OpenRent helps thousands of landlords a month find tenants for their properties, and from time to time we are asked for advice on mortgages – by buy to let pros and “accidental” landlords alike. We chatted through some common mortgage dilemmas with Matthew Naylor of whole of market broker Ascot Mortgages.
For renters, the cost of moving home can be substantial. Not only are deposits of 6 weeks’ rent commonplace – on top of this, tenants are usually charged fees by letting agents to cover referencing, contract signing and other “admin”. Earlier this year consumer magazine Which? found that the average fee charged to tenants was £310 each, and the highest was £420. Since these fees aren’t usually disclosed until a tenant has already seen a property, and sometimes not until they’ve put down a deposit on a property they like, it’s not hard to see why many consider them unfair.
OpenRent makes it easy to advertise your property to thousands of potential tenants – but if you haven’t spent much time thinking about photos, you might not be making the most out of your audience. A survey of some of the 25,000 properties rented via our platform in the last year shows that a listing with good photos can generate a staggering 10x as many enquiries as one with poorly taken shots – so here’s a quick 1-2-3 to taking great photos. Not only that, but landlords can achieve 10% higher rent with professional quality photos!
At OpenRent we’re building a one-stop shop for all a landlord’s needs, from finding great tenants to referencing, contracts, deposit registration and everything in between. Use as many or as few of our services as you like, from just £29 per property! Since we ban admin fees and only charge £20 each for referencing when it’s requested, we’re great for tenants too.
Up until now OpenRent has helped hundreds of landlords find tenants for their properties of all shapes and sizes, up and down the country.
Halifax think it is. Their Buying vs Renting Review released last month claimed that average monthly costs associated with buying a 3 bedroom house were 18% lower if buying the property rather than renting, although behind this headline-grabbing figure they showed that in most UK regions it was more like a 7% gap. Continue reading “Is it cheaper to buy rather than rent?”
We are delighted to announce some new features launching today on OpenRent!
More portals – Rightmove, Zoopla, FindAProperty, PrimeLocation and More
The first change is that based on feedback from our landlord customers, we have now partnered with Zoopla, FindAProperty and PrimeLocation in addition to Rightmove to give you even better coverage of tenant searches in the UK. The sites we now list you with receive a combined total of more than 10 million searches a month, giving you the best possible chance of finding your ideal tenant!
The OpenRent team are excited to announce the launch of our Landlord service today!
For the ridiculously low price of £20 you get:
- Listing on our site as well as Rightmove.co.uk to advertise your property to thousands of high quality tenants
- Referencing of your new tenants
- A tenancy agreement and access to our digital signing service
- Registration of the tenancy deposit
- Processing the first month’s rent payment
- No further fees or hidden charges – you deal directly with tenants and do the viewings – we take care of everything else!
Ever notice how all the property portals are starting to look alike? Search by postcode, filter by price, choose the number of rooms… At OpenRent we’re really interested in how people find their new rented home, so we’ve been talking to tenants to find out what really matters to them when they start looking.
Rentjuice recently ran a survey on the first thing tenants looked for in a property – unsurprisingly rental price comes out top, but more than 50% of people said features of the local area are most important to them. That could be anything from good schools nearby and local shops to being a convenient commute to work or to friends.
Some sites have begun linking to neighbourhood rating sites like WalkScore, but only after you have narrowed down your search and clicked on a property – which seems to us like the wrong way round!
We’ve working on some awesome new search features which are going to make finding your perfect place easy – and hopefully give you some ideas about great areas in your price range you hadn’t considered before.