Lettings proptech start-up in negotiations to buy Rentify.com off administrator

An Oldham-based property management software company is in negotiations to buy the platform of Rentify.com, which went into administration several weeks ago.

ProperTech, which describes itself as a start-up, is a platform that enables property administrators to better manage their rental portfolios ‘from AST to eviction’.

Its sole director Nada Morgan has started negotiations with the administrators to acquire Rentify.com. She is a programmer with a background in the evictions industry and has previously built software to streamline the issuing of Section 21 and Section 8 notices and possession orders.

Estate agency Dexters has already bought the huge landlord database that Rentify built up during its ten years in operation, during which it burned through at least £10m of investor cash.

Rentify aimed to use tech to cut operational expenses and offer residential landlords of all sizes a highly competitive management fee structure.

Natural step

“With our background in digitalising eviction procedures, it’s a natural step to move into online tenant management services,” says Morgan.

“Our original idea is close enough that we are well placed to act quickly. “We have already had initial interest from venture capitalists to raise the necessary funding to purchase key assets.

“It’s tragic when a longstanding company ceases trading but looking at the financials, there were obviously some serious flaws in their business model that we won’t repeat.

“I’m all for creating a disrupter, but not at the expense of profit. I believe we can turn the situation around offering a more viable lettings administration service that is good for both investors and landlords.”

ProperTech was incorporated last month based at a business centre in Oldham and is hoping to scale up rapidly and offer an automated and streamlined SaaS-based property management platform in three major UK cities.