No Agent lettings platform announces new backing as landlords have ‘tough time’

No Agent, a management platform for landlords, has raised some £840,000 in private investment.

The funding comes at a time when No Agent – created as an alternative to letting agents – says landlords are having a tough time.

It says many are considering leaving buy-to-let, and that landlord need to find ways of creating efficiencies if they are to remain in profit.

The business was founded by Calum Branan, 28, who said: “As a landlord myself, I kept coming up against shoddy letting agents that weren’t transparent, underserviced and were overpriced.

“This is a common problem for both landlords and tenants. We created No Agent as a new alternative that can do everything traditional agents do, and more, at a fraction of the cost.”

He said the business has continued to grow by around 35% month on month for the last six months. It recently obtained FCA approval, and last month opened an office in Coventry.

Altogether the business has now received about £1.7m in backing, and will go on another funding round next year.

Its latest investors include entrepreneurs Nick Hynes and Carl Uminski, of Somo, a business accelerator.

No Agent sets out its stall, saying that “for too long, the rental market has remained overpriced and underserviced, and failed to keep up with the technological advancement seen in every other sector”.

It lists properties on Rightmove and Zoopla – both of which ban non-agents from advertising on their sites – but under the name NA Technologies.

Yesterday, on Rightmove, it had 170 available rental properties. It does not charge tenancy fees.

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One Comment

  1. Woodentop

    Yesterday, on Rightmove, it had 170 available rental properties. It does not charge tenancy fees.

     

    Not bad, but why haven’t they been let? I would love to be a fly on the wall with the 170 plus tenants they will reference for free. That’s a lot of time and expenditure to recover for just 170 tenants but add in the equation of all the time wasters they have allowed to flood in through the door and they must be running around like headless chickens with no time in the day to do all the work they need to, to back their claim of a better service, or maybe, just maybe 2 plus 2 = 3.

     

    Question: How is it going to pay a return to its investors?

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