A new rental auction platform was officially launched at an event at The Shard last night.
LetsBid4Lets’ software is now available to all letting agents and is ready to integrate with their websites, presenting tenants with an opportunity to bid for rental properties online.
A similar service for landlords, Rentberry, which launched in the U.S. last year, now lists around 100,000 properties on its site and claims it has more than 50,000 users.
LetsBid4Lets says it will provide letting agents with software that enables them to list a landlord’s rental property in an auction format and subsequently allowing tenants to bid for it.
If a tenant wins the bid, it is their house for the agreed rental period.
All tenants that use the LetsBid4Lets will be pre-referenced by FCC Paragon before bidding.
“We believe LetsBid4Lets is a game changer, that provides agents with a whole new revenue stream and tenants with a level playing field,” said Spencer Rose, CEO and founder of Letsbid4lets said.
“Agents who understand and adopt the proptech to develop their businesses now, will reap the benefits in the long run,” he added.
Rose is buoyed by the fact that £3bn of residential property was sold by auction last year, while around 10 million people regularly use online auction sites.
He continued: “Our logic with this business is that auctions are a tried a tested way of selling property and people understand it, but no one has applied it to the lettings process yet.
“We believe LetsBid4Lets can provide transparency to both landlords and tenants.”