Portico launches £1 letting service for private landlords

London-based estate agent Portico has digitalised its letting process, with the launch of a new online rental service for private landlords who want to let their property remotely without an agent.

Portico Direct allows private landlords located outside of London to advertise on the main property portals, including Rightmove, Zoopla and OnTheMarket, with a view to conducting the viewings themselves, whether they want to do this virtually or in person.

The service costs £1 for the first seven days, and if the landlord needs more time, an additional 14 days can be purchased for £19, and this process can be repeated as needed.

Robert Nichols, chief executive of Portico, commented: “Lockdown job losses and relocations mean there is still high demand in the private rental sector. In fact, according to Rightmove, demand for UK rental properties is up by 22% compared to last year.

“But despite this, some landlords are still feeling the effect of tougher regulations and taxes. We also know that, for a large proportion of landlords, the costs of managing their property portfolio has grown due to these changes.”

Portico Direct is also offering other low-cost services for landlords, which are all available online, and includes tenant credit checks, tenancy agreements which can be signed digitally, deposit registration, rent guarantee insurance, and rent collection.

Nichols added: “We hope that Portico Direct will be a solution for private landlords who want to rent out their property without using a traditional high street agent and keep costs down; ultimately, our new offering means private landlords are able to find the right tenants quickly and cost-effectively and, as long as they don’t mind doing some of the legwork, enjoy a better return on investment as a result.”

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