London-based app announces ‘six figure’ fundraise...

A property app firm, which describes itself as a second-generation digital property management service, is aiming to raise a ‘significant six figure sum’ through crowdfunding to commercialise its ‘innovative and time-saving technology’.

Renterz says it is committed to ‘Uberising’ the property market with its easy-to-use app ‘that seamlessly connects tenants with agents and buyers with sellers, taking the frustration out of managing viewings and several other transactional processes.

The company outlines that the Renterz app enables tenants, landlords and reputable tradesmen to manage property repairs at the click of a button – the first tech to make this a reality, it says.

The app also allows direct contact between buyers and sellers who can send each other notifications about suitable properties and schedule viewing appointments.

Free to access for tenants and buyers, Renterz says it generates income through paid-for service and property management packages for landlords, and from a property sales package for sellers. The company also applies handling fees when connecting landlords with pre-approved tradespeople.

After initial investment rounds, where the firm generated nearly £500,000 in funding, and following three years of ‘intensive research and development’, the London-based company is now fundraising to bring its ‘innovative service’ to market.

The company says it will focus on brand building, initially targeting landlords, renters and property maintenance contractors within the UK, where there are around half a million letting transactions across 4.5 million rented properties each year.

With tech in place that also supports property selling and buying, Renterz says it intends to move into that end of the market shortly after its launch.

What’s more, the fledgling firm has longer term plans to roll-out across the international market and has just completed licensing agreement deals for its technology to be used by third parties in Turkey and Dubai.

“Renterz is revolutionising the way sellers and landlords list their homes, and redefining customer service by eliminating inconvenient property viewing systems, cumbersome communication processes, and drawn-out contractual negotiations for tenants and buyers,” Hamed Handawi, Renterz founder and CEO, said.

“After securing investment to support the development of our innovative technology, we are now looking to raise a significant six figure sum to fully commercialise our proposition and launch Renterz to the UK market.”

He added: “As of 2018, there were over 865,000 property sales transactions and around 486,000 letting transactions in the UK but the property management sector has yet to adopt a shared economy model. We aim to change that as we strive to make Renterz a byword for digital property services for a new generation of buyers and tenants.”