Former Uber boss launches new product to speed up property market processes

Smart Sale means that UPSTIX pays up to 90% of the property’s value in as little as a few weeks.

UPSTIX then resells the property and shares at least 60% of the profits with the seller if it gets a good price.

For example, a seller contacts UPSTIX wanting to sell quickly so they can buy their dream family home.

UPSTIX’s underwriters and RICS surveyors judge the home’s current market value to be £400,000.

UPSTIX offers £350,000 for their property, completing the purchase and transferring the money to the seller within 28 days.

The prospective seller thinks there is a chance their property could get £425,000, so UPSTIX select the best local estate agent and markets the property for £430,000, with the agreement with the seller that at list 60% of any profit made on sale above £400,000 is paid back to the seller.

In this example, if the house sold for £410,000 five months later, the seller would receive a second payment of at least an extra £6,000.

Fred Jones, COO at UPSTIX and former general manager for the UK at Uber, commented: “Sellers face a difficult choice; they can sell through a local estate agent which takes on average seven months to sell and where one in three sales falls through, or with an instant-buyer and lose a good chunk of what their home could be worth for a quick sale. 

“Our new product means that you can have a quick sale but not have to sacrifice on price.

“UPSTIX will pay you 85- 90% of the value of your home in just a few weeks and give you the chance to get the majority of any upside made later on down the line.”