The Idea
Lets Rent is a cloud-based online letting system, which aims to makes renting quick, easy, and simple for both landlords and tenants. We advertise landlords’ properties and manage the process up until the move-in date, all for free. Tenants are charged a flat fee, up to 70% cheaper than the national average, with no hidden charges. We believe in openness, transparency, and honesty, and aim to never charge landlords or tenants hidden extras. We believe this is a refreshing change from the current industry.
We believe our system is one of the best in the market already, and has potential to grow even further by integrating extra services to increase revenue. We have already made contact with a service provider in the industry with the aim of extending our customer reach.
Problem
Traditional letting agency models have remained, and their overheads, including staffing levels and high street presence, mean they still charge landlords a fee to market and manage their property. They also charge tenants comparatively handsomely – there has been extensive press coverage about this recently, and the charity Shelter found in 2012 that the average combined administrative fee for tenants was £350.
Solution
The Lets Rent business model takes account of this by providing what we believe to be a cost effective solution for landlords to list their properties on the major online portals, and manage the process up to the point of tenants moving into the property. For tenants, we aim to make it is easy to apply for a property whilst reducing the typical administrative fees usually seen in the industry. For landlords, our service is free, and for tenants, we charge just £99 (incl. VAT) with no hidden fees. We believe there is an opportunity to change the letting industry by providing a quick and easy system that is completely free for landlords, who are ordinarily accustomed to paying fees to traditional letting agents. There is an opportunity for a return on investment even if we only capture a small percentage of the overall buy-to-let target audience.
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