A proptech startup business that claims it can make letting agents more profitable by weeding out time-waster tenants has raised £3m 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 £3m 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.”