Overfunding: Online Rental Marketplace No Agent Surpasses £400,000 Funding Target on Seedrs

No Agent, a UK based online rental marketplace, has successfully secured its initial £400,000 equity crowdfunding target on Seedrs thanks to more than 225 investors. The company launched the funding round last month, seeking the funds to continue the expansion of its platform. As previously reported, No Agent was founded in 2016 and states it is now on a mission to clean up the rental sector by delivering online customer service to those looking to rent. The company reported:

“We know this is important because landlords across the country have shared their stories with us about the stress of bad tenants damaging their properties, lost rent, strict governance, unforeseen expenses and rip off fees. In every story we hear how their agent failed to resolve matters or potentially aggravated them. For decades traditional agencies have got away with over-charging for a sub-standard service. They’re slow to respond, don’t take ownership of issues and all too often are caught misleading customers. The lack of any viable alternatives has caused this problem to persist.”

No Agent also noted it challenges the traditional over-priced and under-serviced lettings model.

“Doing what our name suggests, we have created a digital platform that removes traditional agents, bringing down the cost of managing a property by an estimated 75% & delivering great customer service. We estimate that No Agent taps into half of the current 4.2 million private rental properties that are up for let. This is considerably higher than the 1m residential properties sold per year.”

The campaign is currently set to close this spring.

 

 

Online Rental Marketplace No Agent Now Seeking £400,000 on Seedrs

No Agent, a UK based online rental marketplace, has launched an equity crowdfunding campaign on Seedrs. The platform is currently £400,000 in funding through the initiative. Founded in 2016, No Agent states it is on a mission to clean up the rental sector by delivering great customer service.

We know this is important because landlords across the country have shared their stories with us about the stress of bad tenants damaging their properties, lost rent, strict governance, unforeseen expenses and rip off fees. In every story we hear how their agent failed to resolve matters or potentially aggravated them. For decades traditional agencies have got away with over-charging for a sub-standard service. They’re slow to respond, don’t take ownership of issues and all too often are caught misleading customers. The lack of any viable alternatives has caused this problem to persist.”

The platform also reported that it taps into half of the current 4.2 million private rental properties that are up for rent.

“No Agent challenges the traditional over-priced & under-serviced lettings model. Doing what our name suggests, we have created a digital platform that removes traditional agents, bringing down the cost of managing a property by an estimated 75% & delivering great customer service.

All funds from the equity crowdfunding campaign will go towards growth and expansion of the No Agent platform. Since its launch, the funding round has successfully secured more than £120,000 from nearly 90 investors. It is set to close later this winter.

PropTech Platform No Agent’s Seedrs Campaign Secures £350,000 in Five Days

Last week, property technology (protech) platform No Agent launched its equity crowdfunding campaign on Seedrs. In less than one week, the company secured its initial funding target of £350,000 and is now nearing £400,000 from more than 100 investors.

no-agent-1Founded earlier this year, No Agent has created a fully digital property management platform that notably automates the entire rental process. This system puts landlord in control of every step in managing their properties. The company reported that since its platform’s launch, more than 3,000 users have registered on the website.

“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.

no-agent-2Funds from the campaign will be used for continuous growth and development of the No Agent platform, which includes scaling online marketing and bring more product development resource in house. The company stated it is aiming to achieve 1,150 subscribed properties before seeking Series A investment.

In a recent update, CEO of No Agent, Calum Brannan shared his thoughts about the campaign’s success so far and announced the company made the decision to go towards its stretch goal of £500,000. He added:

“This will be a great opportunity for the business and therefore we invite further investors to consider our pitch. I can confirm that for eligible investors the overfunding will be subject to EIS relief.”