easyProperty, which last week became the first UK online estate agency to offer clients the ability to exchange legally binding property contracts online, is seeking £5 million to fund its expansion and additional investment in marketing.
Talks with investors are believed to be at an advanced stage, with the company hoping to use part of the fresh funds to expand into the auctions and international markets.
It is understood that the company also has an option to expand the business into six other European markets, including France, Germany, Greece and Italy, while easyGroup has an option to buy a further 3.4 per cent of the property company’s shares, as part of an exclusive 20-year agreement with easyProperty.
News of easyProperty’s latest attempt to attract new investors comes just days before Purplebricks, a competitor online agent, unveils plans to list on the London Stock Exchange.
In a statement, a spokeswoman for easyProperty said, “We can confirm easyProperty’s CEO Rob Ellice has been undertaking a planned third round of investment talks in line with commercial plans to fund the continued expansion of the growing online estate agency business.”
Ellice (left), who claims that there has been “strong interest from major players”, reports that the share sale was oversubscribed.
He added, “easyProperty is currently finalising matters with an announcement to follow in the next couple of weeks.”
Meanwhile, easyProperty has joined forces with online property purchasing platform Clicktopurchase to enable people to buy and sell commercial and residential properties securely over the internet by submitting an online legal commitment, a true intention as opposed to a promise, which accords with property statute.
The technology supplied by Clicktopurchase provides three unique facilities: online exchange of a private treaty property contract; online exchange of a private treaty property contract by “best offers” and thirdly online real time auctioning with a live auctioneer interacting with the bidding audience.
“We haven’t changed the way the property market operates, we’ve just put the final piece in the jigsaw in terms of providing an online facility. The revolution is well underway,” said Neil Singer (right), CEO of Clicktopurchase.
“Our technology enables both agents and private individuals to go beyond merely listing properties online – allowing buyers to submit legal offers to treat online which, if accepted by the agent or seller, create an instant online legal exchange of a contract,” he added.