A new national online letting agency, Tenants4U.com, is throwing down the gauntlet to the growing number of ‘self service’ competitors by offering a free lettings service to landlords.
Instead of charging landlords, tenants pay a £99 referencing fee.
The firm is also offering property management for £15 a month, which includes gas safety certificates, portable appliance tests, a tenant 24/7 help and emergency phone line and annual property checks, and allows for one 24/7 emergency call-out a year.
The service guarantees landlords that their property will be advertised on the major letting portals, organises appointments and referencing, and handles paperwork and contracts, but expects the landlord to conduct the property viewings themselves.
Tenants4u.com managing director Shereena Lingiah said: “As a landlord myself, I was frustrated that property letting and management were so expensive, when it doesn’t need to be.
“Every landlord is different and our own research showed that a large number wanted a simpler, more cost-effective solution.
“The key to letting properties is getting them advertised on sites like Rightmove, which landlords aren’t permitted to do directly. With Tenants4U.com, they have a low-cost way to achieve this and a simpler way to let their property.”
She added: “Technology is playing a key role in the emergence of new services such as Tenants4U.com. The site enables landlords to store all of their property information –property photos, descriptions, etc – which then makes it simple to re-let the property in the future.”
The site also offers additional services including EPCs, floorplans, photography and rental guarantee insurance.
www.tenants4U.com
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Comments
Interesting that tenants4u have been pulled off rightmove.co.uk today meaning that all their properties are no longer being advertised. I actually dont feel sorry for the landlords that were drawn in by a free advertising service - come on, nothing in life is for free! Good luck dealing with the complaints from your 400 plus landlords!
I bet this is a franchise thinking about the number of different versions the web designer has done - suckers !!!!!
Amazing - searched the site - absolutely no mention at all about inventories (you know that list of stuff about the house that costs the money to put together properly and protects the tenant 'and' landlord)! - Also looked at the agency who built the site - they seem to have a string of these types of sites - either 'they' own them and they just can't let the dream go or they have a very rich plonker as a client!
Quite a few hidden costs too - management is actually £45pm inside the M25 for example
No point putting an EPC on the site nobody gives a rats and anyway should be let by the time its available so just strip the details it off the site - job done!
IHS,
I think you misunderstand the target market for these online portals. They are aimed at private landlords that would usually put an ad in the paper rather than use an agent to manage or for the let only service.
I suspect the property management side of things is little more than rent collection. Upad were the first and a number have followed with unsustainable prices. What the owner of this site will soon find out is that the Landlords will use her services for free and do the referencing themselves for £10.00 rather than using her company at £99.00
Had another look at web site - cannot find any EPC's attached to properties being listed contrary to what is now required by law.
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You can apply that statement to 75% of the properties that are currently advertise on rightmove.
Had another look at web site - cannot find any EPC's attached to properties being listed contrary to what is now required by law.
Just had a look on the web site for a property in Brighton - comes up with one in Brighton Street, Coventry! Needs some tweaking methinks.
It will work for a while as all new things do then fade away as Landlords realise that it doesn't provide the service that a professional letting agency does especially when the tenant stops paying the rent or the hot water cylinder leaks. Anyone can let a property - but its what happens afterwards that is important.
@Tenants4U
£15 p.m.! Your costings are not sustainable. Please - GO AWAY before you cause untold damage to the image of the industry.
Thank you everyone for your feedback. I am pleased to be able to confirm that Tenants4U.com is going from strength to strength, we are bringing more new landlords on every day and have only had positive feedback from those that have used us so far. Our service certainly isn't appropriate for all, but for landlords interested in showing tenants around their property themselves and saving a great deal of money in the process, it certainly seems to be working. If anyone would like to try us our for themselves, please do get in touch - I'm sure you won't be disappointed.
If this model worked , businesses would spring up all over and established businesses would simply add that service to their range of options - it doesn't , just do the maths. Adding on other services at extra cost just p's off people and becomes messy and difficult to manage.Together with all the other day to day problems you have a recipe for disaster. Unfortunately it will be the Landlord who suffers if he/she gets sucked in. Letting is a serious long term business and not a get rich quick scheme.
Thats a good idea, charge to put a board up! check out the web site!
I've an amazing idea. I will start an online DVD, CD and book selling company. I don't think there is anyone doing that at the moment. I can take over the world !!
Yawn ... another online self-service agent. I think this is about the 10th I have read on this newsletter this year. What is the point, its not new, and it doesn't work. Boosts morale in our office though.
Bulding on Michael Saville's comment, the Scottish experience (see separate story on today's LAT) shows that a lot of agents are offering very cheap fees which are not sustainable, but the agent stays in business (to the detriment of his honest competitors) by using his / her Client account as a Ponzi scheme.
Just to be clear I'm not suggesting for one minute that the lady in the story is doing this, but the Scottish experience suggests its a widespread problem in our industry.
Property management for fifteen quid a month.
Words fail me.
The old saying is very true in lettings... If you pay peanuts.... A lot of Agents are struggling out there and offering very cheap fees which aren't sustainable but keep them going for a bit longer, but won't put food on the table. Meanwhile the poor landlord suffers financially in the long run with a poor service and a neglected property. Can't wait for more of these to go bust and leave the stronger, ARLA licensed agents to clear up the mess
Good luck Shereena but I am afraid you'll soon learn why property management done properly is not cheap.
By the way if an online only service who puts up the board you are holding? The Landlord?