Emoov, the online estate agency owned by Mashroom proptech platform, has launched an instant buyout scheme enabling homeowners to sell properties quicker via its new guaranteed offer service.
In order to finance the offers, Emoov has also announced a multi-million pound credit facility in partnership with Selina Finance, a UK lender backed by GFC and Picus Capital.
Stepan Dobrovolskiy, chief executive of Mashroom, said: “Property chains are a pain for the UK housing market. 30% of transactions fall through, people waste hundreds of millions a year on fees. The existing solutions capitalise on the huge distress that chains are causing to customers. This is also driven by the short-sightedness of service providers and unavailability of data.
“Emoov is the first company to offer an affordable data-driven solution to facilitate the transactions.”
Customers who have listings with Emoov will be able to request an offer from Emoov, and be bought out on terms that Emoov insist are “fair and transparent”.
Darvish Heshejin VP of growth, Selina Finance, commented: “We’re delighted to be partnering with Mashroom and Emoov to fund their guaranteed offer service.
“It’s exciting to be part of such an innovative solution, combining technology and flexible funding, to help solve the problem of property chains experienced by many.”
Comments (4)
With only 95 Instructions I wonder why Emoov the national online agent with the digital footprint of a one branch agency in a small town, needs an i-buyer facility to buy property? Of those 95 instructions half will exchange, of the remaining 47, 17 will come off the market completely, the other 30 might be open to an i-buyer proposition, but many will not, choosing to go to the next agent to be sold. If it was Purplebricks, who list 116 instructions a week, 60,000 a year, then having an i-buyer option might make more sense.
They are not the first, we do it, and have done for some time…
“Emoov is the first company to offer an affordable data-driven solution to facilitate the transactions.”
First? Wasn’t Nested doing something similar (/exactly the same) to this?
Yes – and there are lots of others as well, all of whom have been running for year+