A platform which allows “landlords and tenants to directly engage with each other” is raising funds.
An email sent out to potential investors on its behalf by Angel Investment Network claims that Propoly has already had a £600,000 investment from Countrywide, which it describes as the “market leader in UK rental/management”.
The pitch says that Propoly cuts out letting agents.
Asked about Countrywide’s investment, Ed Ghazal, one of the co-founders of Propoly, said it was correct.
He described Propoly as “a one-stop rental platform for landlords and tenants, due to launch later this year”.
Propoly, based in east London, is currently offering landlords a free trial – its website says the normal charge is £59.99 – and is also listing three properties on Zoopla.
However, Zoopla said: “We have strict eligibility criteria for those advertising with us and the levels of service that they must provide. We are currently reviewing this business.
“Any new agency looking to advertise with us needs to meet our criteria and comply with our member terms and conditions.”
Although the email to potential investors says “Propoly have created a platform that allows landlords to list their property on portals (Zoopla, Rightmove)”, there are no listings on the latter.
A spokesperson said: “They are not a Rightmove customer. If they did want to become a Rightmove customer they would need to apply and go through our usual vetting process.”
According to the Propoly website, tenants are charged £49.99 for referencing.
We asked Ghazal how the ban on letting agent fees would affect his business.
He told us: “We get most of our spend from landlords. We aren’t sure how the tenant ban will come into force yet, we do however charge much less to tenants than estate agents at present (probably one of the lowest on the market) and we put tenants in direct control of their letting, no more waiting around for responses and miscommunications from third parties.”
He added: “The primary customers that Propoly is looking to attract are DIY landlords that do not currently use high street letting agents – which is over 40% of the market. We do not aim to compete with high street letting agents such as Countrywide Plc.”
We have asked Countrywide as to an investment in Propoly and will carry their statement as soon as we are able.
The screengrab is from the email sent by Angel Investment Network to prospective investors.