Proptech firm Residently has topped-off a successful first year of operations by laying out ambitious plans to triple business activities by the end of the year. The business, a next generation rental brand, aims to reset the standards of renting for both landlords and tenants by delivering “Home as a Service”. With zero fees, guaranteed income for landlords and a fuss-free, flexible online set-up, Residently is already blazing a trail within the industry’s most rapidly expanding sector.
At current, online agencies have an estimated 5% market share of the estate agency market, however, this figure is expected to increase dramatically to 15%–20% by 2020. This surge in demand stems largely from dissatisfaction with current lettings processes and Generation Rent fuelling a booming private rental market. Residently’s success highlights changing attitudes towards the online sector and the focus on a new generation of tenant, who are driven increasingly by convenience and service-based brands.
Trevor Stunden, Chief Commercial Officer at Residently, comments; “We want to change the way residents think about renting. We want to provide them with the high level of service they have come to expect from other sectors and their subsequent disruptive brands such as Deliveroo, Airbnb and Spotify.”
“In order to do that we’re digitising the process of finding, setting up and running a home so it is as simple as ordering a taxi or a takeaway. There are thousands of online and mobile brands fighting for our attention in every sector, yet somehow property has been left behind.”
“UK property is a multi-billion-pound industry, however there are still clear inefficiencies within the lettings system. With the majority of transactions, the only party that truly benefits is the estate agent, and this needs to change. Prices are unclear, processes are unsuitable and practices unreasonable. For residents, finding the right property means spending a lot of time, energy and effort online and on foot and many have now reached a point where they’ve said enough is enough.”
“For landlords, the process of letting out a prized asset can be risky, costly and stressful. We believe we are able eliminates these issues for all parties involved and create more value by offering a much better experience.”
Included within this new breed of rental brand are a wealth of extended services above and beyond the norm. Residently provides a series of Residently Extras to make the lives of residents as seamless as possible, including; cleaning, laundry, floristry, storage and artwork rental. This list keeps on growing and the firm aims to eventually merge these services into its own digital concierge and garner further discounts on services you already use.
For landlords, Residently delivers solutions via three strands. By letting to Residently as a long-term tenant, landlords are provided with guaranteed, constant income, eliminating the chance of vacant periods. This strategy de-risks the asset for many investors. Secondly, landlords no longer have to find and manage tenants, as all tenants become residents within Residently’s network and managed in-house. Thirdly, Residently provides piece of mind that their ability to attract and verify reliable and reputable residents is aligned with the landlord’s goals.
Residently relies on an innovative data driven pricing algorithm, unique to the business. Using millions of data points, the algorithm ensures properties are priced accurately, providing a fair system for all involved.
Trevor Stunden adds; “We understand what the modern-day landlord wants from their investment: regular income paid on time, reliable tenants and minimal fuss. We pride ourselves on protecting landlords’ investments with a long-term commitment, which in turn provides them with guaranteed rental income. We don’t charge admin fees and all our tenants undergo a detailed vetting process, meaning we only place reliable residents in Residently properties. We have fundamentally aligned our interests to that of our landlords.”
Residently believe tenants deserve amazing service, beautiful surroundings and seamless living. With this in mind, they have eliminated hidden lettings fees and have digitised referencing, contract signing, utility set-up and furnishing. All properties are new or newly remodelled, stylishly decorated and located in the best parts of London’s zones 1 and 2. High-speed internet is included as standard and bills are all setup and managed through a single monthly payment.
Residently has scrapped strict tenancies and encourages flexibility within its network, enabling residents to move as their circumstances do. Staying within the Residently network removes fees, paperwork and hassle from the process; as your preferences and utilities move automatically when you do.
The business’s unique model and additional services have helped draw in numerous international residents, who now account for 70% of Residently’s tenant database. With London as the world’s leading centre for finance and entrepreneurship, Residently’s unique market offering continues to attract a broad audience.
Trevor Stunden, adds; “Our market-leading solutions and additional services demonstrate Residently is much more than just an online lettings company, we strive to be the brand residents trust when they think about renting in London. We believe and hope that we are transforming the industry for the better and our aim of tripling the number of properties on our books by the end of the year is more than achievable.”