A new online lettings platform has launched, offering landlords “significant savings per property.”
However, the service is restricted to London and Edinburgh only.
Prop247 describes itself as many new online service do – it says it “combines cutting-edge technology with on-the-ground agents” and “at a fraction of traditional agent costs.”
Set up by the former joint chief executive of a Scottish lettings agency, Prop247 charges 7.5% management fee.
It claims there are no hidden extras, and takes a swipe at rivals by saying this is “contrasting sharply with London’s traditional agents who advertise headline rates of 10-15% but can charge effective rates exceeding 20% once other charges are factored in.”
The platform allows tenants to book viewings 24/7, submit applications out of hours and track maintenance requests in real time.
Landlords receive instant notifications and full visibility of all property activity, whilst the system automatically coordinates contractors and handles communications.
The service says it has the capacity to capture “a meaningful share” of London’s private rental stock.
It will expand beyond the two capital cities as demand grows.
The company projects breaking even once it has 650 to 700 properties under management, with ambitions to reach 25,000 properties within five years.
Founder David Alexander, whose previous venture managed some 5,000 properties in central Scotland, says he developed the platform out of frustration with the technology available to the sector and its ability to perform at scale.
A launch statement says: “Backed by a seven-figure investment, the platform has been created to solve these frustrations and provide an integrated solution for landlords.
“It also enables Landlords with properties in disparate geographies to consolidate portfolios on a single platform.”
Alexander himself comments: “The lettings sector is the one area of property that hasn’t benefited from technological innovation.
“We’ve built a groundbreaking platform, borne out of 40 plus years’ experience in the sector, which delivers complete transparency for both landlords and tenants, removing the inefficiency tax that traditional agents pass on through expensive high street offices.”
This article is taken from Landlord Today