The website that bans agents but allows developers and private sellers to list for free has launched an investment drive.
iProperty, which is supported by the NHBC, is planning to raise £500,000 via crowdfunding site Seedrs plus £2m via venture capital.
The company says it has a valuation of £8m.
Its chairman is former Swinton Insurance boss Brian Blake, and its CEO is John Candia.
Candia claimed: “2015 will be a year of disruption in the UK estate agents’ market and there is great excitement about this within the investment community.
“There is growing interest in online property options and it is clear that consumers are increasingly turning away from the traditional way of selling property.
“Seedrs was an important part of our investment strategy because we want to offer everyone, especially our community of users, the opportunity to invest directly and earn a share in our future profits.”
The Huffington Post yesterday ran the story of iProperty’s funding bid under the headline: “New property firm promises to put estate agents out of business”.
iProperty told the publication that it would do to property what Google had done to Yellow Pages.
The site is free but charges for optional services such as For Sale boards. It says it is not an estate agent.
Comments (20)
I couldn’t resist a quick internet search on iProperty and I didn’t realise this started life as an “app” in June of 2012 again with the same promise of seeing the end of estate agency yarda yarda. Coincidentally back then it was 2012 that was the year of disruption to the industry. I guess if you say it every year one year you may actually be right! The words flogging, dead and horse spring to mind.
Not another year of disruption! (yawn)
Like the new font!
Small Serif fonts make it very much harder on us Dyslexics. Verdana and the modern san serif thin fonts are so much cleaner and easier to read.
Robert – I’m not dyslexic myself (but a couple of my fingers are borderline I reckon…) but in my opinion the new look is a huge backward step. Times New Roman was bad enough – this ‘Serif’ font and the reduced size format is frankly awful.
Half of the type on the screen is Arial or similar – which is a far cleaner, more up-to-date look.
There needs to be some continuity in my opinion.
Does the bold work? Or the italics? How about underlining?
Two out of three ain’t bad, as the song goes…
I like the changes, Especially as we are now able to add line spaces!
Funny isn't it how we've never been busier. This year has taken off like a rocket and I think will only get busier. Internet agents will always try and offer something for very little but will in return give very little. The public won't be fooled easy.
Just who in their right minds would invest in such nonsense?
As soon as I get the money back from my long lost cousin in Nigeria I may give it a whirl 🙂
It just goes to show how ignorant NHBC are when it comes to re-sale properties. The hype over IT being the holy grail for everything is a joke. IT has been with us for 3 decades now, many have already tried and failed miserably, about time people wake up and stop investing in these projects that do not work. They would get a better return and chance of winning on the lottery.
Well Done Candia – Managed to get the all important Disruption line in. Is there an online / portal school you all go to and the first thing they teach you is the word disrupt? ……………………….. On a side note where do they find these numpties with millions to invest?!
Where? Crowdfunding. You don’t need 1 person with £1,000,000. You just need 40,000 different people willing to lend you £25.
Can i crowd fund my extension? 🙂
Depends what you’re extending,, I guess… ;o)
By offering ancilliary services such as photography and no doubt insurance products the model is not a ''passive intermidiary'' as such it needs to register for redress meaning any details that they then wish to accept they will have the cost of checking for accuracy and omisions. Fines could then be applicable upto £5,000 per offence. ………………… Alternatively, they could remove ALL ancilliary services and be a passive model under government definition…………… In support of registered agents: Why should agents have to face trials and tribulations to operate when such models launch as not one thing or another.
Blaa blaa blaa, how many times have we heard this?
I caught a satellite programme a few days ago, this guy had built a huge underground complex capable of housing a thousand or more people all ready for when the world ended . . . in 2012. How much better would that programme have been if the producer had gone back to him in 2013 and asked the obvious question!
Diary date for 2016 Ros!!!
Hang on wasn't 2014 supposed to be the year of disruption? Anyone feeling "disrupted" People like these two make me smile because just because THEY are arrogant enough to believe that they can sell their property EVERYONE can. Given the internet and maybe a reference book, I could probably have a go at taking out my own appendix but that doesn't mean I would or should!
The necessity of asking for funding is the most obvious admission of failure. With all the cash the two founders ought to have between them why are they after more? Being in month 9 since their launch this project ought to be approaching the point of maximum provision, surely they accounted and planned for the burn for at least 2 years so this story is a little perplexing to say the least.
Last paragraph, last sentence….truest statement of all!