A former executive from chartered accountancy giant Grant Thornton says he wants to raise £1m to revitalise an online estate agency he purchased over the summer.
David Grundy, former regional managing partner of Grant Thornton, says he has approached venture capital trusts as well as private-public trusts for funding to strengthen My Online Estate Agent, the company he purchased in June this year.
He says his priorities are to beef up the agency's sales, marketing and technology teams.
I'd like to complete a deal early in the new year - I'm looking for £500,000 up to £1 million to really have a go at growing it. I believe home sales will be disrupted by technology in the same way that the travel sector has been. The same will happen with estate agents Grundy is quoted in the business and investment press.
My Online Estate Agent sends out a surveyor to estimate the value of a client's property and the listing is then logged on the agency's own website plus Rightmove, Zoopla and Primelocation. However, vendors conduct their own viewings.
Comments
The simple fact that this chap thinks there are direct comparisons between travel & estate agency should tell investors all they need to know. People forget that since the advent of mass internet use, on-line agents have been predicted to 'disrupt' the home selling/letting industry. If this area genuinely needed 'disrupting', a far bigger player would have entered the arena a long time ago. PS The last time I looked, Easy Property were listing 82 rental properties inside the M25. A half decent agent sitting in Costa with a mobile phone could list this many properties in 48 hours.
Another vanity project Doesn't sound like My Online Estate Agent will be doing much of the legwork, just sending out a surveyor and then listing on the major portals. Doesn't exactly thrill.
Yet another online agency springing up and hoping to revolutionize the property industry! What has neglected to be mentioned is the invaluable knowledge and experience that high-street agents can provide, which will be inevitably lacking with My Online Estate Agent.
Wonder if he will want to list on Agents Mutual