Which online letting agent? Why use an online agent?
A letting agent, albeit high street or online, is all about the services they can offer you. There are so many varying companies that now offer letting services as a package to landlords, that any sane person trying to evaluate and choose as to which one offers the best, will probably end up insane! However, perhaps we can make that choice simpler for you.
We have looked closely at many agents and moulded our letting model at TR Online Lettings around the best package to serve the hands on landlord. TR online Lettings really is in a class of its own when offering landlords the complete package for the best price, and here is why.
To start, there are two general types of agents, the high street agent and the online agent. These agents differ in the amount of effort and contact a landlord wants with their rental property and their future tenants.
A landlord who is looking for a total management of their property where they do not get involved with a tenant at all should opt for a full management contract with a local high street agent at a set monthly fee. This cost is usually a set fee at the outset followed by a percentage of the rent each month.
The alternative choice of an online agent is for the landlord who wants to maximise their yield, their income and be hands on with their tenant. The online agent allows the landlord to be involved in all aspects of the tenancy and with the tenants from the outset of the initial viewing stage. They should choose an online agent who does most of the pre tenancy checks leading up to the issuing of the Assured Shorthold Tenancy Agreement.
As more legislation is introduced and margins are cut finer, more and more landlords are choosing to be hands on and select an online agent. Landlords are also taking control of their letting because they feel they need to be more involved and also feel they can do as good a job, if not better, than a letting agent at a lesser cost. To achieve these objectives, landlords are looking for the support of an online letting company that can get them a tenant, sort out the referencing and get them a good rent guarantee & legal expenses insurance cover at the best price and, in all instances, help them with, tenancy agreements, deposit protection, gas safety and the mind field of legislation associated in letting a property.
The key to selecting an online agent is to make sure the quality of services they offer are top notch and the third party service providers are the best possible to ensure that you are not being handed a second rate service just because the agent has negotiated a good deal with a sub-standard third party provider based purely on price.
The first thing to understand is that all online letting agents seem to offer a variation of the same service but the truth is that service may not be 100% if they are using sub-standard providers. Look at who is the underwriters/providers of the service being offered by the agent. This point is really important because letting agents who go for the cheapest service providers, especially when referencing invariably are not getting you the best service and no landlord wants to get a bad deal on a tenant just because the agent they use is getting a good deal on the price they buy a service in for.
There are many companies that offer you a full package and most will offer you something free “The bait”. The bait is used to hook you in and capture your details. You will see most of the companies that use the bait tactic are the heavy advertisers on Google. They are usually run by internet entrepreneurs looking for a big data audience to sell on to another provider at a massive profit, this is known as the short term turn. You will see this sort of company advertise massivly for a few years build up a huge data base of clients and then try and float it on the stock market, Purple bricks was a recent example of this type of company. They are not interested in offering a good service they are interested in your data and for example, a very prominent advertiser on Google is a company called Open Rent. Open Rent will offer you the first property advert free just to capture your contact details and then the status is sell, sell, sell you as many services as possible. But, once you start looking at the overall cost and services they provide you with, you realise that the services they offer are not of the best quality and the costs then start to accumulate as they take off their slice.
Many bait offering online letting companies simply cannot support a quality service at the price they offer and they certainly cannot give you a good service if that service is free. However companies like Homelet are offering a complete referencing service to agents for just £15. It is impossible to carry out a safe and thorough tenant reference for £15 Their interest does not lie in quality as it relies on quantity, volume on a put through basis, the model is based on the early Tesco style, "Rack em high dented tins and all and sell em cheap" . Bait offer companies will advertise your property and simply pass on any enquiry to you on an almost automated back to back basis. The tenant enquiry will not be vetted by atrained industry professional and, when referencing, the referencing is the most basic three point reference – 1. financial 2. employer via phone and 3. previous landlord as given by the tenant again over the phone. This reference procedure is not at all thorough and problems start here because sub-standard referencing means a sub-standard tenant for a landlord in the future. It is at this point a landlord can really lose their shirt if not careful.
One online letting agent that continually stands out from the rest is TRlettingsuk.co.uk. This recently created online letting agent portal is a supply and demand bi-product of tenant referencinguk.com. It was started because of demand by the members of landlordreferencing.co.uk’s to offer the 30,000+ members of landlordreferencing.co.uk a full letting package and this is why they are so good; Tr lettings uk.com will do exactly the same as the others when advertising your property on Zoopla and Prime Location and all the other portals on the internet. But from the very start TR lettings UK are different because as the enquiries come in, they start the unique vetting process to ensure you get you the very best tenants. Unlike other online letting systems, they do not just push through the leads, they pre-vet them to ensure they only give you tenants that are suitable. This saves you time and money on wasted viewings.
Once the tenant has been selected by a landlord then, included in the package, TR Online Lettings instruct their own UK leading nationally recognised as the best tenant referencing company tenant referencing uk.com to commence referencing on the landlords selected and preferred tenant.
Tenant referencing UK.com is in-house within the TR group and the referencing process is recognised as the best practise tenant referencing in the UK. Teams work alongside one another hand in hand sharing data so no stone is unturned when referencing tenants by this company. Tenant Referencing UK.com are the only company in the UK that offers unique data sharing landlords referencing histories, so not only do they do all the traditional referencing plus checking bank statements etc, but they carry out all the right to rent immigration checks.
Tenant referencing UK are so thorough that they even produce all the references to the landlord in archives on the landlords dashboard as they do them. Showing a landlord all the references and corresponding paperwork like bank statements as they progress with the reference, means a landlord can really see they are getting what they paid for.
This service is extraordinary thorough and transparent and leaves no stone unturned. The referencing techniques used by tenant referencing UK are un-paralleled in tenant referencing in the UK by any other company. Once the referencing is finished they will offer you their bespoke rent guarantee & legal expenses cover to keep you safer than any other company.
The company that offers the Rent Guarantee Policy is RentsafeUK.co.uk and once again this company is owned by the TR group so once again your entire insurance is controlled under one roof making the application and claims process the best in the market. RentsafeUk.co.uk policies come with £50,000 cover on each claim and covers legal expenses should you need to evict a tenant.
TR Online lettings offers you the best package for online lettings and they will do it for the best price in the market at just £124 all inclusive which, please bear in mind, includes Rent Guarantee insurance.
TR Online lettings can provide all the other services you will require like registering deposits, tenancy agreements, EPC’s, Inventories, gas safe etc.
When you use TR Online Letting as part of the TR Group you even get access to your own property management system free. You can add reminders to all your important documents and certificates so we can keep you safe by reminding you in the future.
If you are looking for an online letting agent that provides you with all the services, you need to let your property coupled with the best of all the service providers and that will assist you with all aspect of letting your property at the best price in the market
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