There's a proptech platform that is looking to help landlords manage their properties and its accusing agents of possibly increasing charges to property owners when the fees ban starts up.
The online property management service Rentora claims to charge “less than half the average letting agent fee” and includes tools to try to avoid tenants falling behind on rent, including a link with credit reporting giant Experian to encourage prompt rent payment.
“We only charge five percent of rent payments, for which price you get access to the full Rentora toolbox. The average cost for a letting agent, on the other hand, is currently around 12 percent and we expect it to be closer to 18 percent from June,” claims Rentora Chief Executive John Wade, who initially built the platform to help manage his own properties.
He says: “Budgets are so tight for many landlords that rising agency fees will push them into loss-making territory. Many landlords are going to have to consider managing properties themselves.”
Wade says payments from tenants using his system go direct to landlords, who can set automated text and email notifications for things such as rent due dates, rent payment alerts or key dates like gas checks.
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