Online vs High Street Letting AgentsWritten By PropertyLoop February 12, 2021
For those that are new to letting a property, having a good letting agent can make all the difference in the search for your first tenants and securing initial rental income. Make the wrong choice however and landlords can easily be left paying for a service that is yielding underwhelming results.
Why Do Landlords Use Letting Agents?
A good letting agent can be a crucial part of any successful landlord’s strategy, with agents traditionally offering a suite of services to suit the landlord’s needs. At their most fundamental level letting agents will help landlords to find a new tenant for their vacant property, with the agents carrying out viewings of the rental, referencing aspiring tenants and finalising the agreement.
However, for owners that do not wish to have such a hands-on approach to managing their rental could opt for a fully managed service, seeing all aspects of the tenancy be handled by the letting agents, from repairs to inspections and handling deposits.
What Is an Online Agent?
Whilst online agents may no longer be the most recent innovation within the lettings industry, as can be expected they are the predominant force for marketing your rental online, and with the overwhelming majority of renters now starting the search for their next home online they cannot go ignored. The role of an online letting agent doesn’t deviate too far from that of a traditional high street letting agent as both will endeavor to manage a landlord’s portfolio, or at the very least source new tenants.
Benefits of Online Letting Agents
Although owners commonly site the significantly lower cost of online letting agent’s vs high street agents there are many benefits to be had. Naturally many online agents will not have a physical presence across the high street, allowing their overheads to be slightly lower and cut costs, typically saving landlords hundreds each year when compared to their traditional counterparts.
Online letting agents will typically be able to present each rental opportunity to a broader network of potential tenants, seeing the major online property portals such as like Rightmove & Zoopla host each advertisement.
Is a High Street or Online Letting Agent Best?
Although online letting agents are haled as the more cost-effective route for advertising your rental property, pricing should not be the exclusive consideration when choosing a letting agent!
Should You Use an Online Letting Agent?
It is commonly argued that traditional high street letting agents have a better understanding of the local area, allowing them to market the rental. However, far too often high street letting agents will use outdated practises, that whilst they may generate some interests, simply do not capture the same attention as targeted online marketing of your rental property.
It is also worth noting that before purchasing a rental property many landlords will have investigated the area, the type of demographic they wish to rent to and evaluated similar rental opportunities in the area, bringing the effectiveness of local knowledge into question.
Are They Easy to Get a Hold Of?
Typically, online letting agents are far more convenient to contact than their traditional high street counterparts. Whilst the high street alternative may have a physical location with agents that can have a face-to-face conversation, online letting agents can be contacted at any time, with resources being available to help landlords navigate difficult situations during the tenancy.
Using the PropertyLoop platform owners are able to communicate directly with their tenants, allowing every issue to be resolved seamlessly and easily. No longer will landlords or renters have to wait days for messages to be passed between agents, with all offers being made on renters being negotiated with the owner, allowing every tenancy to start smoothly.
Will I Do My Own Viewings?
Typically, when choosing to utilise a high street letting agent many landlords will not have to worry about carrying out in person viewings of their rental property. Owners can rest assured that their property is being handled by a professional that will be able to highlight its unique characteristics to aspiring tenants.
However, this is not to say that when choosing to advertise your property through an online letting agent landlord will have no alternative other than to do their own viewings. Naturally, no one will understand the rental opportunity quite like the owner, but innovations in property media have made in person viewings a thing of the past.
Over the last 18 months the prominence of virtual 3D tours have soared, allowing landlords and tenant to benefit from the convenience of having renters tour a completely faithful digital recreation of each rental at any time or place; saving lengthy commutes from both parties and renter’s reliance on taking photos & notes as the opportunity can be toured at their convenience.
How Much Do Letting Agents Cost?
Perhaps where the most startling differences can be found is in how these services are charged for. Typically, online letting agents will ask for several hundred pounds in advance, or more commonly with a fully managed service, a percentage of your rental income will be deducted. These deductions will see landlords’ hand over upwards of 15% of their monthly rental income, seeing them spend thousands each year in agency fees!
Why continue paying thousands each year in commission to let your property? With 97% of landlords recommending our services, and with over 50,000 tenants joining our rental community in the last year alone PropertyLoop is welcoming a new era of renting.
The PropertyLoop platform establishes the trust, transparency and personal service that has been lost from the renting sector. We are anything but another faceless corporation looking to profit from your investment, but a community founded on expertise and ambition.
We offer landlords complete clarity on available specialists through a landlord controlled rating and review system, giving users complete confidence of your PropertyPro’s proven results in finding owner’s ideal tenants faster.
With PropertyLoop landlords will have everything they need to let out their rental from start to finish, with no hidden fees, financial barriers or catches; only a revolutionary new way to let.