A digital property management platform that automates the rental process including marketing, bookings, reference checks, maintenance and compliance, claims it is now worth £3.5m.
The company is seeking £350,000 crowdfunding investment and on the Seedrs investment platform it values its service at £3,524,962.
NoAgent is chaired by Gillian Kent, once employed by News International to run Propertyfinder as a rival to Rightmove.
NoAgent’s pitch to investors is that it is already three months ahead of its business plan targets for customers, with over 3,000 registered users. “Over the past five weeks from November 4 2016 our blended cost per registered user has fallen by 96 per cent” claims the company.
Kent claims NoAgent is the only service that completely automates tasks that are traditionally undertaken by letting agents.
“Strategically what we’re doing is empowering landlords to fully manage all aspects of the letting of their property – and save money as a direct result. Agencies currently earn £115m a year in fees doing these sorts of tasks” she says.
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3,000 registered users but how many are paying a subscription? If they are all paying users that means they are generating at least £90k per month. If thats the case (creating approx. £1m turnover) then their valuation would be much higher- especially if they have acheived this in just 3 months.
I think there is, as is so often the case wth these releases, a lot more to be understood beneath the surface. How many paying subscribers do they have? As (by brand and ethos) an 'anti agent' platform- how long with ZPG & RM be willing and able to let them keep listings instructions as NA Technologies and (if they get pulled) what will they be worth without the ability to list on the major portals?
Whilst digital solutions can deliver vast efficiencies to letting agents I still dont se how this sector can be completely digitised nor how any copany can offer 'human expertise' whilst still delivering services at tiny fees.
Hey Kristjan,
We're not so much an anti-agent, more a 21st century upgrade.
The name is designed to get people to stop and think about how they get to the end result at the minute (pain points: cost, service levels) and how they could (digital, reduced cost, increased service).
As for "human expertise" - our property managers don't have to worry about chasing contracts or hitting targets based on sales volume. Our PMs are targetted on delivering great customer service, each with a minimum of 5 years experience.
Best regards
Calum
So how do your property managers provide local experience?
Also, does the business have targets?
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