Rental platform No Agent has launched a fixed fee full-management product for landlords of Houses in Multiple Occupation, which significantly under-cuts most high street agents fees.
It costs just £35 per room per calendar month.
The package includes free tenant find and gives landlords flexibility to choose additional bolt-ons such as a viewing packages and professional photos.
No Agent CEO Calum Brannan said: “The complete cost for managing and finding tenants for a four-bedroom HMO in Coventry with a rental income of £2,200 per month would be only £140 per month including VAT.
“This would work out at 4.5% excluding VAT (or 6.3% including VAT) – a big difference from the average 10-15% charged by high-street agents for the same service.
“We believe landlords will be able to save nearly one month’s rent every year from their HMO properties, as well as saving hassle and time and having the extra guarantee of reduced rent arrears.
“At the same time, we don’t charge any fees from tenants, and never have. So the tenant fee ban won’t induce us to hike landlord charges as it’s predicted many traditional agents will have to do.”
Despite its name No Agent lists properties on Rightmove, Zoopla, and Primelocation, but under the name NA Technologies, and on Gumtreee and Spareroom.
We manage HMO’s and can tell you now that it’s ****** hard work.
landlords that want them managed, want them managed properly and I think you need to be local to manage a Hmo correctly.
They’re not like normal rentals, they need to be inspected more frequently for starters.
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In Cardiff, many HMO rooms rent out at £350 per month, so this would offer a service at 10% which is what locals charge anyway. I also wonder about the logistics of dealing with all the stuff that comes up with HMOs. Who’s going to sort out the bins?
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Isn’t Coventry more than an hour away from Cardiff!
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There is a minimum price. Yet another I can do it for less or should it read, I’ll buy my landlords and work for nothing, maybe around Coventry but not much in it as far as salary is concerned for employees that travel around the country? If anything HMO’s should cost more, often they can have far more labour intensive workloads. I can only assume he’s not trying to go nationwide.
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Experienced landlords won’t entertain this management system. Inexperienced landlords dont listen to those of us with 30+ years in the game; so, let them learn the hardway. Good luck to No Agent.
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