Propoly is a digital platform founded in the year 2014 by Edward Gazelle, Matt Varughese, Pawel Zbros, Ray Kyrson, headquartered in London, United Kingdom. The platform enables letting agents use the latest technologies to reduce admin, maximise revenue and provide transparency to all parties involved.
At a time when face-to-face contact with tenants should be minimised due to social distancing measures, and letting agents increasingly choose digitalised (instead of paper-based) administration, the startup is indeed well-poised to respond the current demands of the proptech sector. Propoly offers an affordable, subscription-based product that can help smaller and medium-sized letting agents, who don’t have the scale to develop their own technology, still adapt their business models under these challenging market conditions and help ensure they maintain safe workplaces.
Propoly’s paperless approach will help agents to navigate some of the issues that are facing the industry, including reduced tenant movement due to COVID-19, increasing government compliance and keep branches as safe as possible for staff and customers. The platform invites tenants to make digital offers, pay holding fees, sign ASTs and pay move-in monies all online with a minimal manual effort from the tenant’s side. It further helps to generate a deal using details provided by tenants digitally and generate the tenancy agreement instantly by selecting the custom options.
The platform automatically provides landlords and tenants with instant updates on every step of the process. Landlords are provided with a dedicated login where they can see all their properties, viewing feedback, tenancy documents and status updates throughout the tenancy progression process. Tenants similarly can see status updates for themselves and co-tenants, whilst also doing their references, signing and paying monies. Propoly also makes landlords sign to rent protection instantly, without needing to email a provider separately. New Tenants are provided with free council tax and utilities switching instantly, whilst also generating referral fees in the process.
Pi Labs, Countrywide Plc, Foxtons Plc are the lead investors of the platform. The company has been able to raise $5.4M so far from a total of 4 funding rounds. The startup is gaining huge traction for making tenancy creation effortless and smooth.