Online Letting Agents Fees and Services Guide
The number of online letting agents is growing every year. Cheap letting fees are one of the biggest attractions for many landlords. If you’ve decided that using an online letting agent is the best choice for you, comparing fees guarantees you’ll get the best deal.
Another attractive feature of using online letting agents is the numerous add-on services they offer. These add-on services mimic what many traditional agents offer, but at a better price.
So, how much does it cost to use an online letting agent? Below is a useful online letting agent fee table and access to a comparison tool to compare agent fees near you.
1. COMPARE ONLINE LETTING AGENT FEES
To get a full comparison of letting agent fees in your area, for both online & traditional agents, you can use Rentround’s search facility by entering your postcode.
You’ll also be asked to enter some details about your property. Next, Rentround will show you the fees and rates of both local letting agents and online agents. The best part is, this service is completely free
2. ONLINE LETTING AGENT FEE TABLE
Below are some of the fees that online letting agents charge.
Purple Bricks is on the higher end in terms of price but offers fully-managed services and rent collection.
The Online Letting Agents offers no-frill service, including rent collection and fully-managed services. If you’re looking for discounts on multiple properties, check out Upad.
Open Rent’s basic package offers just the bare-bones services. They don’t have a fully-managed option. Letting a Property.com offers mostly rent collection services. Rent My Home provides fully-managed services at 6% of your rental income.
99 Home offers discounts for references and has one of the most affordable fully-managed packages. Howsy has a pretty basic package with a tenant find option.
Online letting agent
|The most expensive online letting agent. However the package includes viewings.
Rent Collection Type Services: £145pcm + £950 one off fee
Fully Managed is priced at 9.2% pcm + £850 (one off fee)
|The Online letting agents
|No frills service, landlord does the viewings
Rent Collection Type Services: £149pcm + £950 one off fee
Fully Managed: £5%pcm + £99 (one off fee)
|A few advertising packages, basic rent collection not offered, so keep that in mind for the long term
Discounts offered on multiple properties
Fully Managed: £72pcm + £599 (one off fee)
|The bare basics offered under this package
Fee includes 3 months advertising to find a tenant on the biggest portals
Fully Managed not on offer.
|Rent collection Type Services: £49pcm + £149 one off fee
Fully managed will cost you £89 + £149 one off fee
|Rent My Home.co.uk
|Rent collection offered as part of the fully managed service.
Fully managed fee is 6% of rental income pcm
|You save £50 if you select the tenant find option with just 1 reference
Fully Managed is based on £85 pcm, one of the cheapest
|There is a free tenant find option but it’s pretty basic.
Fully Managed £65pcm
3. WHAT DOES AN ONLINE LETTING AGENT DO?
Not all online letting agents are created equal. And they don’t always offer the same services for the same price.
Below you’ll find some of the most common tasks and services that the best letting agents perform and how they help you manage your rental property stress-free.
A. FIND AND VET TENANTS
Finding and vetting quality tenants is often the hardest part of being a landlord. This service is one of the most basic and sought after for online letting agents. Experienced agents not only have the best marketing techniques but they field all inquiries and questions, schedule viewings, and perform rent valuations.
After finding a quality tenant, online letting agents also complete all the initial paperwork and research the tenant’s history.
B. DEPOSIT SAFEGUARDING AND RENT COLLECTION
Collecting and protecting security deposits is another tedious task that many landlords don’t want to bother with. It also takes attention to detail, impeccable organization, and record-keeping skills. Online letting agents handle all of these jobs for you.
An online letting agent also acts as a middle man, so you can avoid confrontation with your tenants over late payments or other discrepancies. It’s important to maintain a good relationship with your renters, which is why letting your agent handle any issues is in your best interest.
Online letting agents collect rent using credit cards and electronic payment methods which are then deposited directly into your bank account.
C. CERTIFICATIONS AND INSPECTIONS
As a landlord, you’re required (by law) to perform property inspections and obtain all required certifications. If you skimp on these requirements, your insurance may not be valid and you could face legal ramifications.
Inspections should be done before the property is rented out. Make sure all guidelines are detailed in the rental agreement. Some popular inspections include plumbing, heating, electric, gas, smoke and CO2, damp and leaks, and structural security.
Experienced online letting agents are familiar with the full list of inspections and will perform them for you.
D. PERFORM MAINTENANCE AND REPAIRS
Maintenance and repairs are two more inconveniences that many landlords don’t want to deal with. As a landlord, you’re responsible for any repairs or maintenance on your property. The last thing you want is a call in the middle of the night because there’s a leak or the heat isn’t working.
Don’t worry, your online letting agent will deal with this for you! Tenants are directed to call the letting agent first in the event of an emergency or repair issue. Any issues or accidents that pose a safety hazard to either the property or the tenants, must be fixed immediately.
E. HANDLES LEGAL SERVICES & DISPUTES
You’re a landlord or investor, not a lawyer! Unfortunately, letting property means having all your legal documents in place, accurate, and organized. Online letting agents are experienced in this process as well.
In fact, many agents have templates they use to streamline the process. They edit these templates to fit your specific property and circumstance, expediting the process. Letting agents can act quickly and efficiently if there are any legal issues or complications along the way.
Finding and hiring a solicitor can take time and money that you don’t have. It could also result in a big bill! Online letting agents are trained in handling legal disputes including unpaid rent, property damage, and anything related to the security deposit.
F. FULL MANAGEMENT AND GUARANTEED RENT
A fully-managed online letting agent will cover all tasks related to the rental process. This includes finding and vetting tenants, collecting rent, drawing up tenancy agreements and other legal paperwork, as well as monitoring and maintaining the property.
Online letting agents offer peace of mind. When you hand over the keys to your rental property, you can rest assured that you’ll receive it in the same condition (aside from common wear and tear). Extensive services such as these come with a higher price tag.
Being a landlord is a rewarding but sometimes stressful experience. With so many unreliable tenants not paying their rent on time, guaranteed rent sounds like a good deal. This unique service option means you receive your rent regardless of whether or not the tenant pays on time. The online letting agent basically becomes your tenant and then sublets it to the renter.