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Landlords and tenants in the UK have been hit by too many letting fees for too long. But online letting agents are changing the property management landscape.

If you’re in the market to let a flat or a house, check out this post from one of our UK readers!

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The Rise of Online Letting Agents in the UK

An online letting agency is a relatively new development in the world of UK property management. Like most things new, people are suspicious of the benefits. But if you check any property media sources, you’ll see that individuals are tired of being taken advantage of by the traditional high street estate agents and are interested in this newer option.

Landlords and tenants alike are charged every step of the way for what should, in most cases, be a relatively straightforward transaction.

Read on to learn more about online letting agents.

How Online Letting Agents Work

Quite simply, a good internet-based letting agency will do everything you expect before, during, and after the lease is signed. But with one important difference: the landlord is in the driving seat, rather than the estate agent.

Advice is freely available on setting a competitive rent for your property in the marketplace in which you are seeking tenants. The property will still be marketed in the places you expect, the major, familiar property sites such as Rightmove, Zoopla, Prime Location and Gumtree. And your flat or house will remain listed until it is let.

And the letting is likely to happen sooner than you might think because using an online property letting agency enables faster service. As the service operates online, it is open around the clock, 24/7. And the landlord has the advantage of dealing with potential tenants directly – no waiting around for the estate agent to act as the middleman, with all the accompanying delays and expenses.

It’s easy to fit communication with prospective tenants around your own time commitments, such as a full-time job. Property viewings can be scheduled at any time as both parties can communicate directly through the site, rather than waiting for the estate agents to open 9-5. And once a good prospective tenant has been found, the online lettings agency will check all references and assist by providing templates for the tenancy agreement and inventory.

Because everything is paperless, transactions can be carried out quicker than ever. This is good for landlords who like to be in control too. A service like https://physicaladdress.com/ is advised if you are going to handle property management yourself and you have numerous properties, ensuring all mail is not directed straight to your home.

Both Parties Benefit from Lower Letting Costs

The faster letting time and control for the landlord are great, but perhaps the greatest benefit is the cost savings to both parties.

Operating online dramatically reduces the letting agent’s overhead (since they don’t have to pay expensive high street rents plus utilities for a large space and coverage staff for the office), and these savings can be passed onto the client, whether lessor or lessee.

A traditional estate agent may charge a commission and add on costs for checking tenants’ references or preparing a lease, for example. The beauty of advertising your property through an online agent is that there are no hidden fees. The landlord pays a subscription, clearly laid out from the outset, and knows up front what services to expect in return.

Fees for prospective tenants are equally as straightforward, made plain on the website, with no nasty surprises along the way. The system is much more open and transparent than working through an established estate agent.

Depending on the level of subscription decided upon, landlords can use the services of the letting agency long after the lease is signed. A good company will offer assistance with ongoing rent collection (even including rent guarantee insurance), maintenance requests, resolution of any future disputes of terms, and all the paperwork required when the tenant moves out.

So if you have a property to let, don’t blindly head to High Street. Consider a few online letting agencies instead.