees our agents may have a claim to without them needing to do any of the legwork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:

"This service we provide is effective not only at recovering lost fees but also improving front end performance for our clients. 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."

OnTheMarket has clearly lined up a number of these deals in the background after announcing a slew of new features and products in the past two months, including OnTheMarket Software, extended agreements with key agents, a "UK-first" search feature, and an appearance on a TV show