UK automated rental platform for landlords seeks funds on Seedrs
No Agent, a UK property management platform that claims to have fully automated the property rental process to make it easier and cheaper for landlords to let and manage properties, is looking to raise £350,001 ($445,000) for an equity exchange of 9.03% on Seedrs. Funds will be used to expand its services. Seedrs puts the firm's valuation around £3.5m. 

Idea

Introduction

We have created a fully digital property management platform that automates the entire rental process, putting landlords in control at every step, making it faster, easier and cheaper for them to let and manage their properties.

We are experiencing excellent traction of the platform and are 3 months ahead of our customer acquisition plan. Since product launch we have 3,000+ registered users, and over the past 5 weeks from 4th November 2016 our blended cost per registered user has fallen by 96%.*

No Agent is Chaired by Gillian Kent (ex CEO Microsoft MSN and PropertyFinder which sold to Zoopla). CEO has experience as an entrepreneur and as a landlord.

*based on unaudited management accounts.

Intended impact

PROBLEM

• Overpriced market

Landlords pay high fees to traditional letting agents

We calculate that the average landlord will pay £1,947 Y1

Tenants can pay £350 in fees.

• Under-serviced market

Lettings agents are often slow and unresponsive, inflexible to landlord and tenant needs.

Speed to complete repairs can be slow and expensive.

• Complex legislation

Regulatory requirements are difficult for landlords to navigate and keep up to date with

Tenancy issues can be tricky and stressful

SOLUTION

End to end digital management platform for landlords

• Saves landlords money

New accessible fee model that passes on actual cost benefits.

Average can be £1,600 to the landlord in the first year.

• Saves landlords time

No Agent automates processes. No waiting for traditional agents. The system eliminates human errors and delays. Available 24/7.

• Reduces risk

One click compliance. Notifications & reminders at the right time. With the support of a property manager and legal helpline.

• Zero fees to tenants.

Substantial accomplishments to date

Ahead of our angel investment targets by 3 months

• 3,000+ registered users

• Current Blended Cost Per Lead = £6.63 (reduction of 70.19%)

• Current Blended Cost per User Registration = £6.03 (reduction of 96.99%)

• Landlord Leads per week = 101 (increase of 1022.22%)

• Strong response from industry press including a full page within the Guardian

• Gillian Kent has joined as Chair (previous CEO at Propertyfinder.com - sold to Zoopla and MD at Microsoft MSN).

The Guardian: “The huge cost of using high street firms hits both landlords and tenants. But now there’s an alternative.”

TechCityNews - Invited as one of 20 top UK startups to ElevatorPitchLive16.

TechCityNews - "Value and efficiency also represent the source of inspiration for rental management platform No Agent".

Monetisation strategy



There are additional revenue streams we will look at such as providing landlords with a ‘pick and mix’ of optional services. We provide a full menu of services that the landlord can choose to use if they wish, or they can source their own solution. These include: No Agent managing the viewings for the landlord, arranging professional photography and floorplans, organising gas safety certificates, the EPC and providing maintenance options, all supplied at transparent highly competitive prices. There is also the opportunity to provide a wide range of insurance products to both landlords and tenants.

Use of proceeds

We are seeking £350k seed investment to grow the business further and we aim to achieve 1,150 subscribed properties, prior to seeking Series A investment. The funds are to be used for working capital, scaling our online marketing and bringing more product development resource in house.

A simple budget split in year 1 will be:

Payroll - 31.5%

Product development - 10.1%

Marketing - 37.3%

Rent and Rates - 8.2%

Admin Expenses - 13.0%