Do Online Letting Agents Work....?

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  • Do Online Letting Agents Work....?

    Hi All....

    I am looking at setting up an 'Online Letting Agents' and hoping for advice if possible - do these work? I wont be looking to offer a Full Management Service, my concentration will be more towards Tenant Find's and Let Only's.

    I have five years experience in Lettings but feel that working from an office isnt the best way forward for me - people seem to communicate more via emails etc nowadays.

    Any advice would be received gratefully.

  • #2
    Great idea if you can get the backing to reach enough people as that is the way you will need to make it work ie large no of landlords, so investment is the key and direct marketing to your target audience.

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    • #3
      How much do you envisage charging the LL and/or the T

      (i) for an enquiry which leads to referencing, etc., but doesn't result in a tenancy?
      (ii) for an enquiry which leads to a tenancy?
      'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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      • #4
        Hi,

        I was considering charging the LL a one-off fee of approx £200+Vat for TF, £150+Vat for LO and I will offer an Advertisement Only Service for £75+Vat.

        I was considering setting up an Experian account which will enable the tenant do their own checks (I know a company who currently does this and works out very well), this would also reduce my costs because they would pay for the reference themselves.

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        • #5
          Are you taking photos or using landlord's own? This seems to be one area that's poor for the online type agents who rely on landlord supplied photos, they're generally terrible and result in few, if any, leads.
          <a href="http://www.manchesterpropertygroup.co.uk/" target="_blank">Manchester letting agents</a>

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          • #6
            I would be obliged to take photo's myself (unless the property is more that 30 miles away from my Location, in which case I would need to aks the LL to do this).

            Also, I was thinking about offering to do viewings - would this complicate my role do you think?

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            • #7
              I'm a bit confused about these so-called online letting agents:
              If their service is purely online, then to me they're not really agents in the sense that they can only offer e.g. online advertising and referencing.
              If they offer in-person services like photographs and viewings, then to me they are not really online.

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              • #8
                I agree with jjlandlord, what the op is suggesting is not my understanding of an online agent but more akin to a normal agent trying to work without the need of having a high street office.

                Exactly what services do you want to provide?
                My advice is not based on formal legal training but experience gained in 20+ years in the letting industry.

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                • #9
                  Upad does this??

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                  • #10
                    BTW you can get a listing that includes all the main portals for about £29.50 until the property is let so you appear to be still too much. Why are you quoting 'plus VAT' when you are just starting out. You don't need to be VAT registered for a long while I would wager.
                    The advice I give should not be construed as a definitive answer, and is without prejudice or liability. You are advised to consult a specialist solicitor or other person of equal legal standing.

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                    • #11
                      Originally posted by Paul_f View Post
                      Why are you quoting 'plus VAT' when you are just starting out. You don't need to be VAT registered for a long while I would wager.
                      Plus in my view agents quoting prices 'plus VAT' is just a tactic to confuse their potential customers: Said customers are at 99% individuals so inclusive prices is what matters.

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