Settled has reinvented the estate agency business model, replacing cumbersome processes and human intervention with scalable, online software that provides a more effective, modern service at a vastly reduced cost.
Settled is not just another Zoopla or RightMove – it is not a property listing platform – it is a clever online replacement for a full service estate agency offering.
Settled was founded by online marketing experts who both initially started their careers as estate agents; they know the market inside out. The company’s lead investor in this round is a Google Executive with many years experience in digital marketing and sales. Settled is also backed by Facebook’s Head of European Partner Marketing.
Settled’s pilot launch indicated the model’s ability to generate revenues without marketing.
In London alone, estate agents earned £1.1 billion in fees in 2014, an increase of 23% from the year before. This is despite the fact that the Move It survey conducted by Which? in 2009 found that 70% of respondents believe that estate agents frequently give misleading information, and 29% think that agents do not keep customers well informed.
Consumer dissatisfaction with the current model for buying and selling property is on the rise, and as a result the online agency market is already growing dramatically – hence the need for a new approach.
Moving is one of the most emotional times in our lives – a hugely stressful period that can all too often lack transparency and cast doubts on who can be trusted. Having worked within leading technology companies like Google, and taking inspiration from companies like AirBNB, the founders of Settled are passionate about moving the online property sector forward.