Breaking Property News 20/11/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Proptech powered lettings service for BTR developers needing pre-approved, quality tenants at speed gets funding
A proptech-driven letting agent has secured close to £500,000 during its first equity investment raise. Property Sense, headquartered in Stockport but operating nationally, secured the half a million pounds in funding in just four weeks. The money was raised entirely through Property Sense’s existing investor database.
The financial injection has been used to expand Property Sense’s operations nationally and increase its proptech capabilities. The capital will also facilitate a recruitment drive to take the firm’s nine-strong team into double figures.
The team is currently recruiting for a marketing manager, as well as several sales and business development roles to scale up its operations. Property Sense has also announced an ambitious five-year business plan to make its mark on the build-to-rent (BTR) sector. Plans include securing 5,000 BTR units to let per year by 2029, beginning with 1,500 units during 2025.
Property Sense’s unique offering enables developers to fill their apartment blocks in less than 3 months after the buildings are completed, delivering pre-approved, long-term residents to the developments in record time.
It also offers a fully funded property maintenance and repairs service with guaranteed rent, aimed at helping landlords secure predictable monthly incomes.
Mike Haywood, (Pictured) CEO of Property Sense, said: “It’s great to see this first raise happen from within our existing customer base. Not only does this reinforce their belief in our model and current trajectory, but it allows Property Sense to share its continued success with those who backed us from the beginning.
“We look forward to building further on this success with a second raise in the coming weeks. We’re confident this will again remain private due to the already increased company valuation since the first raise.
“The returns are looking extremely promising for all our investors thanks to our rapidly expanding BTR business and the value in our unique proptech. I’m very excited to see what the future holds as we continue this journey to change the face of build-to-rent lettings and services to landlords for the better.”
Property Sense has gone from strength to strength in recent months, securing the lettings for large-scale BTR projects in the North West and Yorkshire, and expanding its premises in Stockport.
The agency launched a proptech sister company, Place 3D, back in September. The Haywood Group subsidiary offers high-specification 3D visuals of a scheme pre-construction, available to all Property Sense’s BTR clients free of charge.
Committed to redefining industry standards for BTR lettings, property refurbishment and maintenance, Property Sense launched in April 2024 to prove there is another way for letting agents across the UK. It is a proptech-driven lettings agent that can deliver shorter lease-up periods on blocks of any size. and offer fully funded property maintenance and repairs with market-leading guaranteed rent.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
You May Also Enjoy
Housing Ombudsman’s report demonstrates necessity of vibrant and growing private rental sector
Inheritance Tax Receipts raise £1.5 billion in two months
Propertymark Responds to Boiler Scheme Consultation
Industry Reaction to Bank of England’s decision to hold interest rates at 4.25%
Rents Climb as High as 17.4%