Auctions have traditionally been good ways to pick up bargains, whether it is furniture, antiques, works of art or cars. Prime TV shows like Cash In The Attic or Storage Wars also show how auctions can be an effective way to make a profit – if you know what you’re doing. Other popular programmes, such as Homes Under The Hammer, have increased awareness of buying or selling property through auctions too. Now, one company has brought a new concept to the world of property, by setting up auctions for people who are looking to rent property in England.
LetsBid4Lets says it offers the first bidding software for the letting sector in the UK. It offers tenants the chance to bid for rental properties online. The company will provide letting agents with software to list a rental property in an auction format, which potential tenants can then bid for. The winning bid has the house for the agreed rental period. All tenants will have reference checks by FFC Paragon, before they can place their bids. The company founder and chief executive, Spencer Rose, said Letsbid4lets felt it was the next step in the way auctions and property rentals are evolving. The system is set to benefit agents, landlords and tenants as it simplifies the process of letting properties.
Rentberry already offers a similar service in the US, where prospective tenants can make informed decisions about whether to bid for a property, based on demand and value of the highest offer. It believes this results in a fair market price to benefit landlords and tenants. The idea is that this streamlines the letting process and means landlords can lease the property faster and at an optimum rate.
This is yet another example of how proptech is transforming the way landlords can conduct business with their tenants. As well as helping landlords find tenants for residential properties, proptech is playing a big part in finding flexible ways to let commercial properties too.
Startups often need flexible office or commercial space to match their fast-moving business. That’s why long leases offered by traditional agents does not work for startups, and neither do lengthy negotiations. Entrepreneurs want to move into premises straight away and have space to expand staff. One company, Realla, is aiming to plug the gap between the way commercial real estate is marketed and how people really want to search for it. Realla has a free property portal, with more than 90,000 listings. Realla states that more than 90% of commercial tenants search online, and so it has set up a search engine for commercial property to meet their needs. Its mission is to help commercial landlords and letting agents become better at digital marketing, which improves the search for tenants and investors, as well as making it quicker and more efficient to find or market properties.
Proptech, apps and software will continue to revolutionise the way tenants and landlords can connect and conduct business for many years to come.