A firm which wants to provide landlords and tenants with a lettings auction forum is looking for investors.

AuctionLets launched in January last year but currently has no deals or properties on its site.

Nevertheless CEO Spencer Rose claimed: “Our site has been successfully tested with great results.

“An increasing number of bids have gone through and both tenants and landlords have been happy with their service and the outcome.

“We know our concept works, we know landlords and tenants want it, but what we now need to do is spread the word in order for us to develop the business further.

“This is why we have decided to actively seek investors whether it’s via crowdfunding or through private investors.”

The site enables landlords to upload their vacant properties whilst potential tenants can make bids. All properties are advertised on Rightmove.

Rose said: “Tenants bid for the property in a legally binding online auction, and have the ability to bid on multiple properties until they are successful.

“To avoid signing up for more than one property, prospective tenants are only able to be the current highest bidder on one property. Once they are outbid they can move on to another property.

“Landlords decide a realistic minimum rent per month and simply sit back and wait for the bids to come in. They also control the end time of the auction and move-in date.”

He added: “Tenants and landlords have been in the hands of agents, whether these are online or with a high street presence, for far too long now. It’s time for landlords and tenants to take a bit more control.”

EYE could find no properties or auctions currently on the site, and asked for information about the testing.

A spokesperson told us: “The testing was really for the functionality of the site. The concept has also been tested and they have actually done business and have the recommendations of both the landlord and tenant as to how good it was for both of them.”