UK’s first start to finish lettings platform raises at a £5m valuation
Rentd is the newly launched property platform that finds and secures tenants for landlords at a fixed fee of just £799 including VAT, only payable once let. That’s a considerable saving compared to the typical commission of £1,750 and one that can help boost buy-to-let profit margins following a string of government legislations designed to do the opposite.
This landlord is saving over £85,000 in lettings commission compared to using a traditional letting agent at their 10% typical fee. The beautiful 8 bedroom, 7 bathroom house set in the exclusive Knightsbridge, walking distance to Harrods is available at £858,000 per annum (payable at £71,500 per calendar month).
However, the Rentd proposition is not just about saving landlords a lot of money and it is also centered on an end to end experience, utilising revolutionary technology to save landlords and tenants time, while creating greater certainty and reliability.
These features include: -
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- A more specific and tenant-friendly search experience including being able to search by property feature and by amenity - even by broadband speed or whether a cleaning or linen service are included
- 3D Virtual walkthrough for every property listed on the platform
- Search by commute - by the actual time taken from front door to desk
- Prospective tenants can arrange viewings by automated appointment diary 24/7 via the Rentd platform
- Once viewed, prospective tenants can offer to secure the property immediately via the Rentd platform
- Tenant referencing, Right to Rent checks - all carried out seamlessly and digitally
- Lettings agreement - Populated, sent to all parties and signed electronically
- Deposit and initial rent - Paid electronically via the Rentd platform
With the proposition and technology complete and now live, Rentd can announce that they have raised £250,000 in investment at a post money valuation of £5,000,000, allowing them to begin the roll out of the business across London with the UK national market and international territories to follow soon.
Investors in this round include Wealth Management Partners, owners of global advisory firm, the AHR Group.
This initial funding will fuel a significant marketing effort and ongoing technology along with native app development.
Founder and CEO of Rentd, Ahmed Gamal, commented:
“Up until now, the process of completing a rental transaction from start to finish has been protracted and clunky for both the tenant and the landlord, with it taking a considerable amount of time and effort to gather the fragmented components required from both parties.
We’ve spent three years developing the Rent proposition in order to change this and the result is the UK’s first rental platform combining these various components into one super slick user experience.
We’ve been sure that this approach is focussed as much on the landlord user experience as it is the tenant and not only does it take the pain out of finding a tenant, but they also save a considerable sum in agent commissions."
