At CPG we always want to bring you news of the latest innovations in the property investment world. In this post we want to introduce you to a new platform for property investment which will launch in the United Kingdom in January 2021. The platform is Proptee.
What is Proptee?
The aim of Proptee is to match buy-to-let landlords with potential investors. Users of Proptee will be able to list some or all of their properties on the platform. Potential investors can then view these properties and decide whether they should acquire shares in them.
The landlord must commit to providing the investor with a specific percentage of the rental income that they receive from the properties each month. Right now, Proptee is working with the FCA (Financial Conduct Authority) in the UK for licensing as a representative of unnamed principals.
It is the intention of Proptee to provide loans and they want the option to provide an Innovative Finance ISA as well. The company committed to not launching Proptee prior to obtaining authorization from the FCA and being able to offer a FSCS guarantee (money back).
Who is behind Proptee?
The co-founders of Proptee are Benedek Toth, CEO and Alexandru Rosianu, CTO. Both of these guys have a background in engineering and have worked in the Fintech sector for several years.
Toth stated that he wants Proptee to be a global platform to encourage property investment across the world. He believes that the Proptee platform will make it easier, faster and less expensive to participate in property investments.
The Proptee CEO also said that he feels property investment needs to be more accessible and convenient for people. He feels that the property investment sector is way behind others when it comes to technology and that Proptee is a major step forward as it is a very simple to use application.
Launch Plan for Proptee
When Proptee first launches it will focus on UK residential properties. After that, the company intends to add commercial properties in the UK into the mix. Toth said that Proptee also has plans to provide property development loans as well as other forms of finance related to property.
If things work out well in the UK, the company intends to roll the platform out in the United States and other countries in Europe. Toth and Rosianu have ambitious plans for the development of Proptee, and Toth claims that there are already some UK landlords that have shown a strong interest in listing their properties on Proptee.
Opportunities for Investors and Landlords
According to Toth and Rosianu, some 1,200 new property investors have registered with them for further information. Proptee wants to oversee and manage listed properties and accept rental payments that they will then distribute to the investors and the landlords based on the deal they have agreed.
Investors that have shares in various properties could benefit from these properties increasing in value. They will have the option to sell their shares to other Proptee investors that are using the platform.
Time will tell whether the Proptee platform will be successful or not. The early signs are positive with significant interest from both landlords and investors. It is a new dimension in property investment that we believe will provide benefit to many.