Hybrid agency Purplebricks has given details of a mystery shopping exercise it has undertaken across over 280 letting agencies throughout the UK.
Richard Jacques has told The Property Investor’s Blog on the Property Solvers website that the hybrid recently carried out a mystery shop of 284 agencies and found the average fee for admin and referencing was £257 per tenant for a standard rental agreement for one property.
Jacques says his company - which charges a flat fee of £118.80 per tenant and does not levy renewal charges - offers “a much fairer pricing structure for landlords” as well.
The director also explains that the firm’s Local Lettings Experts - their rental sector equivalents of sales-focussed Local Property Experts - are all trained to ARLA standards and “have operated in their local areas for a number of years.”
In addition Jacques says “they offer the best possible guidance to local landlords on price, legislation and tenant suitability.”
He says Purplebricks’ approach to rental valuations involves reviewing three core areas - local comparables, historic lets and tenant demand.
“All lettings properties are marketed via the Purplebricks website, Rightmove and Zoopla and are sent out to our extensive internal database of tenants to maximise interest and let success. Viewings are conducted by our local experts, who discuss the required stages and offer support and advice to tenants. Tenancies are progressed by our-in house tenancy team, with contracts being signed via DocuSign” he tells the blog.
The rest of his interview includes details of how Purplebricks’ clients handle evictions and receive repair and management services. You can see it here.