Online agency buys lettings book of internet rival

Online agency lettingaproperty.com says it’s bought up the rental portfolio handled by virtual rival Mashroom.

The acquisition increases lettingaproperty’s assets under management to more than 1,800 properties across the UK, with a rental book over £29m per annum, and clients spanning first-time, portfolio and Build To Rent landlords.

Lettingaproperty.com has been operating in the rental sector since 2008 and offers tenant sourcing, rent collection and property management. 

Mashroom has now pivoted its business model to focus on providing leads for letting agents and mortgage brokers. 

Lettingaproperty chief executive Jonathan Daines says: “We are delighted to welcome Mashroom's landlords and tenants to the lettingaproperty.com family. The swift and smooth migration underscores our commitment to delivering exceptional service and technological innovation. Our enhanced landlord dashboard will provide Mashroom's clients with unparalleled convenience and efficiency in managing their properties."

And a Mashroom spokesperson adds: “By pivoting to provide targeted leads for letting agents and mortgage brokers, we are able to focus on what we do best – leveraging technology to connect the right people and create opportunities for growth within the property rental market."

Lettingaproperty says it’s on the lookout for similar opportunities and is open to discussions about mergers and acquisitions.