A London estate agency has launched an online letting service for private landlords ‘who want to rent out their property without using a traditional high street agent’.
For just £1 for seven days Portico will list the landlord’s property on Rightmove, Zoopla, and OnTheMarket.
If the property is not let after seven days a £19 package buys another fourteen days listing.
The detail from Portico’s announcement is below.
If there’s only one good thing that has come out of Covid-19, it’s that it has been a time for tech to thrive.
Virtual property tours and viewings continued to keep the property market ticking, agreements were signed electronically, and property sales enquiries remained strong as those working from home had more time to browse through listings.
And today, leading estate agent, Portico, has announced they have digitalised the lettings process too, with the launch of their online, low-cost lettings service for private landlords: Portico Direct.
The agent’s new offering comes as the lettings market has just reopened in England, meaning people are now free to move in and out of properties again as long as social distancing guidelines are adhered to.
Though the rental market has seen a resurgence in tenant demand, landlords’ profits are still being squeezed as a result of static rent prices and tax and legislative changes.
Portico’s CEO, Robert Nichols, said:
“Lockdown job losses and relocations mean there is still high demand in the private rental sector.
“In fact, according to Rightmove, demand for UK rental properties is up by 22% compared to last year.
“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.
“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.”
With Portico Direct, private landlords located outside of London can advertise on Rightmove, Zoopla and OnTheMarket without enlisting a traditional Lettings Agent.
The service costs just £1 for the first seven days, which is often enough time to find the perfect tenant.
If landlords need more time, another 14 days can be purchased for £19, and this process can be repeated as needed.
Through their new service, Portico connects tenant enquiries with private landlords via their Portico Direct platform, and the landlords will conduct the viewings themselves, whether they want to do this virtually or in person.
Portico Direct is also offering a range of cost-effective umbrella services, including online tenant credit checks and referencing, tenancy agreements, deposit registration, rent guarantee insurance and rent collection.
There are currently over 145 different lettings rules and regulations on letting.
A recent report, carried out by consumer group Designs on Property, found that one in five UK landlords fail to do any research whatsoever prior to renting out their property.
The report showed a further 40% became a landlord ‘accidentally’ and were confused by buy-to-let rules and regulations.
Not adhering to the correct legislation when renting out a property can lead to both landlord-tenant disputes and heavy fines.
With that in mind, Portico Direct’s online dashboard has been designed to help landlords make sure they issue the right documentation alongside the tenancy agreement and stay compliant with ever-changing landlord legislation.
Portico’s launch of Portico Direct is followed by their recent expansion of their London short-term lettings service, Portico Host.
The innovative London agents are now recognised as an official partner of Airbnb, and can help landlords maximise their income from investment properties using a combination of long-term tenancies and short term lets.
https://www.portico.com/private-landlords/low-cost-online-letting-agents/
Portico, do you not think your services are worth more than £1?
Given the average rental should rent within two weeks if prepared properly.
Why sell yourself so cheap? Do you have doubts in yourself?
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
This COULD be the death of Portico Estate Agents
They started off with removing all details from their for sale board now this cheap offering. They MAY be going down the pan in MY opinion!!!
Portico it’s not too late – remove the offering and save yourselves and your staff.
On another note – if you have been made redundant as a letting agent and are starting your your own agency – you know where to advertise for £1 😉
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Desperate times call for desperate measures, I suppose.
Given they’re not offering a service, apart from portal listing, does this not amount to simply re-selling the portals?
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
I’m not criticising – as a business has to do what they have to do – but my opinion — Come on guys, have some pride in your abilities – value your staff and your own service – your in a one horse race to the bottom!
Your not embracing tech or doing something new – its desperate cheap marketing, with little if any upside – your devaluing your own service, business and staff.. Portico used to be a good add value firm, but this is nailing the coffin shut –
I feel for the staff — they are just coming back from furlough and Mr RN thinks re-selling a portal for a £1 is a bright light at the end of a tunnel.
Sad times
PS. new catch phrase for recruiting staff – comms on a quid!!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
I just want someone to ask em for a discount on their fee… 87 pence and I will consider using you….
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Well… if that’s all they consider are worth – let them crack on.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Isn’t it only the advert that they’re charging £1 for?
Presumably they’ll be going all out to sell contracts and inventories and safety certs at extra fees and gambling that piling it high and selling it cheap will pay off in the long run
I sometime think it would be better if the portals charged per property rather than by branch
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Didn’t rightmove argue that they are only £21 or something per property per month and are therefore fantastic value?
You could look at this as £1 a lead, once, you then have have contact details and back story, it’s not something we would do but harvesting/sweating those leads rather than twiddling your thumbs could pay off I suppose…..
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
” ……as long (landlords) as they don’t mind doing some of the legwork”.
Then you are offering no service at all. So how do you achieve the perfect tenant?
“The service costs just £1 for the first seven days, which is often enough time to find the perfect tenant”.
Only yesterday PIE ran a story that should be taken as a warning about quick fix and cheap on-liners are typical of …… In recent weeks Irwin Mitchell (renowned specialist Compensation Lawyers) has noted a rise in inquiries from landlords seeking to recover possession of a property that is still in the infancy of an assured shorthold tenancy agreement (AST), many of which had been entered into since March 2020, when the Coronavirus pandemic gripped the nation. As a result, the landlord’s investigation into a prospective tenant was often reduced, a fact which is coming home to haunt some landlords now.
Anyone who thinks you can offer a service for £1 to find a perfect tenant is deluded.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Remind me again why I pay Rightmove and the others £100s of pounds each month (in normal times) to list my letting stock, accepting that I have branch restrictions and fair usage provisions yet they’re happy to let a London agent sell access for £1 for presumably self listed landlord stock that has not been verified in any way.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register