Open rent - Thoughts?

foolsgold99

Hi,
I've just purchased a buy to let property and I'm now looking at the dating world of the Landlord.

https://www.openrent.co.uk

I've heard about Open Rent who claim to have it all wrapped up for landlords and was wondering if anyone has used them or what your thoughts/experiences are?

Thanks for your help :T

worried_jim

foolsgold99 wrote: »

Hi,
I've just purchased a buy to let property and I'm now looking at the dating world of the Landlord. :T

I'd love to know how landlords get on dating. Do tell.

buggy_boy

They don't seem to do inventories and its not clear if they do right to rent checks or issue documentation such as the guide to renting.

If its your first BTL I would stick to a high street letting agent, check the prices you pay as well as the prices tenants (no point in having lots of people wanting the property but not willing to pay hundreds of pounds to letting agent delaying rental), also make sure they quote including VAT (Always a sneaky trick tell you the price without VAT)

foolsgold99

worried_jim wrote: »

I'd love to know how landlords get on dating. Do tell.

Ha ha, autocorrect... daunting!

buggy_boy

I have used Upad before, it worked ok although I think not having highstreet letting agent may have put some tenants off, also the high street letting agents would suggest to any tenant that could not find somewhere to rent (Because of bad credit or benefits etc) to try looking at non-high street rentals as they would be more likely to find someone.

the online letting agents do not weed out the types of tenants you want and so you get inundated with people that really can't afford your rental.

Beardmidget

I have a friend who has just used them for his first BTL- he seemed pleased. I asked him what he thought- he said:

“So far, so good. The did a fair bit actually: Referencing, credit checks, suitability report, took the first month rent and deposit, put the deposit in the dps, inventory, check-in.”

He did his own photos (just renovated so easy enough) and did the viewings/ negotiation.

He was looking for a professional/ longer term tenant in a newly (very nicely) renovated 3 bed house in a commutable area for central London- so his market may have been more suitable to their model. If it was a student let story might be different. Bearing in mind, too, that he is entirely convinced by the non-traditional EA model and wouldn’t touch a normal agent (sold his late parents house with purple bricks etc) so his experience is coloured by the fact that he believes in them.

Mrs36

I haven't used open rent but was very happy with urban settings, who are similar. I had a few issues surrounding the referencing etc and they were very helpful when I rang and were always happy to talk me through anything. I didn't use their tenancy agreement service but they were still happy to talk about tenancy agreements with me, I'd definitely use them again.

However, in my tiny town (with virtually no rental stock) a property like mine (neutral decor, popular area and sensibly priced), through a local agent would have been rented in a week. By using an online letting agent (which we assumed prospective tenants would prefer as there would be no fees etc) it took 2.5 months and I'd say 75% of the enquiries I received were from people who would have been turned down by the letting agent. Next time I will fork out the £600 odd for the local agent and not miss out on that 2.5 months of rent.

The only thing I can think why it took so long is that people around here prefer to go through a local agent. Maybe if you are in a larger city you may have a different experience.

Mrs36

Urban lettings! Not settings, sorry.

Owain_Moneysaver

Friend used them basically as a way of getting his property on Rightmove very cheaply to fill voids quickly. He does all the other aspects of managing the applications and tenants himself. (Tenant fees are illegal in Scotland.)