Skip to main content

Lastminute.com investor backs 2nd generation prop-tech settled.co.uk


Are online estate agents already outdated?

Settled co-founders and The Garage Soho

Britain’s most successful technology start-up investor, who was the first to back lastminute.com, notonthehighstreet.com and made.com believes we are already set for a second generation property technology regeneration, to be led by true technology firms, not online estate agents, who have simply placed the high street model on the internet.
TOMFORWEBSITE.jpg


Thomas Teichman, Co-founder of The Garage Soho 

and Chairman of Spark Ventures



Thomas Teichman, Chairman of Spark Ventures and co-founder of brand incubator ‘The Garage Soho’, has backed property technology start-up Settled, an online platform that empowers buyers and sellers, removing the dependency on an estate agent.



Teichman explains: “Online agents launched with big fanfares and many have referred to their high street peers as dinosaurs of the property world. Really though, online agents are effectively replicating bricks and mortar business models, they just happen to be doing it with a website and a lower price tag”.

Settled, which launched in 2015, has now facilitated the sales of £38 million worth of homes, and is beginning its next funding round, targeting an additional £1 million of investment.

The property technology company was founded by sibling entrepreneurs Gemma and Paul Young, both of whom come from technology and property backgrounds. Gemma was previously at Google where she was a Country Marketing Head and Paul was formerly Planning Director at tech startup Fast Thinking. The pair are passionate about reimagining how we buy and sell homes, developing technological solutions that solve the problems and frustrations felt by many.
Settled not only vastly reduces the cost involved when selling a home (it costs sellers just £299 for Settled’s complete service), it focuses on improving the customer experience too. An early analysis of their data shows real benefits to the model, having seen fall through rates of just 1 in 15, against a UK average of 1 in 3 and a reduction in listing to completion times of 50%.
For Teichman it was his own personal experience through which he uncovered Settled; “When I tried to sell my own house through a hybrid agency I was very excited at the prospect of a new way and thought this was the future of property. Sadly I was bitterly disappointed. The experience was vastly similar to the high street, my property was overvalued making it unattractive to potential buyers and I felt like I didn’t know what was going on during the process. When I found Settled, from start to finish I felt in control; they helped me get the most from things...and this obviously fuelled my decision to become an investor”.



Teichman’s investment comes as the popularity of consumer empowerment companies such as Uber, Airbnb and Nutmeg continues to rise. Technology enabled services certainly seem to be the smart way forward. Recent research commissioned by Settled reinforces this with consumers indicating that actually, what they desire is not a middleman, but a more open, simple process they can control and understand. Of the 1,000 homeowners surveyed 58% believe they could do a better job at many of the tasks they have traditionally paid estate agents to do.

Settled’s CEO Gemma Young says: “Ask anyone who’s bought or sold a home if they enjoyed it and sadly the answer is often no. Yet we continue to pay through the nose on agent fees, we wait an average of 3 months for legal processes and we get a bit baffled by mortgage paperwork. With Settled we wanted to address all these problems head on to positively change the model.”


_MG_2594.jpg
Gemma Young, Co-founder & CEO of Settled


According to Gemma, the secret to Settled’s model is in every one of us. By focusing on the technology that will empower the homeowner and buyer, Settled’s model offers a seamless and more scalable alternative. She says: “It’s important to place the people who care the most (sellers and buyers) at the centre of the journey. Settled’s team and the tools we’ve created provide around the clock support, empowering individuals within a process that’s historically been characterised by middlemen, Chinese walls and breaks in communication. Settled does the opposite of traditional or hybrid models, encouraging real connections between buyers and sellers and addressing the complete end-to-end journey - it’s because of this that things happen much more smoothly.”


Teichman’s co-founder at The Garage Soho, Sir John Hegarty, adds: “The breakthrough in the property sector has to be giving the seller and the buyer the tools to take more control of the process. Settled excited us because of their knowledge and investment into technology to make sure that this happens.”

Settled’s fundraise will be largely used to scale awareness of the platform with consumers and to continue further technological advances that will improve property transactions across the market.




Further Reading 

Could Twitter & Zoopla data reduce the costs of next ONS census ? 


Panama Papers & Property tax loopholes for UK Real Estate Investors

How BlockChain may solve fraud in Real Estate property industry #CRE

'Kleptocracy tours' 35,000 London properties currently have unknown offshore owners.

Preliminary Results High Street Agent BELVOIR LETTINGS PLC revenue up 19% to £6.9m

IMF Managing Director Christine Lagarde Letter to Greece Prime Minister Alexis Tsipras

Estate agents fear slump , after last-minute dash buy-to-let rush in UK

make £10k building houses in Microsoft Minecraft ,for an estate agent, just make sure they're not PurpleBricks !

Donald Trump's Son-In-Law Jared Kushner Hasn't Made The East Village Great Again, Tenants Say. Sad

The high-street estate agent of the future : poncey PURP

Microsoft's Build 2016 Watch Live Highlights and more Event @onthemarketblog

House prices update February 2016 from Land Registry

Underwriting standards for buy-to-let mortgage contracts ,– CP11/16,PRA ,Bank of England warnings on Brexit ,clamp down on buy-to-let mortgages

Hometrack UK Cities House Price Index February 2016 , reports unseasonal acceleration in house price growth across UK cities in last three months

renting your property to short-term is a booming market: Nine top tips for Airbnb property letting success

ex husband was deliberately run over in car, by estate agent multiple times

UrPad Online new Hybrid online estate agent for Wales ,rolled out by Property Industry Experts,Caerphilly

easyProperty a 20 20 vision Yahoo Google Bing , Zoopla, Rightmove, Facebook ,twitter

online estate agent settled.co.uk takes on high street receiving more funding

Former Cricket Team Aces Join the Online EstateAgent business model thehomecloud.co.uk

Tepilo.com online real estateagent sees 400% increase in turnover with £10m target set for 2016

Barclay Brothers son's YOPA , expanding into the Midlands


Upestates Online estate agency & will be expanding with 7 new offices in Birmingham Leicester & Nottingham

coca cola tango free fall on Osbornes sugar tax & How Jamie Oliver made the big boys listen

New UK Property App Development Service For Estate Agents launched by iDevelopers

PurpleBricks change marketing strategy

shock horror Hang on ,,,Why Land Registry Privitisation, is a good thing & long over due

easyProperty a 20 20 vision Yahoo Google Bing , Zoopla, Rightmove, Facebook ,twitter

Canada’s House Price Dilemma >Monetary Policy and Financial Stability

Zac GoldSmith > Launches Housing Manifesto > off plan mortgages high street lenders, government & 6 London Local Authority pension funds

Purplebricks - And the teams just keep on growing! - online hybrid estate agent @onthemarketblog

Housing Minister Brandon Lewis' speech outlines the government's housing aims including its intention to deliver 1 million homes by 2021

Global demand for prefabricated housing is forecast to increase 2.7% per annum through 2019 to 3.4 million units

David Bowie, Beautiful, Romantic Mustique ,stunning , Caribbean Villa designed by Arne Hasselqvist

UK house prices increased by 7.9% in the year to January 2016, up from 6.7% in the year to December 2015.

Average British home price, tips over 300,000 pounds @onthemarketblog

Running Costs - Zoopla tool, Phil Spencer explains, Dan the Detective Zoopla new TV advert

Shelter launch Great Home Debate ,Ellie Goulding shows her support on twitter social media UK

current account deficit has partial defence against shock says BoE's Forbes

propertyeye.net a new property , residential homes website, for sales and lettings ? Iain Duncan

Smith resigns over planned disability benefit changes,indefensible changes

UK interest rates remain balanced , though sterling hit by EU vote says BoE

No Brexit for me, why I'm staying in a reformed EU and so should you

Rio Ferdinand and housing minister Brandon Lewis launched a new scheme to build thousands of affordable homes across UK

David and Samantha , morning after: how Brexit divorce gets messyPropTech ,WILL change ,the global economy“beyond recognition” Rics at MIPIMconference

Starter Homes: Unlocking the Land Fund Brandon Lewis MP

Video Bank of England Mark Carney Governor quizzed on the risks of Brexit ,Sir Jon Cunliffe

Cyber Criminals Phishing Scam Email, targets rightmove property portal, inc other property sites

Locally-Led Garden Cities , Villages Towns in the United Kingdom

coca cola tango free fall on Osbornes sugar tax

Good News for Airbnb Londoners - online MicroEntreprenuers

AirBnb / online, Ebay Amazon Start Up, micro-entrepreneurs rent property income, internet ,homes

#Budget2016 George Osborne ,Stamp Duty Surcharge ,Tax, Capital Gains Tax,Housebuilding

UrPad Online new Hybrid online estate agent for Wales ,rolled out by Property Industry Experts,Caerphilly

Facebook Founder Zuckerberg settles dispute with no pay out to property developer Voskerician

new affordable housing hits record low in london data shows

Days of Chaps payment numbered ,Central banks rival Bitcoin new RSCoin super currency

what the VLOG ? London property developers, Hackney Dalston E8 Vibe illusion

technology law - eddies from property portals boliga.dk and now zoopla.co.uk

Online estate agents, expecting sales bonaza, as sellers shun costly high street rivals

A Welsh developer of student accommodation ,plans March 2016 IPO + Wales tallest building

Help to Buy: mortgage guarantee scheme, Quarterly Statistics, March 2016

number of high street estate agents going bust up 16% , online estate agents market share up dictated by consumer not industry

NHBC NEW HOME STATISTICS ANNUAL REVIEW 2015,English Housing, Papworth Disability Trust ,Joseph Rowntree & Bungalows !

why Frank Whittle and the Saville row tailor have more in common with Warren Buffet

FT first 'Rightmove maintains grip in battle of property portals @onthemarketblog

Brick-And-Mortar Crumbling? Don't Believe It > Forbes > Leadership

Foxtons high street estate agent facing landmark claim for £2million from group of 55 landlords

Building a new deal for London: Final report of the London Housing Commission

'Kleptocracy tours' 35,000 London properties currently have unknown offshore owners.

Pop-up housing could cut cost of London’s rental market & help UK housing Crisis

Chinese hunt for property bargains in Manchester amongst others say Pinnacle Alliance Property Developer

Property pain Investigation ,service charges increasing rapidly with 30 % of firms increasing fees

UK's largest property developers accused of 'profiting' on the back of the housing crisis

Private rental prices grew by 2.7% in England

Rental prices increased in all the English regions over the year to January 2016, with rental prices increasing the most in London (3.9%).

Property pain Investigation ,service charges increasing rapidly with 30 % of firms increasing fees

Foxtons report 4% revenue increase to City, despite Prime Central London property experiencing a dead-cat bounce

Property Partner successfully completes £15.9M ($22.4M) funding round

Nested - Start Up , property online disruptor to quick sale homes ?

Building a new deal for London: Final report of the London Housing Commission

high street estate agency valuations – flattery will get you nowhere by @emoovceo

Start me up: Why London needs open workspaces for creativity, innovation and growth

Live inquiry application launch 14 th March say Land Registry Marketing Manager

LA police testing knife found on OJ Simpson property - reports

'Kleptocracy tours' 35,000 London properties currently have unknown offshore owners

UK's largest property developers accused of 'profiting' on the back of the housing crisis

Pop Up Housing a solution not just for London but the UK

estate regeneration statement GOV UK DCLG ,Lord Heseltine ,Brandon Lewis MP

Digital Mortgage service: making improvements again & again

Buy-to-let investors 'could face losses'

Uber's property footprint unmatched among San Fran Bay Area ,Tech StartUps
Guests staying with AirBnB for the super bowl top 15,000

Nobroker.com Homes, one step closer to making estate agent obsolete , new round of funding

OnTheMarket overseas properties , Britons with holiday homes in France face paying extra 10% in tax if they sell the property following a Brexit

Guests staying with AirBnB for the super bowl top 15,000

FT first 'Rightmove maintains grip in battle of property portals @onthemarketblog

Morrisons Super Markets signs deal to sell food to Amazon online customers

Amazon eyes up UK restaurant delivery market

Booking.com Launches of Passion Search ,Don’t battle your passions, unleash them

David Cameron calls EU referendum for June 23 2016 Official Statement @onthemarketblog

zoopla.co.uk selects Birst's Cloud BI platform for data integration from all its brands and apps

Good News UK mortgage approvals hit two-year high BoE

IMF Statement: LUXEMBOURG: Concluding Statement of the 2016 Article IV Consultation Mission

Spanish house prices 2015 see rise highest rise 2007 crash , stabilisation of housing market, idealista.com

No Brexit for me, why I'm staying in a reformed EU and so should you

Scotlands House prices rise and sales grow ros.gov.uk

An analysis of recent trends in the Irish rental market 2015 in Review

fourth quarter 2015: First-time buyers took out 87,100 loans to purchase homes. + house prices in UK

GeoPhy Exodus-from-EU-may-spark-correction-in-the-rental-market.html

1st of March David Cameron St David's Day message "wonderful country and a great part of the United Kingdom"

Amazon eyes up UK restaurant delivery market

Bank of England's unease over market's rate view Carney & Shafik


Morrisons Super Markets signs deal to sell food to Amazon online customers

Brick-And-Mortar Crumbling? Don't Believe It > Forbes > Leadership

Chinese authorities shut down microblogging accounts belonging to a real estate mogul

Foxtons high street estate agent facing landmark claim for £2million from group of 55 landlords

Brexit ,purplebricks.com investor, impacts on the property market overall and on aggregate consumption in the economy will be limited