Online estate agent easyProperty launches, initially targeting landlords.
We’ve had easyBus, easyHotel, easyCar, easyGym, and of course the famous budget airline easyJet. Now the easyGroup has turned its attention to property by launching an online estate agent called easyProperty.
It’s concentrating on lettings first of all (sales will come later) and promises to cut costs for landlords taking on new tenants.
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It’s a start-up
The business brains behind easyProperty are Sir Stelios himself and an estate agent called Robert Ellice.
The business itself is being financed by crowdfunding. easyProperty raised more than £1.3 million from small investors using the Crowdcube funding platform. This is for a 1.5% stake meaning the investment suggests the company is valued at £84m – and it only launched last week.
Using the easy brand is a ploy to increase brand recognition and avoid being seen as just another start-up.
What does easyProperty offer?
easyProperty offers landlords a range of services they can choose from – much like when you fly easyJet and you can add extras such as baggage, food or certain seats.
Services on offer include advertising on property portals such as Rightmove, Zoopla and PrimeLocation, professional photography, tenancy agreements, accompanied viewings, to-let boards, and floor plans. Once a tenant has been found it also sells tenant referencing and checks on guarantors.
For landlords expanding their portfolio, it offers mortgages, insurance and conveyancing services.
The site claims that because almost everything it does is online, it can offer landlords cheaper services than high street agents who have higher overheads such as fancy offices and branded cars.
easyProperty says the pick-and-mix model means landlords will only pay for service they actually need.
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How much does it cost?
Listing a property on easyProperty is free – the listing goes on the site and the landlord deals with enquiries directly.
However, to get exposure for a rental property it really needs to be listed on portals such as Zoopla and Rightmove – these tend to be the first place tenants go to look for a new home. Landlords can’t deal with portals directly as they only deal with agents.
easyProperty charges landlords £9.99 a week to have a property advertised on Rightmove, Zoopla and Primelocation (and hundreds of other online locations as well), or for £59.99 you can have it listed for two months on the portals and also have an easyProperty ‘To Let’ board.
A description, professional photos and floor plan will set you back £149. Hosted viewings cost £79 per hour during which a partner company will show round up to eight potential tenants at the same time and provide feedback after the appointment.
Once you’ve found a potential tenant, easyProperty can carry out referencing checks on them. Despite tenants’ campaign groups calling for letting agents’ fees to tenants to be banned, the tenant pays for this.
Tenant referencing costs £49.99 and the checks are outsourced to LetRisks. It will check the tenant’s credit score, affordability, CCJ records, and two references (from a previous landlord and a current or previous employer). A guarantor reference also costs £49.99 and carries out a full background check on the tenant’s guarantor.
Once the landlord has picked a tenant, there are other services he or she can choose. These include a tenancy agreement and deposit protection for £24.99, inventory from £99, and inventory and check in from £117.
What’s next?
After it’s conquered the lettings market, easyProperty plans to move into the sales market and offer a similar type of pick-and-mix services for homeowners selling up.
Would you rent or sell your property on easyProperty? Tell us what you think below.
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