Having left his earlier firm underneath unceremonious circumstances, Rayhan Rafiq-Omar, who based Unmortgage, is launching his subsequent proptech enterprise.
Called Free.co.uk, the startup needs to eradicate itemizing charges when promoting your own home, in addition to streamlining different components of the home promoting course of. Instead of charging for an inventory on Rightmove, it hopes to become profitable in commissions should you additionally let the corporate discover you an acceptable mortgage.
Prospective home patrons can even use Free.co.uk as a mortgage dealer, with the free listings and accompanying person journey performing as a funnel for third celebration mortgage commissions.
“I’ve been occupied with this for 3 years now, however was working Unmortgage. So on leaving Unmortgage, I knew that is what was subsequent,” Rafiq-Omar tells me. “Even pondering of promoting your private home is painful; there’s simply a lot friction. And the considered spending all that cash is debilitating”.
To treatment this, Free.co.uk removes “the BS and the charges,” in keeping with its founder, and guarantees to allow you to get your private home listed “in simply 5 minutes, out of your telephone [and] totally free”.
Targeting do-it-yourself home sellers, Free.co.uk has on-line actual property companies, akin to Purplebricks, in its sights slightly than offline companies that cost for and specialize in handholding for sellers that require it. Presuming there are sufficient of these kind of sellers — doubtless people who have already gone via the home promoting course of no less than as soon as earlier than — that seems like a fairly sensible technique, basically choosing off essentially the most worthwhile portion of an internet property agent’s customerbase.
Explains Rafiq-Omar: “We aren’t competing with excessive avenue brokers – they exist to carry individuals’s arms, which many individuals really feel they should promote their dwelling. [But] for individuals who know their dwelling, it’s worth and the native space higher than any ‘native property knowledgeable,’ Free.co.uk offers them a brand new option to be in management. Purplebricks is the primary/solely competitors”.
Meanwhile, with the U.Ok. treasury asserting a stamp responsibility tax lower to assist stipulate the housing market amidst the coronavirus disaster — saving patrons as much as £15,000 — Free.co.uk has introduced its launch ahead by a month.
“We’ve labored actually laborious to place easy tech within the palm of your hand: itemizing a house, scheduling viewings, getting a mortgage. All of those are actually so easy, you’ll marvel why no-one did this earlier than,” provides the Free.co.uk founder.