A property management firm is launching with a claim that its charges are under a third of some rivals.
Online service ManageMyHome says it wants “new business from landlords fed up with paying the high fees charged by traditional lettings agents.”
It says it will levy a six per cent fee which it claims massively undercuts the alleged 20.4 per cent fee charged by some high end and London-focussed agents.
“Traditional estate agents are pocketing thousands in astronomical fees from landlords who need a property management service and until recently have been left with no choice but to opt for the high street” claims Will Clark, managing director of My Home Group, parent company of the new service.
“We offer landlords another option with massive cost savings. Using a mix of tech and a hub of dedicated ARLA qualified account managers, we provide landlords with round the clock property management. What’s more, in order to address the sheer lack of transparency in property management fees amongst traditional and online agents, we are deliberately charging users one fixed up front fee.
“There are no extras - hidden or otherwise - and we don’t pocket additional commission when we invoice our customers after any repair work to the property - another trick traditional agents use to make even more money from their landlords.”
Clark says his company’s offer includes listing on Rightmove, Zoopla and PrimeLocation, professional photography and floorplans, legal protection including a full reference report of tenants, an AST agreement, membership of a tenancy deposit scheme, Section 21 compliance and eviction legal assistance, as well as rent collection and rent guarantee insurance.
“We’re ready to disrupt the property management industry in the same way that online agents have done for sales and lettings. It’s a no-brainer: a landlord with a two bed flat with a rental income of £1,800 per month will pay an established agent, many of whom charge 20.4 per cent, a fee of £4,406 each year. For the same service, they will pay us £1,296 making a huge saving of £3,110 each year” claims Clark.