With online letting agents like ‘Purplebricks’ and ‘YOPA’ appearing on our TV screens, it’s no wonder that some landlords are wondering what all the noise is about. But are online agents really the best option for finding tenants for you rental property? Here we spell out 5 reasons why online agents aren’t necessarily the best solution for landlords:
Reported ‘savings’ aren’t all they are cracked up to be.
Whilst the prices advertised on TV might look attractive, online agents don’t tell you everything upfront. In order to stand the best chance of finding tenants there are often ‘optional extras’ to pay. In most cases the final costs end up more than what a traditional agent would charge.
‘Online letting agents coverage’
Don’t be fooled into thinking that by using online letting agents this will grant you additional market coverage. Any reputable local agent will be advertising your property in exactly the same places (Rightmove, Zoopla etc)
Local knowledge beats online letting agents
Online agents are often based in major cities miles away from the properties they advertise. When taking an enquiry, can an online agent sell the local schools, shops and bars on the phone? A good traditional agent will know their patch and sell it to applicants.
Is a London based online agent going to have relationships with local contacts and tradesman? I heavily doubt it. What this means is that when a leak needs fixing under a sink you’ll most likely be looking down the barrel of a nationally based firm and all the costs that come with them.
5. Real life experience in keeping up with landlord regulations
With traditional letting agents having been around for some time there is a consensus they have always grown up with the on-going raft of changes in landlord legislation.
6.Feet on the ground
The final, and perhaps most important point to make is that online letting agents simply don’t have boots on the ground. They aren’t able to pop over to the property for inspections, to look at repairs, or to knock on the door and chase a late rental payment.
The next time you feel drawn in by the promise of bargain prices and glossy websites, just remember that in most cases you will get what you pay for. Traditional letting agents in Nottingham might not always be the cheapest of options. However, you can pay three times over in stress and additional charges by opting to go with online letting agents.
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