Digital start-up Re-Leased has raised £2.3 million to develop and market their online software to the commercial property sector.
Many commercial property companies use desktop software to administer their business. Re-Leased is an online subscription software service that manages commercial property. Modules in the Re-Leased service include submitting invoices, ability to chase up arrears, store documents, monitor leases and keep records of building maintenance. The software can be integrated with Xero accounting software to track all income and expenses including commercial mortgage payments. Connected to the Zero system, Re-Leased becomes what the company describes as “a game-changing” solution. Re-Leased also has a mobile app that tenants can use to report maintenance issues and be reminded of lease renewal dates.
The company claims their software saves landlord time by automating business processes.
Re-Leased is based in London with offices in New Zealand and Australia. The software manages over 35,000 properties worldwide – with the UK being their largest market. Tom Wallace, founder and chief executive of Re-Leased, said that the commercial property sector is being disrupted by new technologies. He said a lot of investment is being used to develop new software or “proptech”. He commented:
“It’s about giving commercial property managers and landlords modern tools.”
Wallace said that many of his rivals’ products were designed for the residential property market and not commercial property. Re-Leased expects to raise more money within the next 12 months to further its goal of being the top commercial property software platform.