Mr Cameron said:
“I welcome the launch of an innovative national business based in my constituency which hopes to further stimulate sales and activity in the property sector. I wish Andrew and PropertyMutual every success in providing an improved service for property professionals and the public alike.”
Created for the industry, by the industry, Property Mutual has been founded to provide competition in a market that the founders believe has grown to enrich a few individuals, whilst the wider market struggles.
PropertyMutual, which already hosts 500,000 UK property listings from over 5,000 estate and letting agent feeds, is based on four key features;
One company = one member = one vote.
The mutual will protect Member agents from the portal being sold without their consent for financial gain.
The mutual will drive online traffic for members by investing 50% of all fees in sustainably marketing a ‘go-to’ destination where the public and investors can find residential, commercial and rural property in one convenient portal.
The mutual will not impose any restrictions on the commercial or marketing activities of its members to ensure it is always looking after the best interests of the public.
PropertyMutual.co.uk was founded by Chartered Surveyor Andrew Goldthorpe who has over 25 years’ experience in the IT, Finance and Property sectors and is the new brand and website for the mutual CREVALA Ltd (Commercial, Rural, Estate, Valuation, Auction and Letting Agents). Observing rising fees and profits at the corporate property portals, Andrew contacted NFoPP and the RICS in January 2013 and submitted his proposal to both boards, in the belief that the UK property industry needs uniting behind a mutual business run for the benefit of both its members and the public.
Andrew said:
“The corporate portals are now at odds with many of the members who built their businesses in the first place, with many agents concerned about double digit percent price increases. We feel now is the right time to go live with a portal that can address all Member concerns – deliver a value for money service, one that imposes no marketing or commercial conditions and which is constitutionally guaranteed to remain aligned with Members’ interests.”
PropertyMutual will be managed by a team of seven unpaid directors – three executive directors and four member representatives - who will be nominated and voted for by the entire membership on a “one firm, one member, one vote basis. There will be no discrimination between firms on size of business or any other basis, meaning the Mutual will offer a single class of membership. Member agents have full representation on the PropertyMutual board to ensure it is run in the best interests of the Members.
Founder Andrew Goldthorpe comments:
“An equitable and transparent mutual property portal is well overdue. PropertyMutual is dedicated to working with and for its members and the public to provide a fresh thinking and innovative service in a stale marketplace that has become dominated by only two investor driven businesses.”
Andrew added:
“We have made a significant independent investment in order to establish the PropertyMutual.co.uk website at no development cost to the industry in order to be free of tiered membership, patronage or founding status. We feel the industry should be aware it now has a choice and that with PropertyMutual, member subscriptions will immediately be put to good use by a credible and equitable mutual operating a live site. The funding model is ethical, responsible and sufficient to ensure that PropertyMutual is capable of developing and sustainably competing with all other portals. A mutual will always rely on the goodwill and common sense of its membership.
Our members can subscribe now to a live portal, without having to provide any start-up capital or worry about restrictions on how they run their own business. They also have the guarantee that for every £1,000 they pay us, we will spend £500 on marketing the site to the public.”
To find out more visit PropertyMutual
