Ezylet founder Paul Foy has always taken the non-traditional road. Self-employed since leaving school and a landlord at the young age of 24, Paul has ignited a number of start-up businesses through his career, developing a personal specialisation in buy-to-let residential properties.
It was this latter career path that led him to notice a need for a dedicated online portal where landlords could advertise their properties direct to potential tenants. “In the UK the property market is very firmly controlled by estate agents, and websites Rightmove and Zoopla,” Paul explained. “Landlords are not allowed to advertise directly on these websites. I sought to create the online resource I wanted for myself as landlord. And that’s how Ezylet was born.”
Reducing landlords’ costs by as much as 70%
Ezylet is an online property portal, providing landlords with a space where they can advertise their property or properties, supported by an array of services for property management. In addition to property listings, landlords can find and reference a tenant, and obtain a rent guarantee for the duration of the tenancy. Ezylet can also provide a rent collection or a management service.
“At Ezylet we are providing many solutions to empower landlords to control the management of their properties and reduce their ongoing costs,” explained Paul. “Typically, an estate agent will charge one month’s rent to find a tenant, plus 10%-15% for ongoing management. At Ezylet we believe we can reduce these costs by as much as 70%.”
The benefits extend to agents and tenants, as well. “By having an online portal that covers the whole of the UK, tenants can search for a property from landlords and agents for free, from the comfort of their couch,” he explained. “Agents can also benefit by advertising on Ezylet, with savings typically in the thousands compared to other UK portals.”
Continuous improvement and development
Ezylet’s IT development commenced in 2013 and is viewed as a continuing piece of work to be improved and added upon. In 2015 Foy appointed Jeffreys Henry LLP as corporate advisors, working with them to build an impressive senior management team with expertise in insurance, finance, estate agents, and corporate markets.
Self-funded until 2016, Ezylet is currently raising £1,500,000, with the aim of an IPO in the coming weeks (subject to market approval). “As a rule of thumb 80% of our funds will be used for marketing and growing the revenue streams at Ezylet,” said Paul. “The other 20% will be used to employ key personal to support the future development of the business.”
Part of this fundraising campaign includes a partnership with Invesdor. Paul said he was drawn to Invesdor’s equity crowdfunding model, as it allows potential investors to hold shareholding directly. “This suits our business model as we plan to progress to an IPO,” he said. “For investors, they can expect to come on a great corporate journey with a business that is growing.”
A solution-driven company
That growth includes launching multiple support services for landlords, all of which are income generating and could become stand-alone businesses in their own right. As a solution-driven company, Ezylet is constantly identifying the evolving needs of the landlord market and aiming to provide products for these requirements. “Our plan is to grow the business successfully over the next five years and increase the range of services to the landlord, tenant and estate agency audiences,” said Paul. “Our mission is to become the premier provider of choice for landlords.”
Continue reading about Ezylet in the Pitch.