Lettingweb.com, Scotland’s largest independent marketplace for rental properties, is on track for a record year on the back of its best profit performance in the first quarter of the year.
The company said revenues are set to grow by around 30% in the current financial year.
Founded in 2000 by former letting agent and property developer Alex Watts, Lettingweb now lists more than 70% of rental properties in Scotland on its site.
Forefront of proptech
The business aims to stay to the fore of the fast-moving property technology, or proptech, sector and has recently extended its partnership with ZPG, owner of Zoopla and PrimeLocation, the UK’s number one and number three property portals.
It aggregates property listings from almost 500 letting agent subscribers, known as ‘member agents’ and presents them on a single platform. It allows prospective renters to find a property using the data and tools presented to them, like the recently released ‘Total cost of living’ tool.
Lettingweb, led by managing director Steven Sibbald since 2014, continues to invest in its people and technology this year, hiring two developers from mainland Europe.
An ‘inflection point’
Sibbald said: “We’ve been at the forefront of the industry for 17 years, however, find ourselves at a really exciting inflection point that is driven by a wave of technology based innovation which is creating a new paradigm for how consumers will search, discover and transact rental properties in the future.”
“Our vision is to make letting better for all participants in the rental process. We believe we can realise this by creating a marketplace not dissimilar to eBay, built on transparency and efficiency allowing all users in our marketplace to get to their desired end point quicker.”