A U.K. PropTech company that allows people to bid for rental properties has made its software available to agents.
LetsBid4Lets assist agents to let their properties and can be used as a stand-alone marketing tool or in conjunction with traditional marketing methods. It also aims to help keep properties occupied, while agents keep 100% control of landlords and tenants.
Spencer Rose, CEO and Founder of Letsbid4lets, said the product applied the principals of a house auction, to the property leasing market.
“Our logic with this business is that auctions are a tried and tested way of selling property and people understand it, but no one has applied it to the lettings process yet," he said.
“We believe LetsBid4Lets is a game changer, that provides agents with a whole new revenue stream and tenants with a level playing field."
“£3 billion of residential property was sold by auction last year, 10 million people regularly use online auction sites and Rentberry has launched with a reported 100,000 landlords using the site.
Only tenants who are pre-referenced can bid on a property and their references will last for 60 days so if they don't win on one property they can apply the same reference or bid to another.