A new online rental platform claims that landlords could save enough to afford an additional holiday this year if they signed up to its services instead of paying for traditional letting agents’ fees.
HomeRenter - citing market data from HomeLet - says the average UK monthly rent in June was £924.
Therefore, based on a typical high street letting agency management fee of around 12 per cent, the platform says a typical landlord could be spending in excess of £1,300 each year on letting agents’ fees. This contrasts, it says, with £49.99 to sign up to a six-month trial with its services.
The platform’s service involves 30 days advertising on Rightmove and Zoopla, a viewings service, tenant enquiry management and referencing tools, access to digital lease contracts and a To Let board.
"Our offer is open to the full spectrum of rental homes from buy to let investments, second homes, through to rooms to let in house-shares by live-in landlords and HMOs" says Will Handley, chief executive and co-founder of HomeRenter.
“Thanks to Section 24 and a raft of tax measures penalising the buy-to-let sector, private landlords are having an incredibly tough time of it in 2018 so we like to think our summer free trial promotion could be a real fillip for landlords looking to take a break from sky-high letting fees” adds Handley.
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If DIY landlords get it really wrong they may be lucky enough to secure a break at Her Majesty’s pleasure!
They could go to Florida and meet the other Mickey Mouse!
I am a letting agent of 20 years and this article has brightened my day with a smile.
I have a good friend with a portfolio (outside our managed area), and he uses an on-line agent.
He tells me he frequently receives calls from them (usually when on holiday), asking for basic advice/instructions over matters of their management of his many tenancies. In one instance the 'Property Manager' drove over 140 miles to attend and the tradesman a similar distance.
Virtual is not always local!
We are 8% + VAT (that’s a £400+ saving on the example) and include unlimited advertising exposure. If you are paying Rightmove eye-watering rates, then use them to the fullest extent as the first part of the job is only complete when the property is let; not when the funds/contracted time has run out - that is so very 'Estate Agent'.
I know the industry is changing and different management models are emerging; however, I still feel some industries still need a familiar and continuous point of contact, just look at the frustration with banks relationship managers/telephone call centres and don’t start me on utility companies and insurance claims handling!
I am also a Managing Agent (Block Management) and the proposed model would certainly not survive there.
Horses for courses.
Another agent who puts properties on portals and waits for tenants to find them...
And as for buying a holiday instead of paying management fees, one mistake as a DIY landlord can cost them up to and in excess of £30'000 - yes, great savings to be had by joining a company who thinks going on holiday should be a higher priority than good property management...
He has very cheap holidays.
Critically he is comparing a managed service fee to a let only offering- and no mention of overseeing legal & regulatory compliance matters. Enough said.
hahahahahahahahahahahahahaaaaaaaaaaaa
I have a trapped nerve in my back that is so painful right now I can't sit down but when I read this it brightened up my day. He's totally bossing 'it will be fine don't worry'
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