I am looking at online businesses that help private landlords find tenants and tenants to find properties. I know of all the big portals like rightmove and the like. However, I am not talking about them. I remember seeing a lot of start ups in this sector all at once, similar to rentify.com, however, I don't see many of them at the moment. Did the market get saturated? Did most of them go bust? Do they still exist and I am not seeing them on search results?
I am a private landlord. I own 3 properties in London. I let them out myself and manage them myself. The truth is they need very little management. I probably see my tenants once a year. I don't use estate agents or letting agents. However, I do advertise when the need arises on places like Gumtree. Most tenants stay on average 2 years. I would not pay Rentify's £549 + Vat fee. For me it's way too much. However, I know Estate Agents charge even more than that. About £1,500-£2,000 from what I remember.
However, if someone was to say to charge £100 or even £50 one off fee, and they had a site that had a good chance of finding tenants then I would most likely use them. I would do the rest. They just need to advertise and get the enquiries in.
In London properties let for a premium. It is really a landlords market. However, I am very ethical about it and the whole I have good relationship with my tenants. I am not in the property business. It was just an investment decision at the time. I am what some people may call accidental landlord. I also have a professional friend who owns a flat/apartment near in the City, prime location, and he wants to go travelling around the world. He just owns this one place. But again he is an example of a person who is not a professional landlord.
So I would be interested to hear from people who let properties they own.
This all came to my attention because I was watching a day time TV programme, and the lady was saying that landlords would not have to charge so much if estate agents did not charge the landlord such high fees, at the same time, estate agents in some agencies charge the tenant a fee as well for finding the property. So they are making the money both ways. There is also a thing being highlighted by Labour with their promise of Rent Caps.
One last thing, so that this is an open an honest discussion, I will declare my interest, I own a domain which I feel is really good domain for this market, it's called viewproperty.co.uk , and I was thinking of what to do with it.
I would welcome all views on it. From tenants, landlords, and anyone else who has an opinion on it.