A smartphone-based lettings platform started up by a 20-something under-graduate claims its new ‘Tinder’ style app for the private rental market will eventually overtake Rightmove.
The-bunch.co.uk is already growing fast and started out as a bill splitting service for student in Leeds but now has the backing of several leading angel investors while claiming a seven-figure turnover.
It pays agents £20 when a property switches utilities and charges tenants £10 a month to be a guarantor for their share of the rent and bills.
The other unusual bit is the company’s app. Tenants register to use it and then swipe through properties enabling it to learn what each person likes and wants, gluing them together socially and making it easier to set them up for bill sharing once they move in.
Former youth rugby star and CEO Elliott Herrod-Taylor first launched the company as Easy Student Letting and sourced the first customers via friends and family three years ago.
But it now has 3,000 tenants onboard and has begun persuading its first agents to join the new ‘Tinder’ service.
“It’s really around creating a relationship when a tenant is young and they are looking for their first time and guiding them through that process,” he says.
“And then once they’ve once they’ve found the perfect house, we look after them, we do them a good deal on the energy we make sure that they are only liable. And then we repeat that process.”
He says the-bunch will also give agents not only the chance to earn extra income but also provide them with leads.
For tenants, it offers a unique package where tenants will only ever pay their share of the bills and rent. “If one of your friends becomes not your friend you are covered,” he says.