A proptech startup business that claims it can make letting agents more profitable by weeding out time-waster tenants has raised £2.8m in new funding.
The Homie service, which is just two years old and covers London only, says it vets would-be tenants so that agents only see the ones who are serious about renting a property.
Meanwhile, it claims to roll the process of searching for a home and booking viewings and tours into one service for the tenant.
Would-be tenants provide their details and requirements before a personal agent called a “Homie” provides a shortlist of suitable properties.
The Homie then schedules viewings with multiple agencies into one tour.
Tenants can also use the Homie service to offer feedback to the landlord and it will help co-ordinate offers and tenancy agreements.
Homie also claims to be cheaper than a standard relocation service for renters moving from one country to another.
Whereas it says relocation services typically cost between £1,500 and £5,000 per move, it claims to offer an “unlimited” service that costs the renter less than £50.
A spokesperson for Homie wouldn’t reveal exactly what it costs an agent to be signed up to the service but said it depended on the property and tenancy.
He said: “Homies will actively accompany viewings, giving their help to negotiators to highlight things that are going to appeal to the pre-vetted tenant.
“They’ll help with key management to open up the property to viewings if the negotiator can’t make it (only if the agent requires that, of course).
“They’ll also help with offer management and the co-ordination of admin so that the paperwork is completed on time and without incessant chasing by the agent.”
Homie’s latest funding round of £2.8m was led by investment firm Connect Ventures, supported by other investors including Seedcamp, Venture Friends and The Family.
Homie was founded in 2016 by Alex Eid.
The business claims to have helped in over 500 tenancy deals.
Eid said: “This new investment represents an incredible opportunity for us to expand our areas of coverage and further develop our tech platform, without compromising on any of the personal aspects of Homie that make it so unique.
“Our vision has always been to make London’s rental market more transparent and easier to navigate while delivering a better quality and personal service to everyone.”
Every day we seem to have a new Protech to revolutionise the property industry a miracle piece of software which will, at a click of button increase your bottom line. How are they getting millions on millions to fund these silicone valley idealists?
Can we start a funding circle for tins of elbow grease, shoe leather and common sense injections?
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I don’t understand it either. It has been going 2 years and maybe the money comes after they use a bit of fake advertising to see what the feedback is like. It’s a new world out there .
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Wait for the charities and liberals to wade in and says timewasters human rights aren’t being respected.
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Don’t worry the charities are firefighting over their current trampling of the destitute in poverty stricken countries Human rights 🙂
Proptech is big because everyone has sat and looked at the milennials and Gene X who only have a well developed index finger and have lost the use of all other limbs. Proptech sounds sexy and of course plays to how everyone reads the future..lazy and wants an app to do everything for them…badly! There will be some good ideas that come out of Blockchain biz models, which by the way is the new word for Hub! It’s just it involves open sourcing of data and centralizing functions. In the real world, it won’t deal with people who change their minds, forget what they have organised because they pressed a button or were just dreaming with friends online! Make it too easy and it will be abused. There is nothing like a bit of endeavour to prove something has real value and appeal and pre qualifies people. If something is worth having, it is worth fighting for…algorithms won’t be able to deal with that and if we are to be that predictable..there will be no joy in life… SPONTANEITY and BEING HUMAN and these aren’t found on a screen
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Yet another bunch of Billy Bullcrappers. Don’t all good letting agents already use this particular piece of ‘Prop-tech’ – we do; experienced human brains….
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We need sth similar but for tennants to filter lazy agents.
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Which translates in London to;
“Homie tenants trying to gain a badge of honour to prove their seriousness will have missed out on property as serious tenants have already viewed the property by contacting the agent directly. By the time your Homie has shoe horned, arranged and re-arranged a viewing tour to fit in around agents and key availability, 4 out of the 5 properties you favoured will have gone to slightly more serious and proactive tenants than you”
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What a bunch of bollo%$.
Their model relies on split commissions – any agency willing to do it is insane and is cutting the branch they’re sitting on.
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