A PropTech firm is offering landlords the opportunity to manage their portfolios from £35 a month, suggesting it could be a way of minimising increased charges from agents off-setting the tenants’ fees ban.
RentalStep claims its premium model offers landlords a range of benefits - particularly unlimited advertising on Rightmove, Zoopla and PrimeLocation - that would cost significantly more if provided by a letting agency.
"Landlords' available properties need to be advertised on the major portals and we provide the means to do this for a fraction of the cost of letting through an agent" says Mike Georgeson, RentalStep’s founder and chief executive.
The start-up’s premium service also includes access to tenant referencing, credit check facilities, deposit protection, tenancy agreements, rent collection via Direct Debit and an annual gas safety check, as well as access to maintenance management services, document storage, a communications centre plus GDPR compliance.
"We now know that the ban on fees will come into play from June, so landlords only have five months until their management fees could start to rise as agents look to offset the costs of the ban" Georgeson explains.
"What’s more, over the next few months some tenants may delay moving as they consider the impact of Brexit while waiting until they no longer have to pay upfront fees to agents.
"This scenario reiterates why it’s so important to advertise on the major portals as this is where the vast majority of those who do choose to move will begin their search," he says.
RentalStep, which was launched in 2017, is now used by almost 2,000 landlords and over 9,000 tenants: the company’s TenantPassport services can help renters boost their credit scores.