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.