Chain-breaking real estate firm aims to simplify house selling process
Nested plans to alter the real estate in a big way with its creative strategy
The chain-breaking estate agency, Nested, is looking to change the property market in a big way in the coming times. In so doing, it aims to expand its client base across London in particular, and the UK, in general. The concept by Nested, which prefers to be called a full-service agent rather than a proptech firm, revolves around two core factors – one, home sellers don’t know how much they will sell for and, two, when they will receive the money – both of which have been addressed by Nested, filling the void between the planned sale of a house and the successful completion of the sale.
Now, the chain-breaking estate agency wants to put a break on that with its innovative strategy which assures a definite sum of money for the home owners before their houses are actually sold, bringing a sigh of relief for house owners. Under its strategy, Nested will market the home and find a buyer. These efforts by the estate agency are already showing up, as is evident from the amount of money it has been able to raise during its short period of existence since January 2017.
The firm has already managed a sum of another £36m, taking the total amount of money raised till date to £47m, representing Europe’s largest proptech investment in the current year. It is the third round of money secured by the firm so far. The latest funding round by the firm is led by Global Founders Capital. Nested aims to use the amount to fund its expansion across London and the UK and have a bigger say in the property and real estate sector. Cofounded by entrepreneur Matt Robinson, the firm aims to change the property and real estate scenario in the UK which needs much change, as of present.
The property firm is looking at up to 10% market share next year. It has targeted the homeowners who are looking to sell their homes but do not know how to proceed with their plans. But Nested guarantees homeowners their money before their house is actually sold. This way, the house owners can actually buy their next home before they sell their present house. Regarding this, the company has a policy which guarantees 97% of the selling price to the homeowner before they actually sell their current house. The home owner can use this amount of money to buy their next house before selling their old house.
The remaining amount of money is paid to the house owner after the completion of the sale after deducting the company’s charges which is typically between 2% and 4%, depending on the property, but charges 1.5% in case it achieves only 97% of the value. The sum of money paid by Nested to the house owner is irrespective of the time involved in the selling process. This new concept by the estate firm has already brought it a large number of customers who are looking to sell their houses through it.
Nested aims to replace the current system which involves estate agents and takes much time as a part of the process. Even if the proceedings go as planned under prevalent system, it takes months before the deal finalises, resulting in much stress during the process. Still, there is no guarantee as to the success of the process since only out of three deals lead to successful completion. This means, still more stress and anxiety for the house owner which includes loss of time, money, effort and energy.
At present, the firm is serving 50 sellers a month. The chain-breaking firm says that it is already guaranteeing tens of millions of pounds worth of homes each month. Nested is confident of being the people’s option in recent future when it comes to selling properties without compromising with the costs.