An online estate agent will pay independent mortgage brokers for referring customers to its property sales service.
Bristol-based Agent Online, which sells properties all over the UK and has fixed selling fees, said it wanted to put brokers at the forefront of its operations.
Brokers will be paid £500 if they refer customers who go on to sell or buy property through the website.
Fee for independent brokers
Founder Dominic Toller says the company wants to disrupt the way larger estate agents and corporates refer clients to their in-house mortgage teams.
Toller believes the way to do this is to offer a fee to independent brokers when they recommend Agent Online.
He said: “Consumers like and trust their mortgage broker and our vision is to become the preferred choice of estate agent for brokers’ vendor and buy-to-let clients.”
Mortgage brokers must pay Agent Online £19.95 a month to use its platform. They receive a minimum £500 referral fee taken out of its average post-sales completion fee of £795, plus 75% of anything over that if the sales commission is higher.
Agent Online, which markets properties on Zoopla, Right Move and other major property portals, claimed “hundreds” of brokers have already signed up.