Off-market property sharing service LonRes has claimed to be the UK’s original proptech platform as it celebrates its 20th anniversary, a milestone many of the current crop will have to wait many years to achieve.
Launched in 2000 three months before Rightmove started up, it is the brainchild of London prime agents William Carrington and Anthony Payne.
It is now viewed as an essential tool by most London and Home Counties agents dealing in upmarket properties and with clients keen on discretion and inside market information.
The duo had the idea when Payne missed out on a deal after property details arrived late in the post, and decided to investigate the recently-arrived ‘internet thing’.
They also realised it would make doing valuations much easier if historic data on properties was available online too.
And the service was born. It is now used by 6,000 estate agencies listing some 12,000 sales and 10,000 rental properties. Agents use the platform for a variety of reasons, but its most commonly used services include its historic database of property sales including who sold what, when and for how much, and its stock of on and off-market properties offered on a revenue share, multi-agency basis.
LonRes has also expanded its service to offer agents local market reports, advice and updates.
The company also recently bought an Anti-Money Laundering advisory firm, Financial Crime Services, which it now offers all its members.
Anthony Payne (left), Managing Director says: “It’s a great testament to the company that 20 years on, we can count original subscribers among our clients today.
Carrington adds: “We listen to our subscribers and act on their concerns. We’ve come a long way in 20 years but the values that we adhered to then still hold true today. We look forward to the next 20 years.”