Securing new tenants for a rental property is a time-consuming task for landlords. Traditionally, this responsibility has been handed over to estate agents who operate locally, possess a database of prospective renters, and have the capability to advertise on major property search platforms like Rightmove, Zoopla, Prime Location, and others – resources that individual landlords may lack.
High street letting agents offer a range of services, from basic property advertising to conducting property viewings, performing credit checks, drafting contracts, and providing inventory services. However, these services come with a substantial price tag. The basic advertising service often starts at no less than half a month’s rent and is frequently quoted closer to a full month’s rent.
Given this scenario, I was eager to explore OpenRent, the UK’s largest online lettings agent, when the opportunity arose. Their pricing proved to be significantly more affordable than what we had paid in the past. Additionally, the prospect of an online system for managing my tenancies appealed to me, as I am not a fan of paperwork.
OpenRent stands out by not allowing landlords to impose fees on tenants, making the platform highly attractive for renters. Having been on the other side as a renter, I know how frustrating it can be to shell out £300 for a standard contract, £200 for a contract amendment, £100 for an inventory, and so on. I believe a platform like OpenRent is a breath of fresh air for both renters and landlords.
What Is OpenRent?
Launched in May 2012, OpenRent swiftly earned recognition as one of the largest and most successful letting agents in the United Kingdom.
As of the latest update, OpenRent has facilitated over 150,000 tenancies, assisting more than 70,000 landlords, and boasts a user base exceeding 4.2 million active users.
With a mission to enhance the safety, affordability, and fairness of the rental process, OpenRent takes pride in surpassing all other companies in the UK when it comes to letting properties.
For landlords, the platform offers a convenient means to showcase their properties on prominent portals such as Zoopla and Rightmove. Additionally, landlords can utilize the platform for tenant referencing, acquiring safety certificates, and more.
However, OpenRent caters not only to landlords but also to tenants in search of trustworthy landlords, quality properties, and reasonable pricing. The platform serves as a comprehensive tool for tenants to browse through high-demand and recently listed rentals, enabling them to sort listings, schedule viewings, and submit offers.
Being a member of the Property Ombudsman for Lettings ensures that OpenRent prioritizes the protection of your money and best interests. The user-friendly platform and commitment to customer service and satisfaction contribute to making OpenRent one of the most sought-after and successful platforms for both landlords and tenants in the UK.
How Does OpenRent Work?
OpenRent operates as a do-it-yourself (DIY) service, primarily providing the capability to list your property on platforms like Rightmove and Zoopla, a privilege typically reserved for registered letting agents. Despite its DIY nature, OpenRent offers additional services for those seeking a more comprehensive package.
It’s essential to note that crafting your property description is your responsibility, subject to review by the OpenRent team to ensure compliance with portal requirements like Rightmove. Additionally, you’ll be required to supply your property photographs, although professional photos and floor plans are available as optional extras for an extra fee.
Once your advertisement is ready, the OpenRent team swiftly activates your listing, often within 3-6 hours, demonstrating a prompt service. Subsequently, you’ll receive notifications from potential tenants, but unless you opt for the accompanied viewings add-on, you’ll need to conduct viewings yourself.
Upon identifying a suitable tenant, you can proceed with the necessary legal paperwork. For those who prefer not to handle this aspect independently, OpenRent provides options to include tenant referencing and inventory check-ins for an additional fee. The comprehensive ‘Rent Now’ package encompasses these services, along with other essential legal and financial arrangements, streamlining the process for landlords.
How Much Does OpenRent Cost?
When exploring the OpenRent website, one standout feature is their provision of a completely free option. However, it’s important to note that this option grants you 3 months of advertising on the OpenRent platform and access to their enquiry and viewing organizer.
For those seeking more extensive services (which is quite likely), OpenRent offers a range of paid packages with the following included as standard:
- Listings on Rightmove, Zoopla & PrimeLocation
- Advertising on 100+ partner websites
- Viewing & Enquiry Organizer
While the standard offerings may seem limited, the pricing at just £29, inclusive of VAT, reflects its cost-effectiveness. Notably, there are no setup or ongoing monthly fees; what you see is what you pay.
Additionally, the £29 package comes with a 100% FREE trial, providing 5 days of advertising without any commitment to further payment.
For those desiring additional features, the Rent Now package is available for £49, inclusive of VAT. This comprehensive package encompasses all the aforementioned services along with contract drafting and digital signing, deposit registration, and collection of the first rental payment.
Tenant referencing is also offered as an optional extra at £20 per reference.
It’s crucial to understand that OpenRent positions itself primarily as an advertising service. While they do provide supplementary services typically associated with traditional letting agents, they do not undertake full ongoing property and tenant management.
Therefore, OpenRent emerges as an excellent cost-effective choice for individuals seeking assistance in tenant acquisition but may not be the ideal solution for those who prefer not to handle the ongoing management of their properties.
OpenRent: Pros & Cons
Pros
Here are some key benefits we’ve identified for OpenRent.
1. Option for 100% Free Advertising:
- OpenRent provides the option for 100% free advertising. While you can choose to upgrade for advertisements on popular platforms like Zoopla and Rightmove, OpenRent offers a cost-effective alternative with its OpenRent-only package, providing free advertising exclusively on their platform.
2. Free Trial Available:
- Opting for the £29 package gives you access to a free trial. This allows you to experience five days of advertising without any obligation to make further payments.
3. Reasonably Priced Add Ons:
- OpenRent offers reasonably priced additional services, setting it apart from many other service providers. The company does not entice clients with low-cost packages and then inflate costs for add-ons. This flexibility allows you to tailor your package to your needs without breaking the bank.
4. 24/7 Support:
- OpenRent understands the importance of customer support and provides a helpline that is available 24 hours a day, seven days a week. This ensures that assistance is readily accessible whenever you may need it.
Cons
While OpenRent has its merits, there are a few aspects that might not align with everyone’s preferences. Here are some points to consider:
1. Lack of Ongoing, Fully Managed Service
- OpenRent excels in tenant finding, but it lacks a fully managed service option for hands-on letting management.
2. Limited Reference Screening
- Certain users have noted limitations in the reference screening process for potential tenants. Some contractors may face rejection without thorough verification of bank statements or wage slips.
3. Draft Contract Issues with Ezoic
- Saving draft contracts comes with a potential drawback—there is no option to do so without the risk of them being inadvertently sent to a tenant. This can lead to confusion, especially when you need to make amendments to standard contracts.”
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Final Thought
In our evaluation of the OpenRent website, the overall conclusion is highly positive. This online letting agent stands out as an outstanding service that has the potential to save landlords significant amounts across the UK.
While landlords should be ready to handle the day-to-day property management tasks themselves, OpenRent excels in advertising properties to attract new tenants, making it one of the top choices available.
The ability to advertise a property and set up a tenant for less than £50 represents exceptional value. Furthermore, the range of additional services allows users to tailor a package that suits their specific needs.
An appealing aspect is the availability of a free option and even a free trial for the paid package, catering to those with tighter budgets. Whether you seek assistance solely in finding a new tenant or desire a comprehensive package with additional services, OpenRent emerges as an excellent choice. This review aims to provide valuable insights for individuals exploring the platform for their property management needs.