Landlord Products / Services
There used to be a terrible time in history when portfolio landlords – especially those with properties scattered nationwide – were limited to either self-managing their own portfolio of rental properties, or using multiple high-street letting agents to do so on their behalf.
The reality of either solution has always been less than ideal, because self-managing multiple properties around the country can be a royal pain in the ass (least of all practical), and using multiple agents can be chaotic and devastatingly expensive.
Fortunately, in today’s digital age, technology has been able to provide a third option, which allows portfolio landlords to use one management agency to manage their entire portfolio for a lot less.
Welcome to the world of online lettings agents [portfolio management edition].
Table of contents
- The dramatic switch to Online Services
- What is a portfolio landlord?
- Why Portfolio Landlords use Online Letting Agents
- Online Fixed Fee Property Portfolio Management Companies
- Do you really need to use a portfolio management service?
- Tenant-find only service for portfolio landlords
The dramatic switch to Online Services
The whole “online letting agent” phenomena isn’t a particularly new trend anymore, in fact, landlords have been ditching traditional high-street letting agents for online agents for the past decade, and saving a buttload of money in the process (the primary basis of their appeal). However, while many of us have been won over by online agents, it hasn’t stopped them from evolving, bridging the gap on the products and services that only high-street agents were once able to provide.
If you’re scratching your head, blissfully unaware of what an online letting agent is, I encourage you to read my comprehensive guide on online letting agents.
The earliest iterations of the online letting agency model was purely for the average, every day self-managing landlord, who simply requiring ‘tenant find’ services, with the primary feature being a quick and easy way of getting their rental advertised on Rightmove and Zoopla in order to generate enquiries from prospective tenants.
But today, there are online agents that have taken giant leaps forward, and are able to provide all the services that you’d expect from a local high-street agent offering fully-managed services, plus more, including:
- Pre-qualification of all tenants before viewing
- Tenant viewings
- Marketing (i.e. Rightmove & Zoopla listings)
- Full references & credit checks for tenants
- Tenancy agreement drafted and signed
- Rent collection service
- Full repair management
- Inspections
- 24/7 support phone support
Essentially, online agents are able to provide services from A-Z, making their service suitable for not only those that want a cost-effective tenant-find solution, but also a fully-managed service, which is why they’re now becoming incredibly popular amount portfolio landlords.
What is a portfolio landlord?
Okay, just so there’s no confusion, the general consensus is that a ‘portfolio landlord’ is someone with four or more rental properties. Although, I have seen definitions which insist it’s five properties. Either way, the difference is trivial.
Why Portfolio Landlords use Online Letting Agents
Ultimately, there are three bold reasons for why portfolio landlords are using online management solutions:
- One online agent can manage all properties across the country
- Online agents can offer a wider range of flexible packages, loaded with tonnes more features
- Much cheaper than traditional high-street agents. Online agents generally charge fixed monthly fees as opposed charging a percentage of the rent, which also seems to be very appealing.
- Unlike with high-street agents, you won’t be tied into any lengthy contracts, because they operate on monthly contract agreements. Yup, that’s a beautiful thing.
One of the biggest selling points of using an online fully managed letting service is the fixed fee aspect, especially if your property(ies) demands a particularly large rate, because unlike traditional high-street letting agents, the monthly rate is fixed, and not based on a percentage of the rental income. So a property that receives £5,000 PCM will pay the same low-rate as one that receives £100 PCM.
I won’t cover why those perks are possible with an online agent, because I’ve already covered it in the guide I linked to earlier, but know that it’s real.
But I will say one thing to those that want to swerve the in-depth guide, and aren’t entirely sure how online agents works: the premise is that online agents work from a central office, they don’t have a high-street presence (i.e. a local branch you can walk into), instead they operate from one centralised office, and make all their sales via their website and over the phone, and also provide all their support to landlords and tenants over the phone and email. Ultimately, that means they have much lower overheads compared to high-street agents, which is precisely why they’re able to provide a nationwide service, and offer much cheaper solutions for managing properties. Like, massively cheaper.
Online Fixed Fee Property Portfolio Management Companies
There are quite a few online agents offering managed services these days, but just to give you an idea of what you can expect, I have hand-picked a few varying levels of packages offered by what I believe to the best online agents currently around. I’ll be sure to keep the list updated if anything changes.
These agents and packages aren’t just exclusive to portfolio landlords, they’re suitable for any residential landlord, from one property to a boatload.
Search Filters
Require any of the following?
- Tenant-find service
Tenant-find serviceThe premium listing is a popular upgrade which increases exposure to your Rightmove listing by highlighting it in the search results. Rightmove say Premium listings on average 35% more click-throughs than regular listings.
X
- Hosted viewings
Hosted viewingsA local agent will take viewings and show potential tenants around your property. Please note, some agents limit how many viewings they will take, so please read the T&C's carefully.
X
- Rent collection
Rent collectionAgent will collect rent from tenant and then send it to you.
X
- Inventory service
Inventory serviceThe agent will arrange for an independent inventory clerk to create an inventory report.
X
- 24/7 customer service
24/7 customer service24/7 customer support available.
X
- Home emergency cover
Home emergency coverHome Emergency insurance cover is a policy protecting against unexpected incidents such as leaks, boiler breakdowns, loss of keys and sudden loss of electrical or gas supply.
X
- Rent protection / guarantee
Rent protection / guaranteeIncludes some form of rent guarantee and/or protection, so you're protected against rent arrears.
X
- Repairs & maintenance management
Repairs & maintenance managementAgent will manage repairs and maintenance issues.
X
- Routine inspection
Routine inspectionAgent will conduct routine inspection(s).
X
- Eviction support
Eviction supportAgent will support and/or manage end of tenancies and evictions.
X
- Legal compliance & assistance
Legal compliance & assistanceAgent will assist with any legal matters and help comply with your landlord legal obligations.
X
| Letting Agent | Rating | Term | Includes / Notes | Price | |
|---|---|---|---|---|---|
Letting a Property | RatingGoogle Reviews | Duration 12 months | Includes / NotesBasic package
More detailsMore features included
*Payment Options £139 (includes £10 discount, normal price £149) upfront setup fee, and then either:
Portfolio landlord discounts available, ranging from 10-50% off monthly subscription fees. Book a call to discuss. | PriceDiscount availablePER MONTH*£49 Inc VAT | Visit WebsiteBook a call to discuss£10 Discount Code: PIP10 |
| Letting a Property | RatingGoogle Reviews | Duration 12 months | Includes / NotesEssential package
More detailsMore features included
*Payment Options £139 (includes £10 discount, normal price £149) upfront setup fee, and then either:
Portfolio landlord discounts available, ranging from 10-50% off monthly subscription fees. Book a call to discuss. | PriceDiscount availablePER MONTH*£69 Inc VAT | Visit WebsiteBook a call to discuss£10 Discount Code: PIP10 |
99Home | RatingTrustPilot Reviews | Duration Month by month | Includes / NotesGold package
More detailsPrice breakdown
More features included
| PriceDiscount availablePER MONTH*£85 Inc VAT | Visit Website£40 Discount Code: PIPMgmt40 |
| Letting a Property Top Pick | RatingGoogle Reviews | Duration 12 months | Includes / NotesComplete package
More detailsMore features included
*Payment Options £149 upfront setup fee, and then either:
Portfolio landlord discounts available, ranging from 10-50% off monthly subscription fees. Book a call to discuss. | PriceDiscount availablePER MONTH*4% rent +£99 Inc VAT | Visit WebsiteBook a call to discuss£10 Discount Code: PIP10 |
Please note, I try my best to keep the information of each agent up-to-date, but you should read the T&C’s from the agents’ website for the most up-to-date information.
If you have a particularly large portfolio, I would take the prices shown above as guide prices only, because you’re likely to benefit from additional discounts if you contact the agents directly (you may even get a better discount if you mention that you were referring by PropertyInvestmentProject. Just saying).
Do you really need to use a portfolio management service?
It depends!
I guess it really boils down to your personal circumstances and your appetite for graft.
If you’re currently at the cross-roads and contemplating whether you should or shouldn’t use a portfolio management service (whether it an online solution or local management agency), perhaps it’s also worth going over some of the advantages of self-managing (since I’ve covered the advantages):
- The obvious benefit is the thousands and thousands of pounds that will be saved annually on management fees (of course, everyone’s time and energy should also have a price, and that’s something you shouldn’t neglect).
- Managing your own properties will give you more control and often result in better decisions!
- If you like keeping busy and being in the thick of your empire, then there’s no better place than sitting at the helm!
However, it’s also worth asking yourself the following questions before making your decision:
- Can you afford to employ a management service?
If you’re running on super tight margins, you might be better off doing it all yourself.
- Do you have the time?
Managing a large portfolio of properties ain’t no joke! It can be pain-painstakingly time consuming, so it’s worth considering whether a) you have the time to manage the properties and b) if you’re prepared to spend less time on other activities that you may enjoy more. - How will managing a portfolio of properties impact the quality of your life?
- Does it make more sense to split the responsibility?
If you own a particularly large portfolio, it might be worth relinquishing control of a small portion of your portfolio to an agency and then assessing the situation.This drip-feed approach will allow you to determine whether you want to unload more responsibilities, or even claw some back, depending on finances and other extenuating circumstances.
An alternative solution to outsourcing is to actually employ someone local to manage all of your properties. It could be cheaper (depending on the size of your portfolio) and also working with one in-house agent would allow for a much more controlled and streamlined operation. Once again, it’s about weighing up the costs and being able to find the right person for the job.
Tenant-find only service for portfolio landlords
While this blog post focuses primarily on management services for portfolio landlords, I’d be remiss not to mention Quicklister’s ‘Pro Lister’ tenant-find service. This service is specifically designed for portfolio landlords who need a cost-effective solution to finding multiple tenants without a full management service.
Before diving into the details, here’s a bit of background on Quicklister: they’re a relatively new’ish online letting agent that’s quickly gaining popularity among landlords. If you’re interested, I’ve written a full overview of Quicklister, if you’re interested.
The Pro Lister package is ideal for landlords who expect to market for five or more tenants annually. At that volume, Pro Lister becomes more cost-effective than other online letting agents, such as OpenRent, which offer single tenant-find packages (i.e. requiring landlords to purchase five separate packages).
| Letting Agent | Rating | Term | Includes / Notes | Price | |
|---|---|---|---|---|---|
Quicklister | RatingGoogle Reviews | Duration 1 month | Includes / NotesPro Lister - 6 Listings Per Month package
| Price£35 Inc VAT(cancel any time after 3 months) | Visit Website |
Right, I’m done!
Your thoughts and questions welcome!
Disclaimer: I'm just a landlord blogger; I'm 100% not qualified to give legal or financial advice. I'm a doofus. Any information I share is my unqualified opinion, and should never be construed as professional legal or financial advice. You should definitely get advice from a qualified professional for any legal or financial matters. For more information, please read my full disclaimer.
I set up my own agency to manage my own properties - but even if I had less properties I would still employ someone to do it for me. I employ people who like people - that way people like dealing with each other (and hopefully enjoy living in my properties!).