A lettings auction website for landlords and tenants is seeking new investors.
AuctionLets, which launched in January 2014, currently has no deals or properties on offer.
However, the firm’s CEO, Spencer Rose, states: “Our site has been successfully tested with great results.
“An increasing number of bids have gone through and both tenants and landlords have been happy with their service and the outcome.
“We know our concept works, we know landlords and tenants want it, but what we now need to do is spread the word in order for us to develop the business further.
“This is why we have decided to actively seek investors whether it’s via crowdfunding or through private investors.”
Landlords can upload their vacant properties to the site and prospective tenants can make bids. All homes are advertised on Rightmove.
Rose explains the concept: “Tenants bid for the property in a legally binding online auction and have the ability to bid on multiple properties until they are successful.
“To avoid signing up for more than one property, prospective tenants are only able to be the current highest bidder on one property. Once they are outbid they can move on to another property.
“Landlords decide a realistic minimum rent per month and simply sit back and wait for the bids to come in. They also control the end time of the auction and move-in date.”
He adds: “Tenants and landlords have been in the hands of agents, whether these are online or with a high street presence, for far too long now. It’s time for landlords and tenants to take a bit more control.”1
Regarding the site’s testing, a spokesperson says: “The testing was really for the functionality of the site. The concept has also been tested and they have actually done business and have the recommendations of both the landlord and tenant as to how good it was for both of them.”1
1 http://www.propertyindustryeye.com/lettings-auction-site-to-look-for-new-investors/