App with ambitions to revolutionise renting wins backers’ approval

App-based property management service Residently has smashed its latest crowdfunding target as it bids to make renting a home as easy as booking a hotel.

Residently helps renters find, secure, live in, and move home seamlessly by partnering with agents, property managers and institutional owners who use its free software to manage the lettings process. It promises to eliminate voids, saving landlords hundreds of pounds each year.

New innovations

The firm has previously raised £20m in capital and its current offer on crowdfunding platform Seedrs has already surpassed its original £1.25m target, currently standing at more than £1.8 million with 10 days left to run. With the extra cash, it’s planning to launch new innovations such as a renter subscription product that offers the flexibility to move with one month’s notice, as well as letting renters share honest home reviews and get early notice for properties they’re interested in, months in advance.

In 2020, Residently begun offering itself for free to larger landlords; it plans to generate revenue by charging a percentage of rent and getting commission on home services sold to residents on the platform such as cleaners, movers and utility providers.

Seamless experience

Chief operating officer Shareq Husain tells LandlordZONE that the app has the potential to be revolutionary. He adds: “The renting process can be disconnected. With our platform, tenants don’t deal with separate emails for making an offer, referencing and then moving in – our journey is a seamless experience. Tenants can even set up their energy services and Wi-fi through the app.”

Launched in 2017, the company now has more than 7,500 homes on the network and plans to continue growing in the UK, with ambitions to onboard more than 100,000 homes onto the platform, while also planning a US launch.

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