Is PropertyLoop the Best OpenRent Alternative?
So you have been using the same images and description to promote your rental property over the years to varying degrees of success. It’s time to take a new approach, yet this stale nature of finding new tenants is more widespread. A trip to the traditional high street agents gains you a commission hungry salesman and a lacklustre response to your property. Recent years have seen swathes of buy to let property owners turn to online letting agents such as OpenRent. But, is OpenRent Any Good? Well whilst they have received fanfare over the years for their cheap service, they have done little to bring landlords and tenants closer together, merely being online before their traditional counterparts. PropertyLoop looks to revolutionise the way we rent, and doesn’t demand exorbitant costs whilst doing so.
- Is OpenRent Free?
- Is PropertyLoop Free?
- The PropertyLoop Guarantee
- Property Viewings With OpenRent
- Property Viewings With PropertyLoop
- What Checks Do Open Rent Do?
- Referencing Tenants with PropertyLoop
- Is Open Rent Safe?
- Is PropertyLoop Safe?
- Landlord and Tenant Support with OpenRent
- Landlord and Tenant Support with PropertyLoop
Is OpenRent Free?
Unlike hosting your rental with PropertyLoop, on OpenRent if you want beneficial exposure for your buy to let you will have to pay a premium. Whilst OpenRent does offer a free listing option it exclusively shows your property on the OpenRent platform, severely restricting its viewing potential and excluding it from the two largest online property portals, Rightmove & Zoopla; although access to advertising across these platforms is available for around £30 for 3 months.
OpenRent’s most expensive and “most popular” package is the “Rent Now” service. This encompasses the signing process for the tenancy agreement and holding deposit processing, yet only collects the initial rental payment off tenants for the first month, with many of the essentials such as right to rent checks and tenant referencing coming at an additional cost. Additionally, when using the “Rent Now” scheme, landlords will also have to wait 10 working days before it is deposited into their account as OpenRent will hold onto this to safeguard tenants.
OpenRent will also not permit any landlord that charges their tenants fees to use the platform’s advertising service. However, the lack of any deposit does little to instil faith in landlords over potential problem tenants. Additionally some landlords use this small admin fee to bring the tenants costs in line with their own, and act as an incentive against breaking a tenancy early or recalling their interest in the rental property after the appropriate checks have been performed.
Is PropertyLoop Free?
Here at PropertyLoop our ambition is to change the dynamic of the rental industry, upholding simplicity and transparency for renters and landlords, an area where traditional agencies would fail. To this end signing up and listing your rental with PropertyLoop is completely free, with a modest 5% being charged only after you successfully have a tenant, ensuring that we not only greatly expand the reach of your rental property, but will only be paid after you are, with our services being totally absent of upfront costs and hidden charges.
The PropertyLoop portal also means managing a property portfolio has never been more streamlined and efficient, with secure rental payments being deposited into the landlord’s bank account on the very same day the tenants pay. Prior to the tenants moving in PropertyLoop will prepare the tenancy agreement, ensuring the transition to a new property and every journey with a new tenant is seamless and hassle free.
PropertyLoop also changes the dynamic between renters and landlords, giving them a safe and secure channel of communication, working to a clear understanding of agreements, timely responses to repair requests and a healthier communication between tenant and landlord, all in one place.
The PropertyLoop Guarantee
The PropertyLoop guarantee is designed to be a helping hand and lifeline for landlords, acting as a safety net in the times you need it most. We offer rent protection, giving landlords guaranteed renal deposits every single month even if the tenant doesn’t pay, alleviating the stresses of an unpredictable income during a time when financial security is a pipe dream. Also, we understand that for some landlords navigating complicated tenant relationships and avoiding disputes can be more than they signed up for; PropertyLoop will not only actively pursue tenants that accumulate rental arrears, but will oversee the eviction process for tenants that breach the terms of their tenancy agreement, clear squatters, all whilst handling the entirety of the legal process. For those rough tenancy periods we will also follow up on unruly tenants that cause damage to your rental property, valued at over £1000, whilst also covering the associated legal expenses. And whilst tenant and landlords alike never want to pursue a lengthy and expensive back and forth in court, in the eventuality of an unforeseen legal matter regarding your property, we will cover up to £100,000 in legal expenses. There is also no need to sign up or pay a premium for this guarantee, once you find a tenant, as a landlord you will be automatically covered.
Property Viewings With OpenRent
Whilst OpenRent did offer guidance on the upcoming dependence on virtual viewings, this is simply recommended and not offered as a dedicated part of their service. Whilst we may have solid footings on the property ladder, not all of us are gifted with a lens but the heavy lifting will fall upon the landlords here. Time spent battling lighting, space and camera settings could be better spent, managing existing properties or pursuing tenants elsewhere.
A one off accompanied viewing with OpenRent may have potential tenants guided around the property, but for a fee of £36 this gets you a measly half an hour with a single prospective renter. Aside from being an expensive basket to put your eggs into, the 3 month viewings pack does give landlords up to 15 viewings over a 3 month period, although still only clocking in at 30 minutes per appointment.
Whilst this does somewhat relieve the pressure of finding tenants, the viewing packages discussed above, alongside the bookable “one off open house”, pale in comparison to the 3D photorealistic tours offered by PropertyLoop. Yes, both work towards finding you new tenants, but only PropertyLoop provide a fully hands off approach, yielding professional results that tenants can come back to again and again at any time, instead of forcing them to recall a living room they saw a week ago in the same afternoon as seeing 2 other properties.
Property Viewings With PropertyLoop
In keeping with the waves of professionals that have been digitised over the last few years, viewing properties has succumbed to the online convenience revolution, with PropertyLoop’s photorealistic 3D tours at the very forefront. Allowing prospective tenants to instantaneously gain an uncompromising valuation of each rental, our digital tours capture the personality and character of eat let, immersing tenants in a fully realised viewing experience, without the hassle of multiple outings to the rental. We offer this fantastic service at no additional cost and have found that 95% of people are more likely to respond to and engage with listings that have a 3D tour. Of course we recognise the significance of capturing each rental in their best light, revealing the properties personality exactly as intended, to meet this end each tour is completed by experienced professionals.
Allowing floor plan, dollhouse and explore perspectives, our 3D photorealistic tours allow for a like for like recreation of the property, with our AI- powered image processing mapping billions of special reference points, providing the most realistic virtual viewing experience available.
Our cinematic 4K HD videography shows each property in magnificent detail, showing tenants that your rental is the clear choice. Ensuring that our video walk through of your property captures the imagination and hearts of potential renters, our high quality videos are curated by experienced directors, giving you a sharable video that brings your property to the tenants.
What Checks Do Open Rent Do?
OpenRent offers a referencing service that assesses the financial credibility of potential tenants and their guarantors. A credit check is performed, giving the landlord a numerical value depicting “the likelihood of the applicant paying on time”. Their referencing includes and income and employment report along with an “affordability rating” that assesses if the potential tenant could afford the rent at a given property. However, these tests can be deemed inaccurate and at most subjective but, the remaining checks also fall short.
OpenRent do conduct a landlord check, however this only their most recent tenancy and will hardly paint a full picture of a tenants complete renting experience. Also, the platforms right to rent “check” simply offers advice to the landlord on the process, still requiring the property owner to see through the right to rent process themselves.
Additionally with the “speedy referencing” OpenRent are unable to provide a reference from a previous landlord at all, with the affordability check and affordability rating also falling by the wayside, yet this service is the same cost; and if you get the every landlord’s dream of being stuck for choice on tenants, it will quickly become a very expensive vetting process.
Referencing Tenants with PropertyLoop
Tenant referencing checks at PropertyLoop are comprehensive and meticulous in their approach, with the entire renting history of a tenant being readily available to the landlord. Our technology is also able to verify the identity of a potential tenant, with our rigorous process comprising the scrutiny of official documents, government identification, contact information and photo ID, giving you the peace of mind that there will be no surprises further down the road. Of course we will also inspect any new tenants credit scores, income and background to help establish your ideal tenancy.
As you are not charged by PropertyLoop until the first rental payment is collected, this gives landlords complete freedom with their tenant vetting process; allowing you to find the ideal tenants for your property without racking up a significant fee in doing so.
Is Open Rent Safe?
Is OpenRent safe for tenants? Well, whilst OpenRent claim to have “several lines of defence” against rouge landlords, the sinister practice can still be prevalent on the platform. With properties having been reportedly listed on the platform with no checks as to who the landlord is or if they do indeed own the property. Reports from tenants paying extravagant fees to illegitimate landlords can be found across OpenRent’s own community section and do little to instil a sense of security on the platform.
Is PropertyLoop Safe?
At PropertyLoop ensuring the security and wellbeing of the renters using our platform is paramount. Before any tenancy can take place the landlord themselves is verified. With the authentication process affirming the identity and contact information of each landlord, whilst ensuring they own the property they intend to let through the land registry.
Landlord and Tenant Support with OpenRent
The backbone of PropertyLoop’s service is transparency and simplicity, looking to establish a new dynamic between landlords and tenants that does away with the headaches caused by traditional agents. Open rent support is faceless, with the platform staying clear of personal contact in favour of emails and AI chat boxes’. This not only fails to establish a clear communication between landlords and tenants but drives troubled tenants and landlords away from the support they need. The ‘solutions’ often come in the form of automated responses that don’t appreciate or account for your individual circumstance or nuances to a frustrating situation.
Landlord and Tenant Support with PropertyLoop
PropertyLoop however, provides landlords looking to fill their buy to let with new tenants with weekly performance updates. This review of your property will with one of our property experts, with the personal support revealing how potential renters reacted to and engaged with your property; providing you with a clearer picture of how to effectively market the property for the desired outcome. Our dedicated staff are on hand to advise and answer your enquiries via our online chat portal, creating a support network for both parties of each rental agreement. As we look to evolve the renting industry our integrated platform will make this contact instantly available at the touch of a button.
PropertyLoop has set out to create a supportive global network, connecting owners and renters to change the typical renting dynamic into one of trust and community, making the renting journey easier than ever. Whilst we are at the forefront of the industries digital revolution we have not forgotten the personal, tangible connection that landlords and tenants rightfully expect. Our platform not only streamlines all aspects of finding tenants to managing properties but upholds clarity and innovation for the benefit of renters everywhere.
As a landlord you will gain passive monthly rental income from your buy to let and capital appreciation as the years flit past. And it’s exactly this capital appreciation ...
February 12, 2021
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