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Property Tribes is delighted to announce that Ideal Flatmate are joining the site as a sponsor, powering our Student Accommodation Tribe and our new London Property Market Tribe.Ideal Flatmate, which launched just over a year ago, is backed by David Pollock, who founded Greene & Co, in London.
Pollock, together with Edd Read, co-founder of Graze, has now joined Ideal Flatmate’s advisory board.They have recently raised £1million in their second round of investor funding which will be spent on further developing their unique platform.Ideal Flatmate has also been ranked one of the brightest new businesses in the Startups 100 2018 index .
The last year has seen the site become one of the busiest flatsharing sites in London, with particularly strong backing from professional landlords using the platform.
Some 2,000 properties are currently being added to it each month.Ideal Flatmate was founded by Tom Gatzen and Rob Imonikhe. Property Tribes spoke to Tom about their business journey and how landlords can get the most out of the platform to fill a single room, or rent rooms out in an entire property/HMO.
Nick Tadd, Owner of Property Tribes commented:"We are delighted to welcome Ideal Flatmate as a sponsor, especially as we are starting a partnership at such an exciting time in their development where they are experiencing major growth.Technology can always improve the user-experience and outcome, and it is clear that both landlords and tenants are finding that the IF platform is helping them create harmonious households, which in turn can lead to fewer voids.We wish Tom and Rob every success for the future of Ideal Flatmate, and look forward to helping them gain more landlord users of the platform as they expand across the country".Visit the Ideal Flatmate website and list your rooms for rent It is free to list a room, but there are premium up-grades which have a cost associated with them. Ideal Flatmate welcome all feedback from landlords and will be involved in the community going forwards.It is the support of sponsors and advertisers that maintains Property Tribes as a free to use community resource. If you have got value from this forum, you may like to show your appreciation by using the products and services of our commercial partners.SEE ALSO - Taking on 3 lodgers in my own home - issues?UP NEXT - Creating harmonious householdsDON'T MISS - 6 tips to create community and harmonious households in shared accommodationNOW WATCH:
It's easy and free to upload your listing, simply -1) Visit https://www.idealflatmate.co.uk2) Sign in3) Enter the property details.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Since 1992, Single White Female has made the thought of a room share a little terrifying on the off chance you might accidentally end up with your own Hedy. However, in 1996 there were some 900,000 people living in shared accommodation either as unrelated adults or multi-family households and this went on to break the one million mark by 2007, increasing by another 100,000 by 2017.
Today, the continued increase in rental prices, driven largely by a lack of suitable rental properties, means that more and more of us are looking to house or flats shares as an affordable way of securing the location we want but within budget, as doing so can save you around £500 a month! In fact, if the number of people in shared living continues to increase by 100,000 a year, there could be at least 1.2m of us in house shares by 2027, stretching to 1.3m by 2037.
While this remains a small proportion of all households this growing trend signals a changing mentality amongst the nation’s tenants as the number of one-person households has also slowed – down from an increase of 800,000 in the ten years from 1996, to just 300,000 between 2007 and 20017 as more and more of us are priced out of living by ourselves.
The issue? Living with strangers can be a lottery and you ultimately have no idea about who you are moving in with until the day arrives. But there is another way.
PT sponsors, Ideal flatmate use personality-based algorithms to match roommates first and foremost to make sure they place like-minded people in each property. The result is a much better suited house of people with the property itself coming secondary to this, saving tenants from spending large sums in deposits and rent, only to find they simply can’t live with their new rooms mates.
Dr Paula Banca from Cambridge University explains how they designed the method.
Dr Paula Banca of Cambridge University commented:
“We helped build ideal flatmate’s flat share matching software by creating an algorithm that works on each person’s compatibility score, based on their answers to a detailed questionnaire.
It’s designed around research that ideal flatmate carried out which identified the most common factors in a happy flat-share, ensuring matches are primarily based on these with more physical aspects such as the property itself taking a back seat.
Our goal is to continuously improve the matching algorithm to help achieve better matches and even happier flat shares and we are working on an ongoing basis with ideal flatmate to do this based on user feedback.”
Tom Gatzen, Co-founder of ideal flatmate commented:
“We’ve been called the Tinder for room share tenants but I’m not really a fan of that because I think we do a better job at actually matching people based on more important personality-based traits.
There’s a whole host of negative connotations and worries that come with considering a room share with people you don’t know, and this can deter a lot of people from making that first move to better their career or other areas of their life.
We wanted to address that head on and show that it is possible to find like-minded people that want to live in the same area, with the property itself no longer taking sole priority. As the data shows the number of us living in shared households is growing and we expect it will actually grow quicker than predicted over the next few decades.
Not only does it benefit those renting the property, the retention rate for landlords is also much, much higher. So not only do you end up with happy tenants, you get a more harmonious process with the landlord and letting agent, who also benefit from a longer, more consistent stream of rental income.”
Congratulations to our colleagues at IdealFlatmate who have made the UK’s top index of new disruptive businesses launched in the last five years. ideal flatmate was named by Startup 100, the longest-running index of its kind, having beat stiff competition from 400 odd companies to rank within the top 100 at number 74.
ideal flatmate joins some other big names from previous years such as Deliveroo, Notonthehighstreet, HelloFresg and Monzo.
Run by Startups.co.uk, the Startups 100 offers a diverse showcase of new businesses which demonstrate innovation, solid financials, economic impact, and the ability to scale.
ideal flatmate is an innovative room sharing platform and the first to match, people not properties, using scientifically designed algorithms to make sure applicants are compatible based on a number of personality traits. This has enabled ideal flatmate to create a more harmonious rental environment for landlords, letting agents and tenants, with much higher tenant retention rates as a result.
Founded by Tom Gatzen and Rob Imonikhe, ideal flatmate has formed a firm foundation in London since launch in 2016 and has now brought the concept to a number of major UK cities.
Co-founder of ideal flatmate, Tom Gatzen, commented:
“As cliche as it sounds, we are of course delighted to be considered by the Startups 100 Index full stop, let alone rank within the top 100 and then some.
We’ve put a lot of work into delivering a platform that puts the emphasis on people rather than property and I think this is something that resonates with the many who have otherwise had a less than ideal experience when renting in the UK.
While such recognition is great, we’ve still got a long way to go and now that our national expansion is well underway, we’re looking forward to helping landlords and tenants across the UK to find their ideal flatmate.”
The list was invigilated by a host of high-profile business leaders including entrepreneur and angel investor Alex Farrell, England and Lions rugby player and CEO Tim Rodber, Instagram influencer and small business advocate Gemma Metcalfe-Beckers (Mutha Hood), engineer, investor, and inventor Gi Fernando MBE and founder and serial entrepreneur and President of MVF Titus Sharpe.
Editor of Startups.co.uk, Bryn Glover: “Congratulations to all of the companies listed on the Startups 100 this year. We had more entries than ever and the standard was especially high, so being included is a fantastic achievement.
“We have a good track record of identifying potential - Deliveroo, Notonthehighstreet, HelloFresh and many more, so we can’t wait to watch the businesses progress over the coming years.”