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TODAY'S OTHER NEWS

New auction platform allows prospective tenants to bid for rental properties online

A new online property auction platform is launching that enables estate agents to add an auction element to both sales and letting.

LetsBid Property’s software is now available to all sales and letting agents and is ready to integrate with their websites, presenting applicants, including prospective tenants, with an opportunity to bid for rental properties, as well as those for sale, online.

The process of buying or letting a property is streamlined with LetsBid. Agents can set a guide and reserve price as well as the duration of the bidding process.

Agents can also access the full details of anyone making bids or downloading relevant documentation about the property.

LetsBid has teamed up with credit reference agency Lets Safe, to allow potential renters to be pre-referenced before making bids.

Rentberry, an online auction service in the U.S. launched last year and now lists around 100,000 properties on its site and claims it has more than 50,000 users.

But rather than target landlords direct, LetsBid will help agents generate more instructions from landlords and sellers.

“Lots of proptech seems intent on taking business away from agents but we believe they still have the biggest part to play in property so we’re backing them, which is why vetted agents are the only ones who can upload property to LetsBid, said Milton Rodosthenous, LetsBid’s founder and CEO. 

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