PropertyHeads has officially dropped its crowdfunding campaign with only £48,000 of the £150,000 intended in favor of City investor contracts to spurn growth for its next development phase.
Platform founder Ben Davis says, however, that it has nothing to do with the recent COVID-19 pandemic – in fact, he suggests the international quarantine measures has actually the boon of boosting social media marketing. Davis admits to wasting time working on hundreds of inquiries from singular investors rather than keeping his eyes on the business itself.
Now, with new capital from the City, the goal is to see PropertyHeads accelerate from 20,000 users to a whopping 700,000. Currently, the portal's edge relies on offering listings from both estate agents and local home improvement services – a marked difference from competitors like OnTheMarket, Rightmove, and Zoopla.
Davis says this strategy is what will keep them going strong in the industry:
“We are different because our business model isn’t wholly dependent on property transactions and instead we’re creating a local community of engaged home owners, buyers and sellers who keep using us to gain tradespeople recommendations.”