easyProperty has exchanged contracts on a £35 million property portfolio, which it claims to be the largest deal carried out by an online estate agency.
The off-market transaction was for a mixed-use portfolio, which includes 208 properties across London and Essex – 114 of which are residential.
The portfolio was acquired from a North London family trust and easyProperty says that through development and active management, its capital value could increase to approximately £50 million.
"This is the most significant deal we have achieved since establishing two years ago," says Rob Ellice, chief executive of easyProperty.
"It also happens to be the largest transaction by an ‘online agent’ both in terms of value and size."
He says the deal proves his firm as a 'full service agency' that is ready to rival 'traditional property companies'.
“This acquisition is a strong indication of investment appetite in the market, especially in the wake of Brexit," according to easyProperty's head of commercial and investment, Nick Harston, who says that the portfolio attracted strong interest from several parties.
This month, easyProperty is celebrating its two-year anniversary since launching in the lettings market.
Its also one year since the firm launched into the sales market, when it gained notoriety for a press stunt marking 'the death of the high street estate agent'.
Earlier this year, one of easyProperty's competitors, My Online Estate Agent hit the headlines for marketing a London mansion for £24 million – thought to be the most expensive instruction taken on by an online agent.
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Yeah, yeah, yeah. I do believe we may have heard it all before. Still waiting for an online agent to earn enough without crowdfunding to prove it works.
Ah, easyProperty, where have you been? Up you pop every few months with your latest PR stunt. Have you actually sold or let any houses recently? You know, the bread and butter stuff.
I see their naff adverts, I see stories like this, I see them regularly expanding and talking about overseas operations and announcing the death of traditional agency, but I don't seem them producing any actual results. Maybe I can be contradicted on that? A lot of investment, a lot of backing, but very little to show for it. A bit like a reality show celeb still trying to convince the world they are relevant. They keep getting their name in the headlines, they keep shouting out about how great they are, they keep being loud, distinctive and controversial, but really their career is heading absolutely nowhere.
Just had a quick look at easyProperty's website for the first time.
Thought I'd do a quick search for properties to let in some of the UK's major cities using the website's search facility.
Manchester - 3 homes to let.
Birmingham - 1 home to let
Leeds - 2 homes to let (neither of which were actually in Leeds; one in Castleford and one in Bradford)
Leicester - 1 home to let
Bristol - 1 home to let
Liverpool - 8 homes to let
Newcastle - 2 homes to let
Southampton - 1 home to let
Norwich - 3 homes to let
Only London, with 171 homes to let, shows any actual activity. They might argue their operations are principally London based, but why pretend to be nationwide?
After two years, the number of homes they have available to let, other than London, is minuscule. What are they for? Who is backing them? Who is investing? How many of these homes to let are actually being let?
Purely anecdotal, I know, but I don't know anyone who has used easyProperty to buy or sell a property. I can see no evidence that they actually do what they say they do.
Maybe I'm being harsh, maybe someone can tell me otherwise. But the only time I ever hear easyProperty's name mentioned is every few months, with an ego-boosting exercise like this. It always seems like they are desperate to tell everyone how brilliant and successful they are. Such an aggressive facade just makes me cynical.
Wonder what fee they charged £795.00 + vat up front ? ( + £25.00 extra for a sign board )!
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