Online property portal for landlords eyes IPO
29 June 2016: Ezylet, the online property portal for landlords, today announces the launch of a fundraising campaign with Invesdor, the Nordic market leader in equity crowdfunding.
Ezylet fills a market gap by providing landlords with a space where they can advertise their property or properties, supported by an array of services for property management. In addition to property listings, landlords can find and reference a tenant, and obtain a rent guarantee for the duration of the tenancy. Ezylet can also provide a rent collection or a management service.
“At Ezylet we are providing many solutions to empower landlords to control the management of their properties and reduce their ongoing costs,” explained Ezylet founder Paul Foy. “Typically, an estate agent will charge one month’s rent to find a tenant, plus 10%-15% for ongoing management. At Ezylet we believe we can reduce these costs by as much as 70%.”
The benefits extend to agents and tenants, as well. “By having an online portal that covers the whole of the UK, tenants can search for a property from landlords and agents for free, from the comfort of their couch,” he explained. “Agents can also benefit by advertising on Ezylet, with savings typically in the thousands compared to other UK portals.”
Self-funded until 2016, Ezylet is currently raising £1,500,000, with the aim of an IPO in the coming weeks (subject to market approval).
Part of this fundraising campaign includes a partnership with Invesdor. Paul said he was drawn to Invesdor’s equity crowdfunding model, as it allows potential investors to hold shareholding directly. “This suits our business model as we plan to progress to an IPO,” he said. “For investors, they can expect to come on a great corporate journey with a business that is growing.”
That growth includes launching multiple support services for landlords, all of which are income generating and could become stand-alone businesses in their own right. “Our plan is to grow the business successfully over the next five years and increase the range of services to the landlord, tenant and estate agency audiences,” said Foy. “Our mission is to create disruptive business models within the rental property sector.”
Henrik Ottosson, Head of Invesdor UK, said: “Ezylet fills a crucial market gap, empowering landlords to take control of and manage their lettings via an array of online tools. At Invesdor, we believe Ezylet’s business plan of continual evolution, improvement and expansion of their offering will provide the best return to investors, and the best outcome for the UK’s housing market.”