OnTheMarket has made a strategic investment for a 20 per cent share in Glanty Ltd, the owner and developer of Teclet, an automated portal for the lettings industry, designed to reduce overheads and maximise efficiencies for letting agents. OnTheMarket has also agreed an option to acquire the remaining 80 per cent of Glanty.
Their intention is to offer Teclet and, potentially, further technology solutions, to its agent shareholders and customers – the next step in achieving OnTheMarket’s mission to deliver a market leading, agent backed alternative to Rightmove and Zoopla.
OTM’s £797,00 investment in Glanty gives it a 20% share and further options.
The Glanty team all previously worked in the property agency sector and/or have experience of defining and delivering software solutions.
Glanty recognised the need for a platform to support customer journeys and Teclet launched in 2016. Since then, it has gained small, medium and large estate agency groups as customers.
Teclet automates a high proportion of administrative tasks involved in creating a tenancy and managing it through to renewal. It also provides online storage and 24-hour access for agents, tenants and landlords to records and documentation. It also supports compliance with the regulatory requirements in tenancy creation and management, providing an audit trail of transactions.