Just three months after launching, No Agent, have launched a crowdfunding campaign for £350,000, this time on Seedrs to great success, raising £200,000 within 24 hours.
The startup’s platform eliminates the need for landlords to use letting agents by automating tasks such as marketing, complying with regulatory requirements, booking viewings, conducting credit checks and sorting out paying deposits and rent.
No Agent’s CEO, Calum Brannan’s aim was to give back power to the landlord.
“We’ve put landlords in control at every step, making it faster, easier and cheaper for them to let and manage their properties.”
With the ban of letting fees now looking inevitable in England, Brannan see’s online platforms as the future of the industry;
“Companies will have to radically restructure and begin properly incorporating technology to become leaner, more efficient and cheaper to use. They’re going to have to innovate and adapt or lose market share to more tech driven rivals.”
Since launching in early September, No Agent now has over 4,000 registered users and are three months ahead of their original customer acquisition plan. The funds raised in this campaign will be used to expand the company into Scotland and Wales.
The average monthly rent outside of London is £779 and with letting agencies traditionally charging monthly management fees of up to 15%, No Agent offers industry leading prices starting from £29 pcm with complete transparency and access to round-the-clock support.
“We’re the first company that’s fully integrated technology into its offering,” said No Agent chairman Gillian Kent. “We’re offering nine percent in equity to investors via the Seedrs campaign, valuing the company at £3.5m.”