Online property management platform Howsy has acquired online lettings agent Urban.co.uk for an undisclosed sum.
Howsy said the deal combines Urban’s focus upon finding tenants with Howsy’s expertise in the use of smart technology to create a seamless property management experience at a lower cost to let for landlords.
Calum Brannan, founder and chief executive of Howsy, said: “With so much focus in the property industry on the buying and selling market, the rental space is often overlooked.
“Howsy benefits from stable recurring revenue, mixed with cutting edge technology so we can reduce the costs to operate by up to 70% compared to high street agents.
“Both businesses bring a different set of skills on which they’ve both built a great degree of success but by combining these, we are able to create a lettings powerhouse that will provide a complete and unrivaled offering to UK landlords.”
The acquisition of Urban marks Howsy’s first move after a recent £5m investment led by Skybound Capital.
Urban concentrates on a quick, self-service online tenant find solution.
Meanwhile Howsy provides an end to end property management platform for landlords, from tenant find through to repairs management and renewals, combining technology and insurance products to offer a fixed-fee management cost.