In the dim and not-so-distant past, the only way to let out your property was to put it in the hands of a high street letting agent.
Believe it or not, that was only around a decade ago! Today there are a proliferation of online property lettings, happy to do the hard work for you – and at a fraction of the cost.
On these online letting platforms you can advertise your property, find and screen tenants, make sure you’re up-to-date with legislation, and manage every process of the tenancy.
They are particularly useful for ‘accidental landlords’ ie those who are renting out their current property because they’ve changed location or moved in with a partner. In other words, they are happy to do the landlord part, but only if the online platform ‘holds their hand’ along the way. So, how do these online letting platforms work? Well, read on…
Most online letting platforms allow landlords be as ‘hands on’ or ‘hands-off’ as they prefer. In other words, they can pick and choose which areas of the platform’s services they want to use. They could, for instance, use it for the marketing side and to find tenants. This involves advertising your property on the big portals, such as Rightmove and Zoopla.
Then, once the tenant has moved in, continue using the platform to collect rent and log any maintenance appointments with tenants etc. These sites can often arrange annual boiler and gas checks for you.
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Which Online Estate Agent Is Best?
As each year passes, more and more online letting agents seem to be appearing. As such, you have to really sift through them to find the one that’s right for you.
You can, of course, ask around (friends, family and colleagues) for a recommendation, or you can look at online testimonials. There are also a few checks you can make of the platform itself. This includes whether they are members of a relevant professional trade body, such as ARLA, RLA and Safe Agent. That way, they will have a code of conduct to uphold and you can contact the body for help should anything go wrong.
And on this line, another area to check is whether or not the online letting agent offers client protection (ie of the rent money and deposit).
You could also check the qualifications of their staff ie are they all qualified with years of lettings experience behind them – or do they operate from a call centre where ‘newbies’ are answering the phone? Sometimes you can get a gut feeling about a company just be chatting to their staff ie are they friendly and do they go out of their way to check things for you?
Why You Should Use an Online Letting Agent
Costs are Lower
There can be a huge difference – around £1000 saving – in what it costs to use an online letting agent compared to the high street equivalent. That’s because the former offers a fixed rate fee. Online letting agents usually offer a starting package from a monthly fee of around £15 to £20.
It’s Faster
Once you have the photos of your property and upload the details you can be advertising within a matter of hours. With high street agents there’s often a wait for printing leaflets and brochures.
Far More Flexible
You don’t have to restrict yourself to your high street letting agents working hours when you let the property yourself online. You can check it whenever – and wherever – you want provided you have internet access.
You’re in Charge
You set the viewing time, change the details, make sure the rent payments are coming in. In other words, you don’t have to wait for someone else to let you know what’s happening – with an online letting platform you’re in charge from the off!
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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.
