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TODAY'S OTHER NEWS

New property management firm says it undercuts rivals by two-thirds

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.

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    20.4% management fee?? How is this substantiated? I don’t think even the evil green Giant (Foxtons) charges this much. We charge 9% let AND managed and 5% Managed only. We’ve also got a nice high street office people can come to see us in. “READY TO DISRUPT” MY ARSE. Everyone’s disruptive these days. What a joke!

  • Stephen Chipp

    Just love these companies who manage from a building miles away without ever seeing any of the works they instruct on their clients behalf. I work in Brighton and there is a Managing Agent based in Leeds that manage a building I have a flat in! Suffice to say it is one of the worst managed blocks in the town!

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    Agree,how a firm that is based in Parkfords case 75 miles away manage a block, the very simple answer is they can't, simple.
    Leaseholders asked them when sec 20 work woukd be finished, this coming Friday they said, that was 3 months ago and scaffolding is still up and no work men most of the time. Very very quick in getting their service charge out and using another in house company to send out Insurance for £5k when can be covered with AAA company for less than a third. In these situations bring in RTM as we gave done and will be doing again. On one block we saved over £700 per Flat per year and now have a very very healthy lifeboat fund, such have the savings been that this coming years SC will be reduced again and with better service.

  • David Robinson

    "Property agent opens new local high street office to be staffed with experienced individuals in an attempt to disrupt the disruptors".

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    Who charges 20.4%? Would be interesting to understand which agents charge such high fees? Fees are transparent now so Managemyhome, please share which agents are charging these from your research. We charge a significantly lower fee, which from our research is the market average around to 10%.

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    Exaggeration for the sake of emphasis.

    I think this is happening at least 20.4% of the time!

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    Oh I would LOVE to earn a 20.4% management fee!!

    That sort of figure has NEVER been charged in my area of business - so where do they get their figures from???

    What a crock....

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    There is nothing in life that someone can’t cheapen, it usually ends up costing more in the longer term. This is bourne out on a regular basis with all the properties we take off PurpleBricks and successfully sell. These victims have had to pay twice!

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