A PropTech company claims to have created a Covid-friendly app for landlords in London, challenging traditional agents’ models for finding tenants.
Rentd, which describes itself as the only fully automated platform allowing tenants and landlords to transact with no human interaction, says it’s particularly useful in London’s lettings market this winter.
“Rentd’s business model challenges the status quo of DIY rental platforms and traditional lettings industry model by introducing contactless transactions through the use of leading tech, high standards of live customer service and transparent fees in a bid to win back landlords’ and tenants’ trust” says a statement from the firm.
It claims the London market is “completely saturated” with agents, whose “quality of customer service has reached an all time low, leaving tenants feeling frustrated and left in the dark.”
Landlords pay Rentd a one-off £799 fixed fee, including VAT, to list properties on Rentd and once a tenant selects a unit, negotiations are conducted online with landlords having the opportunity to accept, decline or counter-offer a tenant’s bid.
The service is free to tenants.
A statement by Rentd claims it helps landlords save a typical average £288 per month listing on Rightmove - a figure it says is based on a 10 per cent fee of the average rent in the capital.
Rentd says it currently has 2,500 registered renters and it is set to expand into Dubai next year.