PropTech Startups looking to Build on a Solid Foundation
by Startacus Admin
Property is big business, but pretty inaccessible to those without vast funds. Particularly when it comes to first time home buying, things are getting harder with higher and higher property prices. This has sparked a new generation of property tech startups determined to find a way over, around, or through this obstacle. Here are a handful of such startups, focused mainly on residential property, aka, PropTech Startups...
StepLadder
StepLadder aims to get first-time house buyers into their new homes as fast as possible by pooling deposit savings together with a group of peers. The system, based on ones used widely across Asia and South America, means that one member of the group will be chosen per month to receive 100% of their required deposit. By the end of the cycle, StepLadder says that every member of the group will be in their own home.
This system of course means that one person in the group will end up still saving for their deposit for the same length of time as they would otherwise, but everyone’s chances of not being that person increase dramatically.
No Agent
No Agent aims to disrupt the traditional rental sector, by offering a digital and holistic alternative to Landlords who are looking to manage their tenents. We'll let their explainer video on this one do the talking...
No Agent App
Unmortgage
There is a step halfway between renting and taking out a mortgage that is largely untapped. We already have rent-to-buy, but this requires a landlord who is prepared to sell their house, or a house seller who is prepared not to sell right away. The other option is Unmortgage, whereby you can buy a house worth up to 10 times your income. You pay a minimum of 5%, and Unmortgage will buy the rest - you will then pay them rent until you are able to afford to own more of the house. And when things go wrong with the house, you only pay the same percentage for those repairs as the percentage you own of the house.
Reposit
Reposit is a service for those looking to rent a home, but who can’t quite afford to pay the deposit on top of the first month’s rent. Deposits can be the equivalent of 4-6 weeks’ rent, which can be a little overwhelming on top of finding the rent itself, so Reposit allows tenants to pay a deposit of just the first week’s rent instead. Reposit themselves will cover the property up to the value of 6 weeks’ rent, so the landlord will still get peace of mind, and the tenant can pay any damages at the end of the tenancy.
Built-ID
Built-ID is an online platform that enables property developers to unearth, connect and work with the professionals that were involved in the property projects they admire. Built-ID enables property consultants to showcase their work to an international audience, track user engagement with our data analytics and connect with new clients. Especially for niche consultants, business is disproportionately reliant on traditional word-of-mouth referrals. Built-ID aims to change this. And it seems Investors agree, with the recent news that Built-ID have in the last month or so just bagged over £1m in investment. Congrats Team.
Settled
Nobody likes giving a large cut of anything to anyone, so being able to sell your house, not have to blindly stumble your way through it, and still keep the vast majority of the sale price is no small thing. Settled gives house sellers a platform on which to create their house listing including everything from valuation to floor plans to negotiation support to a free ‘for sale’ sign. The service costs a fixed price of £499, up front or deferred for a month, with no commission. Settled lists the advert on hundreds of property sites - including the big ones like Zoopla and RightMove - allowing you to do just about everything you would normally use an estate agent for, all from your account.
nested
nested is another alternative to the standard estate agent. They valuate the property and give both this valuation and a guaranteed minimum price. They will then endeavour to sell your property within 90 days. Should they fail to do so, they will pay you the guaranteed price themselves and continue the selling process, giving you any extra if the house ends up selling for more than the guarantee. Should it happen to sell for less than the guarantee, they will again cover the difference themselves, meaning you will always receive at least the guaranteed price. Their fees are 2% + VAT on the guaranteed price (typically 95-98% of the valuation), plus 20% on anything over the guaranteed price. So these fees can be weighed against an estate agent’s normal fees, taking into account the 90 day guarantee.
If you are a PropTech startup you might want to check out Pi Labs
We mentioned Pi Labs in December in our article about London’s sector-specific accelerators. They are both an accelerator for property tech startups and a property tech venture capital firm, investing exclusively in early stage ventures within this vertical. Pi Labs offers 2 options: a 13-week mentor-led accelerator programme with an investment of £50k for 7% equity or a warrant option that allows them to claim 5% of equity in your next funding round. They also directly invest up to £2m in proptech businesses in seed stage and beyond.
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Published on: 23rd May 2017
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