easyProperty
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Latest property news
EasyProperty set to launch online property auctions
The property market is now full of online ‘disrupters’ claiming to be the next generation of estate agent but EasyProperty, backed by billionaire Stelios Haji-Ioannou, is taking its online battle to auctioneers too. The company, whose website shares the same orange branding as its airline stablemate, has revealed that it is to start selling property through online-only auctions this Spring. Nigel Lewis met EasyProperty’s CEO Rob Ellice to hear about the plans. “The technology will be ready to go in February and then we’ll start running up a book and get it in place and the first auctions will be this Spring,” says Rob (left). “I think the success of Ebay suggests that in order to have an auction, it doesn’t have to be in a room so we’ll be taking on the existing auctions houses – who aren’t too happy. Many of them, who I’ve known for years, have come back to me and said ‘hang on, what are you doing’?” Offering public online auctions that are easy to sell through and, he claims, much cheaper for both vendor and buyer, is a significant challenge to the traditional auction model. At the moment most non-professional home sellers and buyers…
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Agencies & People
easyProperty secures Tosca backing
easyProperty, the online estate agent, has raised £25 million from its third round of funding from a London-based hedge fund and a consortium of angel investors, valuing the company at more than £100 million. The investment was secured within three weeks for exchange of just under 15 per cent equity in the business. Under the terms of the deal, the company will access £16 million immediately, with a further £9 million earmarked for future growth. The lead investor, Toscafund, a London-based hedge fund, has put forward £14 million in investment, with the additional £2 million being co-led by existing and new investors. “This new, very substantial investment from Toscafund is a real opportunity to keep expanding both in the sales and lettings markets in the UK and in pan-European property services, and a sure indication of how we plan to take the market share from traditional high street agencies, said CEO of easyProperty, Rob Ellice (left). Martin Hughes, from Toscafund, said: “easyProperty offers the brand, technology and management to enable a considerable saving to property transaction costs compared to the incumbents. The online process is an impressive disruptive approach to ease a much needed overcharged road block to the population…
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Agencies & People
easyProperty seeks fresh funding
easyProperty, which last week became the first UK online estate agency to offer clients the ability to exchange legally binding property contracts online, is seeking £5 million to fund its expansion and additional investment in marketing. Talks with investors are believed to be at an advanced stage, with the company hoping to use part of the fresh funds to expand into the auctions and international markets. It is understood that the company also has an option to expand the business into six other European markets, including France, Germany, Greece and Italy, while easyGroup has an option to buy a further 3.4 per cent of the property company’s shares, as part of an exclusive 20-year agreement with easyProperty. News of easyProperty’s latest attempt to attract new investors comes just days before Purplebricks, a competitor online agent, unveils plans to list on the London Stock Exchange. In a statement, a spokeswoman for easyProperty said, “We can confirm easyProperty’s CEO Rob Ellice has been undertaking a planned third round of investment talks in line with commercial plans to fund the continued expansion of the growing online estate agency business.” Ellice (left), who claims that there has been “strong interest from major players”, reports…
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