The iProperty Company has had an amazing week following news that our crowdfunding campaign with Seedrs.com has over-funded and we have just saved a single iProperty user almost a quarter of a million pounds on two home sales to the same buyer. Mail on Sunday reports double victory for iProperty.
There is a tiny inaccuracy as we are not an estate agent, as we don’t take fees and commissions. We are an online property community where people can buy, sell and rent property direct with the home owners and save thousands. Also, what the Mail on Sunday doesn’t say is how quirky this story is. Read all about it here:
iProperty User Saves £241,000 – Via Russia, London and Hong Kong
A UK lawyer watching American Journalist broadcasting in Russia found a Hong Kong Buyer and saved £241,000 with a free-to-use property community.
Edward Thomas´s London-based firm, Cypher Property Lawyers in Covent Garden, practices conveyancing and sometimes helps clients to sell properties. Thomas regularly watches The Keiser Report, a financial news show presented by American journalist and entrepreneur Max Keiser which is broadcast on Russia Today. He reported that the iProperty Company was offering free listings with no fees or commissions. UK estate agents typically charge up to 2%, so this prompted Thomas to list two properties in Mayfair – he was very quickly contacted by a buyer in Hong Kong who found the properties via iProperty and promptly bought both. Thomas said:
‘The iProperty Company made it easy to find an international buyer and because it is free to use we were very happy with the significant savings we were able to make.’
The first property was a four bedroom house in Park Street, W1K and sold for £7.8m, a typical agent’s fee would have been £156,000. The second property was a three bedroom apartment in Mount Street, W1K, which sold for £4.25m, again a hefty fee could have been levied of £85,000 – the saving in estate agency commissions for both properties was a whopping total of £241,000.
John Candia, our CEO said: ‘We know that we have been successfully matching buyers with sellers from monitoring our systems, but sellers have been shy about going public. We were delighted when Mr Thomas came forward especially as this story is so international in its scope. It should help send out the message that we have a free service and £241,000 really is a substantial saving. The world is changing and there´s no need to pay extortionate fees to agents when all you need is good photos, an accurate description and the iProperty Company.’
Seedrs Campaign for iProperty Fully Funded
The iProperty Company has closed its campaign with Seedrs.com following a successful bid to raise cash for shares via crowd-funding. The campaign target was set for £200,000 but closed out at £216,640 following an enthusiastic response from investors.
Our chairman Brian Blake said:
‘We are absolutely delighted that our offer has been so successful. It’s not just about the money raised that will help us invest in marketing, it also a testament to value of our business model. It clearly demonstrates that property owners are ready to embrace a new way of buying, selling a renting property while saving money. With the huge shift towards on-line property searches and the lower costs of providing this kind of service, people do not need to pay large fees and commissions and are beginning to recognise this.’
The iProperty Company raised £216,640 in exchange for 5.37% of shares. This is just the first stage of a drive to include involvement from larger investors which the iProperty Company plans to announce later in the year. Watch this space!