It's predicted that letting agents should expect to lose up to 20% of their annual revenue as a direct result of the Tenant Fee Ban, forcing most to drive business growth through new additional revenue streams.
Further pressure on private landlords' income is making competition for instructions even fiercer amongst letting agents, therefore many are looking for ways to add value to their service to secure property supply and differentiate their service offering.
Although market conditions are challenging there is also ample opportunity for growth as the UK becomes a nation of renters.
The UK's private rented sector is undergoing a huge transformation.
Letting agents can generate additional revenue from user upgrades, advertising and from other products and services available within the platform.
Renters have exclusive access to over 700 offers and discounts from national retailers, covering all categories of spend.
Access to savings is only possible as a perk if provided by their letting agent or accommodation provider.
Our customisable platform enables letting agents and accommodation providers to improve customer service and brand engagement, giving a point of difference against the competition, whilst driving additional revenue streams.
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We are the only provider that fills the gap from move in to move out, that helps improve the renting experience while making renting more rewarding.
We generate monthly recurring revenue from agency branches white labelling the platform and from purchases of additional products and services while providing our clients with a revenue share.
By April 2019 we will have on-boarded 400+ agency branches bringing over 100,000+ renters on to the platform.
Given the current pipeline, we believe we can achieve at least a 10% market share (approx. 2000 branches) which will give us annual recurring revenues of over £4m.
We are rapidly growing across independent letting agents, franchise networks and large national chains.
Our proposition has been developed incorporating over two years of market feedback. We are now seeking to raise up to £500,000 to further accelerate our growth. Funds will be used to grow the team, primarily through the growth of the sales and account management team; product development; and marketing for which we have so far been working on very limited budgets.
We have a huge opportunity in 2019 as the Tenant Fee Ban draws closer and our prospective customers are looking for ways to add value to their offering. This momentum has been building for the past 12 months too and hence we already have a very strong pipeline. Going forward improving service levels for renters is going to be an immediate priority. We have a great opportunity to scale quickly if we have the right funding in place.
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We also have EIS Assurance, saving you up to 30% against your tax bill.