An unusual property sales concept, which signs up vendors and then effectively sub-contracts their sales to strongly-performing local estate agents, has won substantial new investment from high profile sources.
Movewise - which launched two years ago under the name BestBid - does not sell homes itself but signs up vendors. It then identifies what it believes are the best local agents to sell the property and Movewise negotiates the commission directly with one agent and puts 0.25 per cent on top for its own fee.
If the sale does not progress rapidly, Movewise brings in a second agent.
“This proprietary multi-agency solution is today the most effective way for professional vendors to sell properties” claims the company.
It’s just announced the co-founder of Love Film, Simon Franks, is alongside Hambro Perks early stage venture fund and a founder of CV website Indeed; together they have put some £600,000 into Movewise.
This takes the total amount raised for the service to some £1.1m.
The funding will be used to further enhance Movewise’s end-to-end property sales technology platform, and grow its legal and landlord sectors.
On the investment, Movewise chief executive Tom Scarborough says: “Our mission is to ensure all property sellers achieve the best price they can for their property. Approximately a third of properties will sell quickly in the first month. Two thirds of properties won’t be so lucky, which is when sole agents revert to price reductions, to the detriment of the vendor. Selling the most valuable asset you’ve ever owned shouldn't be left to luck. Movewise is here to professionalise property sales for everyone.”
New investor Simon Franks adds: “I’m excited to be backing the team at Movewise. They provide a core service that is a superior way to sell a property for everyone, and a scalable market position that can digitise property sales with any estate agent in the UK. This is a very exciting solution to a legacy industry.”
In the Movewise process, the platform acts as the main conduit through which communications are filtered, with agents contacting the vendors directly only to arrange viewings.
Once the property is under offer, Movewise helps push through to completion and exchange by chasing local searches and solicitors and making sure all questions are being answered quickly.
Scarborough says few High Street agencies have more than 25 per cent local market share so in a competitive field it is sensible for agents to be open-minded to innovations such as Movewise.