Bidding software that provides a new revenue stream for letting agents has been unveiled by a start up called Letsbid4lets.
The bidding software allows tenants to bid for rents, and was launched last evening at The Shard in London.
“We believe LetsBid4Lets is a game changer that provides agents with a whole new revenue stream and tenants with a level playing field. Three billion pounds worth of residential property was sold by auction last year and 10m people regularly use online auction sites” explains Spencer Rose, chief executive and founder of the firm.
“Our logic with this business is that auctions are a tried a tested way of selling property and people understand it, but no one has applied it to the lettings process yet. We believe LetsBid4Lets can provide transparency to both landlords and tenants” he adds.
He says Letsbid4lets can assist agents to let properties and can be used as a stand-alone marketing tool or in conjunction with traditional marketing.
All tenants that use the site will be pre-referenced before bidding, by FCC Paragon.
These references will last for 60 days so if a tenant doesn’t win on one property then they will be able to use the same reference to bid on another; tenants can also be prevented from bidding without first having viewed the property with the instructed letting agent.