Home Property UK’s first multi-agency home vendor raises £500k

UK’s first multi-agency home vendor raises £500k

by LLP Reporter
25th Apr 19 11:02 am

BestBid, the UK’s first multi-agent home vendor, has raised a £500k seed investment round led by venture firm Hambro Perks, as well as notable angel investors Paul Forster (co-founder of Indeed.com), Simon Murdoch (founder of Episode 1 Ventures), Doug Monro (co-founder and CEO of Adzuna) and William Reeve (serial entrepreneur and co-founder of LoveFilm).

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Launched in 2018, BestBid seeks to be the most trusted name home sellers use to sell their home, wherever they are in the UK. They aim to deliver the fastest transaction with the lowest risk and highest achieved price. By identifying the local agents with the most buyers and working with more than one of them, BestBid is able to generate more viewings, more tension and a higher closing rate.

Sellers have traditionally engaged a single local estate agent which limits the pool of buyers to those known by that agent, resulting in over half of listings not selling and prices being lowered to entice buyers. With a simple multi-agent sale process, BestBid ensures all clients get the best result when they sell their home.

BestBid offers home vendors a simple online sign up, and then lists their property sequentially with their best local agents until it is sold, with experienced in-house agents advising each step of the way. BestBid’s automated multi-agent process is delivered at a sole agency price, with their agents focused purely on providing independent vendor advice.

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BestBid are so confident of their approach they guarantee the price and speed of the sale without the typical tie-in clauses that so often hinder home sellers from switching to better alternatives.

Tom Scarborough, CEO of BestBid founded the company after selling his own home through multiple agents.

He said, “I found that by refreshing the sale process with more quality agents I generated more viewings, more tension and more buyers. BestBid is now allowing any home seller to do this – one trusted provider to go to achieve the best possible result from their home sale.”

Dominic Perks, CEO of Hambro Perks added, “We are thrilled to back BestBid and we think the company has the potential to reinvent the way consumers sell properties.”

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