A service that describes its mission as to rid the world of letting agents is to launch an online forum for renters to find accommodation after raising £900,000 from UK investors.
Movebubble plans to be what it calls the largest peer-to-peer global rental platform and will launch in London and at least two other cities in the next 18 months.
Aidan Rushby, a former head of marketing for a Bristol estate agency, and former Royal Marine Logan Hall, have developed an online system to connect landlords with renters. They are now working with a legal partner to disrupt the rental market.
Other property platforms still support the estate and letting agency model - that is, someone taking a substantial cut in the middle. We are NOT an online agency. We provide a completely new, transparent community marketplace for any product or service involved in the rental process insists Rushby.
The service aims to use technology to replace what was traditionally done by agents. From listing a property, booking viewings, making and accepting an offer, creating and signing a rental agreement to paying rent and deposits.
Once the user finds and negotiates an agreement for a chosen property, a one off £50 fee is paid to reserve it and remove it from the marketplace.
Rushby says: Movebubble offers a range of free tools for property owners that will let them rent and manage a property from anywhere in the world. We give access to information and services currently monopolised by letting agents and reference services.
Movebubble's website is more complicated than some more orthodox online letting agencies and there is a three minute video explaining to owners how to upload properties to the site; there is another 95 second video setting out how to upload an EPC.
The site also says it contains an awesome community of renters and owners.
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Comments
Really interesting what movebubble are doing. We can all admit landlords and tenants want smarter technology engagement. For those agents interested in leveraging technology to empower their firms then join the Homeshift platform free (https://www.homeshift.co.uk/estate-agents). We're a London based start-up helping agents serve their clients better. Join our beta list and get early access.
There are lots of nervus and bichy letting agents on hear who know that Movebubble will cost them their jobs. Hence the comments. It's a great sight run by great people.
Forgive my negativity, but exactly how many letting agreements have been completed on the site in eight months
Meeeow, Aidan. "RIDiNG the world of letting agents" There Please! An illiterate ex estate agent, a solder and a lawyer. I'm sure there's a joke in that.
Great to get so many people's views and comments on movebubble. We are still pretty early on in our product development (the company is less than 8 months old) however it seems in these early days that there are a lot of owners and renters that love what we are doing therefore we will continue to help them. We are not interested "riding the world of letting agents" however we are trying to help London based renters and landlords that have already decided that the "letting agent" is not for them. On another note, I think it is a real shame that so many people are negative about a young british company trying to solve a UK and global problem. There is too much negativity in UK which is a real shame especially in this sector, I think we should get behind as many young people as possible to encourage them as we never know where there ideas will end up. I wish everyone the best in there project/business and I hope you are aiming to make other people's lives better. Good Luck
Wow - a Bristol estate agent and an ex Royal Marine.
Industry Shakers and Movers eh!!
I'll give it 3 months, maybe 6
Hello Paul
Thanks for your feedback. We are working every day to ensure that we can add value to the lives of our users. We also don't plan on adding lots of other charges to the site anytime soon. :) Thanks.
Hey Adrian,
We are obviously a young business, and always working to make our product better. We are also increasing the number of properties available online every day, it just takes a little time to get going. We certainly welcome the feedback though about user issues. Thanks.
Hello Sue,
Thanks for the post. I agree that in general agents have represented landlords, and not tenants. We hope that we are able to bring about a feeling of self-regulation with owners and renters and offer more value to both parties.
I am trying to work out how they would ever make money. It can only be one of two ways - the Ryanair way, where you have a low headline charge and lots and lots of other charges, with commissions on other services making the big bucks. With this model, you would make serious money by selling insurance, so I wonder whether an insurer will emerge as an investor. The other way is to offer no value. Any bets on which it is
I registered with movebubble a few months ago and I don't think they will be a threat to anyone. The website is pretty poor. Very difficult to navigate. There are very few real properties on there and I think many of the people who have registered have done so out of curiosity. I very much doubt if they have actually done more than a handful of transactions yet, hence the need to raise more money. An no app! Yes, this is a letting agency that that charges fifty quid, but hopes to sell a load of other services to make the revenue it needs to exist. Insurance will be sold to all parties I guess. I suspect another fund raise soon.
So......they invented gumtree with check a trade in one place - completely revolutionary.(sarcastic tone) It never fails to amaze me how people genuinely believe landlords or tenants don't want to use an agent. The vast majority don't want to do viewings themselves, don't understand the legal issues of a tenancy wording, wouldn't know what prescribed info was if it was provided nor how to serve the correct section 21 just for starters. As for genuine referencing - I would still want credit checks and employer references so this "ratings" needs to be taken with a pinch of salt although it will help renters get an idea of what the landlord is like.
This will not change a thing, there is a market for it but it already exists on gumtree, where there are some rogue landlords, so will they want to be rated and use movebubble Why use words like "rid the world of letting agents" I can't see how this is going to make the blindest bit of different to landlords that prefer a human and knowledgeable touch. I wish them well as it does bring the 2 sites under one, but they should perhaps use slightly more humble and realistic wording for its mission.
How to make a small fortune out of movebubble Obvious - start with a large one!
Hi Logan,
I'd argue that tenants have never been represented by Lettings Agents! In fact, even though they charge tenants for services, they insist that they are working for the landlord. This model is a long time overdue - both landlords (and their properties hopefully) and tenants being vetted. Good luck with your new venture. Let's hope it really shakes up this market and brings about some real positive changes.
Thanks for your comments everyone. We really appreciate any feedback.
An agent is someone that acts on behalf of one individual specifically. Because Movebubble offers a secure framework for owners to find great renters, and renters to find great owners it therefore does not represent one side or the other and is not an agency. It is therefore a marketplace or platform.
I can also guarantee this is not an advertorial. :o
Thanks
Very snazzy website - although it says its a free service that seems to cost 50!
Marketplace advertises property, tenant meets LL, LL and TT then deal direct! What is the need to remove it from the marketplace The LL can just say the property is no longer available and no one pays for anything. Great idea...
Dear Move Bubble,
If you sit between a renter and a landlord and take a fee for services, then you're a letting agent. You might be a cheapskate one who will need a shedload of volume to sustain a weak business model but you're still an agent.
Yours sincerely,
Bored With Advertorials.
Is there any danger of getting property market news rather than advertorial for a company 18 months away from even existing. How much are these people paying you It's a constant online agent love-in here.