Start-up Letting Service Has High Street Agents Worried

23 May 2012 Categories: News

Start-up Letting Service Has High Street Agents Worried

Who said letting a property had to be expensive? This is the philosophy behind start-up online letting service OpenRent. The London-based company recently launched their presence on the internet with an amazing offer for landlords…pay just £20 for a full range of agency services, which includes a listing on the RightMove site.

The founders of OpenRent, Darius Bradbury and Adam Hyslop, say that although their venture is ‘disruptive’ their company offers everything a traditional high street letting agent does, and for a tenth of the price. When asked how they can afford to offer their services at such a low price the guys answered with a single word: technology.

“The recurring theme is the use of technology to do away with the expensive, old world practices of traditional high street agencies – for instance taking advantage of digital signing technology, instant payments and online notifications – to create a system which is not only much cheaper than its offline cousin but faster and more convenient” commented Darius Bradbury.

He then went on the say; “We do think our service should co-exist with the traditional letting agent. There is a huge benefit in having a shop front that customers can walk into. It adds value and trust. But we also think there is a market for landlords who manage their own properties and want an easier to access tenant-find service.”