An online letting agent that claims to offer the premium service of a traditional, high-end agent has raised £850,000 in funding.
Home Made focuses exclusively on the London letting market for properties in the £500,000-plus range.
It offers accompanied viewings up until 10pm at night and on weekends and bank holidays and charges landlords a fee from £948 plus VAT.
The fee includes an account manager, professional photography and floor plan, accompanied viewings, independent referencing and contracting, payments and deposit handling.
A “premium plus” option costs £1,498 plus VAT and offers all of the above, as well as professional cleaning, independent inventory check-in report, gas safety certificate and EPC.
The funding round, led by private equity firm Tethys Equity, is reported to give the company a post-money valuation of £4.3m.
The business was founded by Asaf Navot and Nick Binnington in 2016.
Home Made claims to be on the way to making £1m in revenue in 2018, with over 1,000 properties rented.
I can’t believe they can maintain the quality long term. Not at this price for sure, no matter what ‘tech’ they have.
If that was the case, I’d let them do my viewings and charge 5%.
I hope it’s not another hit to the industry. We had enough of it.
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Fees should be including VAT!!!! #facepalm
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There is no management included and these fees wont work outside of London. More than ever now, landlords need to pass on the management to trained agents. I have seen quite a few let only landlords destroyed by nightmare tenants, who just grind them down to the point they eventually sell up. I feel we earn our fee when dealing with maintenance, deposits, rent arrears, tenant notices, inspections, mediating, etc etc etc
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