A lettings agency is launching a service that allows landlords to list their properties on Rightmove, Zoopla and OnTheMarket for just £1 a home.
Portico says the Coronavirus crisis has led to at least some silver linings, including “a time for tech to thrive” allowing it to offer a budget service for private landlords.
It says that private landlords located outside of London can advertise on the three portals without enlisting a traditional agent.
The service costs £1 for seven days “which is often enough time to find the perfect tenant” claims the agency.
If landlords need more time, another 14 days can be purchased for £19 and this process can be repeated as needed.
Portico claims it connects tenant enquiries with private landlords via its Portico Direct platform, with landlords having to conduct the viewings themselves, virtually or in person.
Portico Direct is also offering a range of other services at additional fees, including online tenant checks and referencing, tenancy agreements, deposit registration, rent guarantee insurance and rent collection.
“Lockdown job losses and relocations mean there is still high demand in the private rental sector. But despite this, some landlords are still feeling the effect of tougher regulations and taxes. We also know that, for a large proportion of landlords, the costs of managing their property portfolio has grown due to these changes” explains Portico chief executive Robert Nichols.
“We hope that Portico Direct will be a solution for private landlords who want to rent out their property without using a traditional high street agent and keep costs down; ultimately, our new offering means private landlords are able to find the right tenants quickly and cost-effectively and, as long as they don’t mind doing some of the legwork, enjoy a better return on investment as a result.”
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Good way to generate leads from DIY landlords and up-sell packages, but what if the existing client base wants to downgrade to this service?
No client wanting full service will pivot to zero service
This is why agents should boycott these portals. In their terms and conditions they don’t allow landlords to advertise direct and on the market is for high street agents only. It’s just pointless paying thousands every month to advertise on these sites. Landlords don’t want to pay agents fees anymore. And many are going down the DIY route because they can advertise on these portals. Advertising for £1 is just absolutely ridiculous. Agents might as well pay £1 and advertise on here instead of paying huge fees every month
You are correct LL like me refuse to pay the high fees that LA charge for tenant sourcing.
I source my own tenants
I get a lot from spareroom which is FREE.
Word of mouth generates many tenant leads for me.
By not using LA I have saved thousands of pounds over the past 10 years.
One day soon the likes of zoopla or RM will allow LL to list directly.
When that happens it will be game over for LA.
LL can already achieve this with a listing by openrent which is very cheap.
A LL just needs the cheapest way of being listed on the major web portals.
I'm just surprised that FB haven't enhanced their FREE market place offer.
If you refuse to pay LAs Paul and see no value in what we do- can I ask why you're on a blog specifically for our sector?
Hands-on Landlords represent around 50% of the market- the other 50% are very happy to use a letting agent as they don't want the hassle or the liability of compliance breaches. There will always be landlords happy to use LAs and always plenty to pay for a quality service offering. As long as you can convey a quality offering (real quality not guff like 'free appraisals') landlords will pay for it. None of the major portals would currently cannibalise their business for direct listings there make way too much money from agents (and onliners effectively enable landlords that way). As tech makes compliance ever more transparent, landlords will no longer be able to sidestep measures (accidentally or intentionally) and many will therefore switch to agents. The market for quality letting agents has never been stronger.
@kristan byfield
I DON'T know how I am able to comment as I am not registered.
But fyi I do consider LA have their place.
Just not for me at the moment.
Of course things could change such that I might need to use one.
So clearly it makes sense for there to be a viable LA market.
There is no doubt that LA are an important part of the PRS.
But they certainly aren't the be all and end all.
I certainly would not wish to see LA disappear.
They have an important part to play in the PRS ecosystem!
Problem is finding a GOOD Agent, as there are so many crap ones out there.
Also, as Agents have passed the losses from tenant fee's onto landlords, I'm slowly taking back more Management ( and business ) from them For e.g. Agents charging a 10% on top of Contractors prices to make up their income shortfall from tenant fee's.
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