An online agency founded by former Knight Frank agent Will Clark has entered the property management space.
MyHomeGroup, owner of SellMyHome.co.uk and RentMyHome.co.uk, has launched its third business, ManageMyHome.co.uk.
It will provide a property management service to existing landlord clients from RentMyHome.co.uk and will target new business from landlords, offering a VAT inclusive fixed fee of 6% with no other commission charges.
The service will offer portal listings, professional photography and floorplans, inventory and check in as well as legal support, rent collection and insurance and 24/7 problem and repair reporting.
Clark, managing director of MyHomeGroup, said some established agents charge as much as 20.4% for property management, meaning a landlord with a two bed flat with a rental income of £1,800 per month could pay a fee of £4,406 each year.
For the same service, they would pay £1,296 to ManageMyHome.co.uk.
He said: “Traditional estate agents are pocketing thousands in astronomical fees from landlords who need a property management service and until recently have been left with no choice but to opt for the high street.
“We offer landlords another option with massive cost savings. Using a mix of tech and a hub of dedicated ARLA qualified account managers, we provide landlords with round the clock property management at a fixed, upfront fee, a fraction of the fees charged by traditional agents.
“What’s more, in order to address the sheer lack of transparency in property management fees amongst traditional and online agents, we are deliberately charging users one fixed up front fee.
“There are no extras – hidden or otherwise – and we don’t pocket additional commission when we invoice our customers after any repair work to the property – another trick traditional agents use to make even more money from their landlords.
“At a time when landlords are being squeezed left, right and centre, they now have the choice to guarantee thousands of pounds worth of savings every year by switching agents.”
Good luck substantiating the 20% managed fee is someone takes you to task over it. Most letting agents in my area charge 5-8% for a fully managed service, but perhaps he is digging at Knight Frank!
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ARLA Qualified account manager??? no such thing, False advertising watchdogs beware.
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You cannot effectively manage a property without someone on the ground who knows the property inside out. Personally I don’t want to work with LLs that instruct based on low fee, it’s an indication that they don’t value their investment and that’s where it starts…. So let them have the people looking for a cheap service, we can all stick to what we do best and providing great landlords with a great service.
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