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An estate agent is paying tenants first year's rent

Saturday 13 August 2016

A 'revolutionary' approach by  an estate agent which includes paying home owners the first year's rent is paying dividends as landlords rush to sign up.

Online firm LetMe says it has attracted 'many hundreds' of landlords with the offer which also offers a guarantee on the condition of the house or flat - in exchange for a maximum 10% fee.

They pay the landlord the 12 months' rent on the day the tenant moves in to avoid any arrears and they manage the tenant during that period to take the hassle away from the property owners. 

As part of the package deal, the landlords will also being unrestricted access to Rightmove and Zoopla through the LetMe website.

For tenants it also proves an attractive offer, they pay nothing to move in - including the scrapping of referencing fees, agency fees, deposit and no up-front rent.

They just need to meet the criteria by having a glittering credit history or provide a guarantor.

With tenants often feeling ripped off by up-front costs and fees, it is likely to quickly attract their interest, and with it more landlords ready to offer their homes with better financial conditions.

Jonny Walthall, LetMe’s business development manager, said: "We put the emphasis on the landlords as they know their local market conditions and what they want.

"Originally we had local experts on the ground rather like Purplebricks but we’ve found landlords are happy to do much of the work themselves. 

"They’re experts at what they do, so they set the market rent and upload details and so on.

"But we provide practical back-up. We manage all aspects of finding and verifying the tenants, we manage the property on an ongoing basis, and guarantee its condition on return to the landlord." added Mr Walthall.

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