EasyJet’s Stellios Is Getting Into Letting

by Readers Question

12:25 PM, 25th September 2014
About 4 years ago

EasyJet’s Stellios Is Getting Into Letting

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EasyJet’s Stellios Is Getting Into Letting

So, Stelios has thrown his cards into the Property world to “shake up the property market”, as he did with the airline industry. EasyJet's Stellios Getting Letting

The site is now launched with initially lettings https://easyproperty.com/

I wondered what the view was within the existing property world – should agents be concerned?

Regards

Property Typhoon



Comments

Mark Alexander

12:29 PM, 25th September 2014
About 4 years ago

It's a very good business model and with the backing of the "Easy" brand and Stellios' money I think it really could shake up the market.

I'm doubt it will really impact the full service agents but I think it may well hit the online agents, who primarily target self managing landlords, very hard indeed.
.

Ian Ringrose

13:51 PM, 25th September 2014
About 4 years ago

I just looks like UPad to me, or one of the many other such services.

It will get more landlord questioning what they get from an agent, but I don’t think it has much new to offer a well informed landlord.

Chris Sheldon

14:32 PM, 25th September 2014
About 4 years ago

I think that this has the ability to be very successful with the amount of backing the Easy Brand can provide but as Ian has said i do not see how this differs from any of the other online only agents. I am sure that there will be a large marketing campaign soon, but considering £1.4 million was raised through crowd funding i was expecting more of a game changer.

I cant see this being any threat to any managing agents, ourselves included, because they simply aren't offering the service.

Mark Alexander

14:37 PM, 25th September 2014
About 4 years ago

Reply to the comment left by "Chris Sheldon" at "25/09/2014 - 14:32":

Hi Chris

I've also compared the Easy Property to you (our) menu pricing and it doesn't come close.

As you say, great for self managing landlords who want an advertising only package for a week or two, especially in high demand areas such as London, but below par on all other scores.

I think those who have provided the Crowd Funding have a lot more to wory about that you do 🙂
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Jerry Maguire

22:10 PM, 29th September 2014
About 4 years ago

Thanks for the insights guys. Few hard stats that I have dug out, Mark et al pls do correct me if I am wrong:

Easyproperty: 68 properties advertised for rent in london & cheapest option to get on rightmove £9.99 per week or £59.99 (inc VAT) for 2months

Upad: 72 properties in greater london advertised for rent & cheapest option to get on rightmove £119 (inc VAT)

Purple lettings: 3 properties in greater london advertised for rent & cheapest option to get on rightmove £78 (inc VAT)

One thing that has struck me is quite how many landlords are using easyproperty given they have only been live less than a week! Think Mark makes a very good point early on about the power of their brand.

Ian Ringrose

10:48 AM, 30th September 2014
About 4 years ago

I think the key is UPads profit margins. If UPad could lower its prices to £50 inc vat while still making a profit then it would be the end of anyone completing in this market on price.

I think given that most of the service can be automated, the winners will be decided on price between the companies that offer a quality service.

I don’t have a good feeling towards Easyproperty, as I don’t like having to make premium rate phone calls and paying lots of hidden admin charges. Given Easyjet I expect both.

The company most likely to get me long term would do a basic ID check on all responders, and then have a system to book them into slots after collection basic information from them. An automatic link to landlord referencing would be great, so the lifestyle reference was done before the viewing slot was booked.

Jerry Maguire

22:38 PM, 5th October 2014
About 4 years ago

I think you make a very good point on the additional costs Ian, this is an important thing to think about but early signs suggest that this is all internet based. I appreciate that easyproperty lettings have only been going ~10days but very interesting to note that easyproperty look to have ~90 properties to let in Greater London versus Upads 72 so it looks like they have made quite an impact with Landlords. Has anyone actually used easyproperty yet? Would be great to hear some experiences?

Ian with regards to your comment..."If UPad could lower its prices to £50 in VAT", this would be the equivalent of Upad slashing their costs by 58% on their cheapest package. Clearly I have no idea if this is even possible but all I do know is this price competition & greater availability of choice has got to me a good thing for DIY landlords. Will be watching easyproperty's progress very carefully...

Jerry Maguire

21:56 PM, 16th May 2015
About 3 years ago

I thought it was worth revisiting this thread to see how the online brigade are getting on & so far it looks like easy are the clear winner in terms of volume as predicted by Mark on the thread.

Back in September last year I stated:

Easyproperty: 68 properties advertised for rent in london

Upad: 72 properties in greater london advertised for rent

Purple lettings: 3 properties in greater london advertised for rent

As of today:

Easyproperty: 534 properties advertised for rent in Greater london

Upad: 108 properties in greater london advertised for rent in Greater London

Purple lettings: 22 properties in greater london advertised for rent in Greater London

My personal view is that the growth of this sector hasn't even begun & with Purple bricks rumoured to be floating within the next 6-12months they will have plenty of dry powder to make a big push on the advertising front.

Mark Alexander

20:02 PM, 17th May 2015
About 3 years ago

Reply to the comment left by "Jerry Maguire" at "16/05/2015 - 21:56":

Hi Jerry

Whilst I agree with you generally in regards to the growth on online letting businesses, I do not think the number of unlet properties showing on Rightmove is necessarily the best guide to be using. Listing properties is one thing, letting them quickly to the right tenants and then following up with an exceptional management service is something completely different.

Did you see this recent discussion thread regarding Easy Property? >>> http://www.property118.com/easy-property-management/74605/

Or indeed this news from LettingSupermarket.com who will soon be seen on TV >>> http://www.property118.com/letting-supermarket-crowd-funding/72790/
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Jerry Maguire

22:32 PM, 17th May 2015
About 3 years ago

Hi mark, I agree with your point I guess I was just highlighting volumes in customer activity are a useful proxy for volumes. Out of interest how many properties have Lettings supermarket rented out in the last 6mths?

If I had of said to some on the ground agents 3yrs ago that there would be an online only agent with >500 properties for let in London in 3yrs time most of them would have laughed in my face. I expect the onliners to continue to gain market share off the traditional high St agents. Some of the growth the likes of emoov, purple bricks and Easyproperty are reporting resembles a paradigm shift in the business in my opinion. These players are not just here to stay but they are mobilising and scaling fast.

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