Landlords’ management platform No Agent lands $1.1 mln

UK-based No Agent, a management platform for landlords, has secured $1.1 million in funding. The investors included Nick Hynes and Carl Uminski.

PRESS RELEASE

08.11.17, London: No Agent, the end-to-end management platform for landlords today announces $1.1m of investment from private investors including Nick Hynes and Carl Uminski (co-founders of SOMO).

Landlords are having a tough time at the moment; they’ve seen a number of policy changes coming into place, such as Section 24 reducing profits or the PRA restricting how much they can borrow, coupled with the threat of rising interest rates. Many are considering leaving buy-to-let in favour of more lucrative sectors, which could have hugely detrimental effects on the supply of properties for tenants across the UK. Landlords need to find ways of creating efficiencies for their property to remain profitable in today’s world.

No Agent is using technology to fix the rental market and has pioneered the ‘no fees to tenants’ model. Its innovative ‘renting as a service ‘ platform and in-house property expertise offers landlords a simpler, flexible and low-fee way to manage everything from start to finish, increasing overall returns.

“As a landlord myself, I kept coming up against shoddy letting agents that weren’t transparent, underserviced and were overpriced”, says Calum Brannan, 28-year old founder of No Agent. “This is a common problem for both landlords and tenants. We created No Agent as a new alternative that can do everything traditional agents do, and more, at a fraction of the cost.”

The business has continued to grow by approx. 35% month on month for the last six months, recently obtained FCA approval, and just last month opened an office in Coventry, Calum’s hometown in the West Midlands, an emerging PropTech hotspot.

“We’ve now received approximately $2m in funding in total, and this latest injection will be used for developing our ‘renting as a service’ ecosystem and AI offering, as well as boosting our senior leadership team. This will set us up nicely for a Series A funding round next year”, says Calum.

Nick Hynes said, “No Agent offers a genuine solution to save landlords time, money and provide flexibility. We believe ‘renting as a service’ is the direction the market will move in, and No Agent was set up to achieve this and lead the market.”

About No Agent
For decades now landlords have had two choices. Manage their own properties or pay a letting agent to do it. No Agent is a property management platform that fundamentally changes the letting process. Our innovative technology and in-house property expertise offers landlords a simpler, more flexible and low-fee way to manage the entire rental process from start to finish. For too long, the rental market has remained overpriced and underserviced, and failed to keep up with the technological advancement seen in every other sector. No Agent is changing this, one landlord at a time.