New platform for landlords threatens to by-pass letti...

A new fixed-rate platform has been launched that says it will save landlords thousands of pounds in management fees.

Rentd claims to find and secure tenants for landlords for £799 including VAT, only payable once let - it claims this is roughly half the typical agent’s commission of £1,750.

Rentd says it offers what it calls “an end to end experience, utilising revolutionary technology to save landlords and tenants time, while creating greater certainty and reliability.”

It boasts what it believes to be a more specific and tenant-friendly search experience, being searchable by property feature and by amenity - even by broadband speed or whether a cleaning or linen service may be included.

It offers a 3D Virtual walkthrough for each listing, details on commuting, a feature allowing prospective tenants to arrange viewings by automated appointment diary 24/7 plus an opportunity for tenants to secure properties immediately via the platform after a viewing.

It also offers tenant referencing, Right to Rent checks, and the automatic completion of a lettings agreement sent to all parties for electronic signature. The deposit and initial rent and then paid electronically via the Rentd platform

The platform has raised £250,000 based on a valuation of some £5m and its current London-only service is set to roll out across the UK and internationally as a result of the fund-raise.

Rentd cites one high-end landlord currently using its services who saves an estimated - and eye-watering - £85,000 through letting his eight bedroom central London home via the platform. It typically attracts a rent of £71,500 a month.

Founder and chief executive Ahmed Gamal says: “Up until now, the process of completing a rental transaction from start to finish has been protracted and clunky for both the tenant and the landlord, with it taking a considerable amount of time and effort to gather the fragmented components required from both parties.

“We’ve spent three years developing the Rentd proposition in order to change this and the result is the UK’s first rental platform combining these various components into one super slick user experience. We’ve been sure that this approach is focussed as much on the landlord user experience as it is the tenant and not only does it take the pain out of finding a tenant, but they also save a considerable sum in agent commission.”