Bunk

Revolutionising The Way We Rent Property

The Company

Founded in 2016 by three young entrepreneurs whilst studying at university, Bunk is a revolutionary app transforming the way we rent a property by empowering tenants and empowering landlords with an app to make renting work for everyone.

 

In an era where technology influences our lives in one way or another, renting a property can still be an arduous, time-consuming and expensive task and there has been little innovation in the last 20 years beyond the digitisation of classified adverts.

The way we book a taxi, a holiday, order food, and so much more has changed radically in the last decade, yet if you want to rent a property, you have no choice but to deal with a letting agent that can be expensive, unhelpful and slow – until now.

Bunk has taken the rental market into the twenty-first century by simplifying and automating the process of renting a property. Bunk maintains the human element of the equation by providing landlords and tenants with access to a dedicated team to provide valuable support, insights and advice.

Bunk started from the perspective of frustrated tenants, yet quickly realised that problems are equally as pervasive for landlords – and whilst being a landlord can be lucrative and rewarding, any property owner will know it’s definitely not without its headaches.

 

Unlike traditional letting agents, Bunk operates solely online and through an app. Our development team is based in Bristol building a cutting-edge system that puts landlords and tenants in control of the entire process.

As a company, we put the people who matter first and provide them with all the tools they need to rent their property – without the need for a middleman controlling the process.

For landlords, restrictions with property portals has meant that the typical trade-off has been to use an agent and pay over-the-odds, or go-it-alone and risk non-compliance with the substantial amounts of regulation that must be adhered to.

Bunk changes this paradigm by providing complete access to a wide range of advertising channels and a simple dashboard to manage the rental process whilst helping landlords maintain compliance. Bunk is a new, cost-effective, digital choice for landlords.

With letting agent fees up 50% on average since the tenant fee ban on June 1st, we are focused on growing and expanding our community of landlords to ensure that together, we build the future of renting.

The Platform

Our revolutionary app allows landlords and tenants to arrange viewings, process offers, referencing, contracts, payments and more – all under one roof. For landlords, they can list their property in minutes and reap the benefits of Bunk’s advertising partners, publishing properties to a wide range of portals.

Bunk makes it easier than ever to manage a property portfolio with a simple dashboard that allows landlords to monitor rent payments and any maintenance requests that are submitted in-app by tenants.

Tenants have the ability to search for properties, book viewings, talk to landlords and sign contracts all  in-app at zero cost. In addition to this, Bunk has partnered with Experian so that every rent payment that is paid on-time now contributes towards a tenant’s credit history and offers a deposit replacement solution.

What’s new
Bunk Passport: Our rental identity has been developed to make the process of securing a property as streamlined as possible. Once they are signed up to our platform, tenants can begin building their passport. This factors in search preferences, employment information and credit information to speed up the referencing process and allow landlords to make an instant decision on the applicant.

Deposit Replacement: Launching in Q4 2019, Bunk offers tenants the replacement to avoid the cash burden of a traditional deposit and instead pay a small, monthly fee that guarantees the landlord in the event of any deductions. Tenants still maintain liability for any damages caused during the tenancy, but will not have to worry about fronting hundreds of pounds to move into a property.

Changing role of the agent: Since June 1st, letting agents have been scrambling to adjust their business models to mitigate the impact of lost revenue. At Bunk, we never factored tenant fees into our model and reap the benefits of our technology. We believe that technology will not harm the individual ‘agent’, but will adjust their role. Simple tasks such as processing contracts can be handled by the platform and the agent involved will be there to add value by offering support and guidance to landlords and tenants.

Fully Digital: Everything is managed in-app or online. No high-street offices, no paper contracts, no hassle. Bunk offers a seamless end-to-end journey with a low-priced subscription model.

“WE’RE NOT JUST BUILDING A BUSINESS, WE’RE BUILDING A COMMUNITY”

The Mindset

With our roots in Bristol and sights set on the world, Bunk standardises the process for renting accommodation and makes it easier than ever to secure a property. With a data-driven model and considerable investment in technology, our mindset is centred around automating simple tasks and giving value to those who matter.

At Bunk, we do things differently. We believe there should be an alternative to letting agents of the past that still provide landlords and tenants with security, support and a hassle-free journey.

We are focusing on solving real customer problems rather than selling products and extracting value as a way to offer what we hope will be the best lettings service in the world.

Securing a property is the most fundamental aspect of one’s life and for too long it has been too difficult. At Bunk, we make the process wholly transparent. No hassles, no gimmicks, no hidden fees. The way renting should be.

We’re not just building a business, we’re building a community. We put our users first and involve them in our decision making. We’ve worked with thousands of landlords and tenants to release our beta product and will continue to work with our users to ensure we’re building a product that landlords and tenants love.

We want to make things easier and we want to make things better. Bunk, as a company, is about working fast to deliver change. We keep what works and fix what doesn’t.

Innovation and automation is at the heart of everything that we do. But more importantly, by solving real problems, treating our users fairly and advocating transparency, we believe we can make renting work for everyone.

The Vision
Bunk’s vision is to fix the broken rental market and empower the only people who truly matter in the equation – landlords and tenants – to take control. It sounds simple but we want to create a rental ecosystem that allows landlords to let and manage their property seamlessly and tenants to secure a property with the click of a few buttons; no stress, no hassle.

We will eradicate the excessive fees associated with letting a property and provide the facility for users to purchase additional products and services that Bunk provides. Our goal is for worldwide expansion. Since launching in June 2019, we are now operational across the UK in a number of cities including Bristol, London, Reading and Brighton.

The most exciting part of the journey is what’s ahead. We have so many exciting features lined up and a very creative team – I don’t think we will ever struggle to add to our product roadmap, that’s for sure! We will always be focused on enhancing the user experience for landlords and tenants to make their lives easier.

You can find more about our journey at www.rentbunk.com or follow us on social media: @rentbunk.

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