Rentify seeks £1m crowdfunding to disrupt UK rental market

Rentify, the online company run by George Spencer that helps landlords let and manage their properties, has launched a crowdfunding pitch for £1m in exchange for 4.76% of equity. Spencer said he expects an annual income of over $50m and plans to float the company by 2021. Likened to Purplebricks, Rentify aims to rent properties faster than conventional or online estate agents by combining its extensive pricing database, technology, and service.   

Post navigation

Rentify, an online firm which helps landlords let and manage their own properties, has launched a crowdfunding pitch for £1m.

With 29 days still to go of its 30-day pitch, by yesterday afternoon it had got past the halfway mark, raising £541,140 from 20 investors.

The £1m would be in exchange for 4.76% of equity.

Rentify, run by George Spencer, 29, says in its Crowdcube pitch that it anticipates annual income of over £50m and a stock market float by 2021.

It says its business, founded in 2012, is comparable to Purplebricks.

“Thousands of landlords join the platform each month to market and manage their properties.

“Rentify focuses on renting properties faster than conventional or online agents by marrying its vast proprietary pricing database, sophisticated technology, and real ‘boots on the ground’ service.

“By doing so it is able to access higher price points than online agents (charging 5.5% of an agreed tenancy + 2.5% management), but is disruptively priced below high street agents (e.g. Foxtons charge 20.4% to let and manage) at a fee structure they cannot replicate due to fixed costs and operational inefficiencies.”

It continues: “Rentify is disrupting the £46bn lettings market in the UK.

“By marrying speed of delivery and a lower price point, Rentify speaks to both self-managed and agency customers, meaning the audience for its services is significantly wider than either the traditional high street agent or an online-only service.”