Francis Clark client Radarhomes.co.uk has a clear and unequivocal ambition – to sign up 5000 shareholding estate agent members to its unique internet property portal within three years and become the property portal of choice soon afterwards.
 
Few would argue with their business plan which is based on the simple premise of providing those who pay for Radarhomes services with an equity interest in that service and thereby shutting out their established competition whose prices have soared in recent years and are likely to continue doing so.
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Founded by experienced estate agents Julian Partridge and Mark Flynn and based on the software the two property professionals developed for their existing Homeswap Limited business, Radarhomes.co.uk is a residential property portal which aims to break the virtual monopoly of the non-agent owned giant portals.
 
“The difference is,” said co-director Julian Partridge, “Radarhomes.co.uk is not only offering monthly rates at up to 90% less than the competition, it is also empowering estate agents and re-establishing their control over their own internet marketing. We have built a business model that allows estate agents who use our service to become shareholding members so that up to 75% of any profits made go back to them in dividends.
 
“We have regionalised the business model in five limited companies and, in each case, have written into the Articles of Association a number of checks and balances to protect shareholders and ensure they receive best value at all times. Our original business, Homeswap Limited manages all these businesses and has a minority equity share in each.
 
“Estate agents who become members are investing in their own future internet marketing instead of paying for uncontrolled and ever escalating advertising.”
 
Radarhomes.co.uk started in the South West in November 2009 and already has nearly 500 members including 85% of all estate agent offices in Cornwall. The business is now attracting significant interest in Britol, Bath and the Midlands and the rate of membership is anticipated to escalate very quickly following the announcement that Your Move, the largest single branded estate agency in the country, is embracing the idea.
 
Julian Partridge continued: “At the moment, the non-agent owned portals are able to sell on data that estate agents provide them with no financial gain for the data provider. Under our system, data value will still be realised but returned to the members who provide it in the first place.
 
“When Radarhomes.co.uk becomes the portal of choice, agents will simply switch off the other national portals and stop worrying how they are going to cope with the massive prices charged. They will have confidence in knowing what the costs are going forward and the ability to factor in these costs to their own business plans without fear of the unknown.
 
Francis Clark Business Services Partner, Lewis Banfield said: “This is a highly imaginative offer which is having immense appeal to the estate agency sector. A momentum is building as Mark and Julian continue their nationwide presentations and as more agents understand the very real benefits that will accrue to them. The feedback has been extremely positive.
 
“The multi-company model was complex initially but we were able to assist in building a business plan and with shareholder agreements. This was an integral part of the business as members need to have confidence that the system works to their advantage.
 
Julian Partridge added: “Lewis and his team at Francis Clark have been really supportive. They helped establish investment funds through the Enterprise Investment Scheme and provided strategic tax advice relating to the various companies set up.
 
“With proactive professional support, we believe that Radarhomes.co.uk has the potential to dominate the residential property portal market in the years to come and this can only benefit those estate agents who become shareholding members.”