A new property portal that promises to cut agents out of the home buying and selling process completely is readying itself to launch.
Agent Not Needed (ANN) is the brainchild of founders Anthony Pentland and co-founder Petros Georgiou.
Claiming that their new concept “has the estate agents worried”, it will charge would-be sellers a flat fee of £500 to list their property themselves.
The fee will only be chargeable once the sale of the property has completed.
The platform, from which agents are excluded, allows individuals to communicate, book viewings, and make offers directly online and claims to offer a “mass audience” of potential buyers.
Currently, the site is not fully live and is showcasing only “demo homes”.
However, Pentland who comes from an e-commerce background and previously founded an online clothing retailer called outfitinabox.com, said the site is due to be “reskinned” in about ten days’ time (see below for how it will look once this has happened) and will then have real properties to list.
Meanwhile, the business is being funded by the sale of crytocurrency utility tokens called ANNs.
Each token is selling at £0.025 each and can be used to pay listing fees, purchase additional features, advertise a business, or sell to other users on the platform.
ANN has created 450 million tokens, of which 400 million are for sale.
The portal aims to raise as much as £10m via the sale, of which 30% would be devoted to marketing, 20% to product development, 20% to funding its team, 15% to sales, 10% to advisors and 5% to “admin”.
Pentland said he hoped the tokens would be sold to investors and those who wished to advertise on the site.
The tokens can be traded on a marketplace on ANN’s website but the fee payable by the consumer will remain static at £500.
The business is also building a back-end auction system that allows companies in the insurance and mortgage companies to bid for leads and pay with ANN tokens.
Pentland added: “From an end user’s point of view they won’t even know about the blockchain crypto side as that’s not our message or main features of the platform.
“We sell your house and charge you 2,000 ANN tokens but you don’t hold any, so you can just pay with you bank card and in the background 50% of the revenue comes to the business and 50% goes to buy ANN tokens from the community.
“But you won’t see any of this happening, it’s all done behind the scenes.
Asked if consumers would be able to get their heads around the concept of a blockchain property portal, he said: “90% won’t, but our mission is to build a marketplace and tools that allows individuals to deal directly without an agent, with the view to use blockchain and smart contracts to speed up the rest of the process over the next five years.
“Just like how all the tech magic that happens when you post a picture on social media, the users doesn’t care whats going on behind the scenes as long as their picture is uploaded.”