Prop247, launching this month, offers remote property management through a blend of advanced technology and on the ground support.
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Mr Alexander, co-founder of Prop247, said: “The lettings sector is the one area of property that hasn’t benefited from technological innovation.
“We’ve built a groundbreaking platform, borne out of 40 plus years’ experience in the sector, which delivers complete transparency for both landlords and tenants, removing the inefficiency tax that traditional agents pass on through expensive high street offices.”
The platform would automate the entire lettings process, allowing tenants to book viewings 24/7, submit applications out of hours and track maintenance requests in real time.
Landlords receive instant notifications and full visibility of all property activity, whilst the system automatically coordinates contractors and handles communications.
Prop247 states to charge a flat 7.5% management fee with no hidden extras, in contrast to the 8–10% headline rates often advertised by traditional agents.
They claim that these rates often exclude extra charges for inventories, renewals, compliance tasks, and more.
Irvine Conner, co-founder of Prop247, said: “Many landlords fall into what Prop247 describes as the ‘cost trap’, where an attractive headline management fee masks a far higher actual cost.
“Traditional agents often charge extra for essentials such as inventories, check-ins, compliance tasks, renewals and exit fees, quietly pushing effective costs well beyond the advertised rate over the life of a tenancy.
“Our analysis shows these hidden charges can add thousands of pounds, distort returns, and make it difficult for landlords to understand their real position.
“Prop247’s model removes this opacity through a single, transparent fee.”
The company is headquartered in Twickenham and currently operates in London and Edinburgh, with plans to expand.
Prop247 was developed as an evolution of Apropos, a previous platform which launched prior to the COVID-19 pandemic.
The platform’s launch coincides with the imminent implementation of the Renters’ Rights Act which eliminates agents’ lease renewal fees in England and Wales, potentially prompting further changes in the sector.
Prop247 aims to reach 25,000 managed properties within five years.