People’s Champion finalist 2018: Goodlord
This proptech start-up is taking the pain out of the flat-renting process and providing gains for tenants and landlords alike - will you make it your People's Champion?
Start-up name: Goodlord
Founders: Tom Mundy and Richard White
Started in: 2015
Based in: London
Business description: Paperless property rental platform that aims to provide a better experience for landlords and their tenants
The Goodlord story
The UK’s rental market is broken. It’s something tenants have known for years, particularly those in the chronically congested London market, and now we have the stats to prove it: earnings are in recession for the first time since 2008, and landlords are leaving in droves. Change is needed, and soon.
Goodlord is striving to be the agent of that change. Based in East London, an area whose lettings market is as brutal as any in the UK, the company has created a ‘proptech’ online platform which digitises the tenancy process, providing benefits for all parties involved.
Co-founder Tom Mundy and his team, helmed by LOVEFilm co-founder William Reeve, deliver their subscription-based software-as-a-service platform to agents around the UK for a monthly fee.
The platform enables tenants access to all the paperwork pertaining to their rental agreement, and book additional services, including move-in assistance and utility set-up. Landlords, meanwhile, have greater visibility over their property and sign documents remotely, speeding the process up and ensuring they get paid more quickly.
The service, which incorporates both AI and Open Banking technology, is perfectly attuned to the digital-first expectations of Generation Rent. What’s more, it can be scaled to provide additional benefits, including insurance, referencing and void management.
The strength of the proposition is reflected in the variety of its customer base, which includes everyone from small independent agencies to established national brands.
Another key indicator is the rapid growth of the business. Goodlord handled an increase in tenants of nearly 60% of the previous year, and are currently processing upwards of 10,000 applications a month. 60% growth and current processing h
The introduction of the Tenant Fee Ban in April 2019, prohibiting agents from imposing upfront charges on their tenants, will force them to seek alternative sources of income and play into the company’s hands.
As they chisel out their market niche, Mundy and his team have crafted a number of additional products, including rental guarantees and “tenant passports,” which allow tenants to transport their reference history with them to a new property.
Yet growth isn’t the sole focus.
Goodlord wants to to create a different kind of company, one which inverts and debunks the sharky stereotypes of the lettings marketing. It has been recognised by the Mind Workplace Wellbeing Awards for its approach to mental health, and its charity programme, Goodlord Gives, teaches computer skills to vulnerable people in East London.
Why Goodlord made our shortlist
The lettings market badly needs a shakeup, and Goodlord’s eTenancy platform promises to provide it.
The company’s ‘proptech’ provides benefits for both landlords and tenants; what’s more, it brings them together, improving lines of communication in an industry notorious for its disconnected, often callous business practices.
Where to find out more about Goodlord:
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