No Agent, like Viewber, is also raising more money.
A new crowdfunding campaign by the property company is due to launch to the public today.
It comes just 14 months after No Agent’s last crowdfunding round, and not long after announcing that it had raised a further £840,000 in private money, in November last year.
No Agent said then that it would be seeking more funding in the early part of this year.
No Agent – which despite its name lists properties on Rightmove and Zoopla and is also an ARLA member – has not said how much it is now bidding to raise.
However, it is offering anyone who puts in over £1,000 two months of free property management.
The firm has been inviting anyone interested to pre-register ahead of today’s new crowdfunding round, opening today to the general public on Seedrs.
In November 2016, it raised £350,000 in just 48 hours via the same platform, and then went on to over-fund, to the tune of £550,000.
Banann said of the new push for funds that “overwhelming demand” previously “meant that many people missed out: “This year, we want to invite as many people as possible, including new customers who have joined our service to invest and help us build No Agent into a market leading rental platform.”
He says that he started No Agent with a “simple goal: to create a fair lettings service for both landlords and tenants”.
He says there is over £250m worth on rental property on the No Agent platform, and that it will process over £5m in rental payments over the next 12 months.
No Agent makes no secret of the fact that it has set up in competition to traditional letting agents – allowing landlords to save money, while charging tenants nothing.
It lists on Rightmove and Zoopla – which only allow agents to advertise – under the name ‘NA Technologies’.
No Agent’s price to landlords includes listings on both portals.
Prices for a “fully managed property management and tenant finding service that puts you [landlords] in control” are £55 a month in London and £35 elsewhere.
The original prices are higher than at launch, when it charged £39 to landlords inside London, and £29 elsewhere.
On Rightmove at the weekend, it had 175 available properties.
Comments (7)
Not convinced, you can get a pretty good deal locally by a reputable letting agent not far off this costing without paying a grand crowdfunding where we let, plus we get to speak to the same person each time if there are any problems, saying that we are selling up and investing in other things now that the government has declared war on landlords and completely shafted us.
How does a company with a name like ‘NO AGENT’ become a member of ARLA (the Association of Residential Letting Agents) – the clue is in the question.
Either they are not agents and should not be allowed to join a professional body designed for agents or they are and their name is totally misleading to the public and they should change their name to ‘QUASI AGENTS’.
If they are members of ARLA then I for one would like to know why the ARLA board are allowing non-agents to join and dilute the businesses of those members who have supported them as they have tried over the years to become the foremost authority in the field for government, landlords etc. I feel my annual subscription for the last, goodness knows how many, years has been a complete waste.
I feel my annual subscription for the last, goodness knows how many, years has been a complete waste
I feel you are probably right!!! I don’t think ARLA and the NAEA (with the call centre listers) care who they take on as members as long as they can earn fees out of them!!!
Isn’t this the lot that have blown their wad on PPC – you know the one, their Ad appears at the top of google searches and we all click on it 14 times just for the sheer cost of it, just before we move onto the corporates’ PPC Ads and repeat the exercise.
Will they be back in 6 months asking for another Load of cash when they run out of money again?
Really not sure how sustainable that is.
What happens when another ‘disrupter’ Open up doing what they’re doing, offering their landlords the same thing but for less money?
The clients they’re attracting are happy to sacrifice service to save a few quid, so I’m certain loyalty will be low on their priorities.
Wish them well though.
More cash please vicar
If you pay £1000 how does that constitute to 2 months free management?
I worry about things like this I really do. Cut out agencies and you cut out the experts.