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Openrent

by | May 10, 2019 | Making Money, Reviews | 0 comments

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What is Openrent

Do you have extra space in your home that you aren’t sure what to do with? Or are you desperate to move to your new dream home but are unable to find a buyer for your old one? Have you ever considered the possibility of becoming a landlord? With Openrent the process of renting out your home and finding a tenant has never been easier.

Openrent is an online agency dedicated to helping out aspiring landlords looking for tenants and assistance. Despite being relatively new (founded in 2012) they have already become a large agency handling hundreds of thousands of tenants and landlords. They offer a variety of benefits over a traditional brick and mortar agency such as lower prices, additional services, and partnering with other search engines. If you have decided that you want to become a landlord and reap the various benefits, then Openrent might be the best place for you to look.

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Advantages

Openrent offers a number of reasons to use their service. These include:

  • Cheaper than traditional agencies: Openrent has a number of affordable plans on offer, making them great for new landlords. For starters, it offers a free first listing regardless of what that listing is, which is great for those only looking to let one property. You can also get more free listings later by introducing other people to Openrent. After that, they charge £29 for each property listing. You can also go with their other service that costs a one-time payment of £49 and grants you access to Rent Now.
  • Rent Now: Rent Now is an additional service offered by Openrent that offers a lot of features to help out landlords. Rent now gives you access to detailed tenant referencing, automating the process of drafting and creating the tenancy contract, automatic deposit and rent collection, quick and constant updates over the whole process, and more. This will take a lot of the burdens away from you and can be a major help for any landlord regardless of experience. And if you are more experienced, you can opt to ignore this service if you feel you don’t require it.
  • Listings appear on multiple platforms: One issue that many aspiring landlords face when trying to sell their home is visibility. If people don’t see a listing, then no one will rent the property. Openrent ensures every listing has great visibility by making them appear on multiple websites. Listings on Openrent also appear on platforms such as Zoopla, Rightmove, Primelocation, and more. So the odds of a tenant finding your listing are drastically improved and the number of offers you’ll receive will increase.


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Disadvantages

Openrent does seem like the perfect place to go for advertising your property. The bevy of ways that they aid landlords is incredibly appealing to less experienced individuals. However, nothing is perfect and there are some aspects of Openrent to be wary of. These include:

  • No inspections included in their programs: While they do offer quite a lot of features that help automate the process of being a landlord for you, one thing that they don’t do is regular inspections. This means that you will still need to perform regular inspections to ensure that your tenants aren’t breaking any terms of the lease. You may need to hire someone to do this for you.
  • Customer service leads something to be desired: This seems weird because of how helpful their packages are, but this aspect is seemingly quite weak. Some customers have reported considerable difficulty getting a hold of customer support. So if an unforeseen event happens or if you are unsure about something, you may be waiting quite a while for an answer.
  • The always-free option is unnecessary: While it may seem great to have an option for a package that’s always free, there’s really no reason to use it. The free trial is more than sufficient for the majority of users. Limiting yourself to only advertising on Openrent really hurts your visibility on your property. Don’t fool yourself into thinking the free version is better, you are missing out on the majority of your potential audience this way. 5 days on the free trial should be more than enough due to the drastic improvement in visibility.


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Costs of using Openrent

One of the main reasons that Openrent was able to climb to the top of the industry was due to its extremely competitive pricing. You have a huge amount on offer with Openrent and knowing what you want exactly will let you pick the right choice for you.

  • Openrent only package is free: This is exactly what it sounds like, free advertising on just the Openrent platform. This isn’t really worth it due to how generous the next package is.
  • Ultimate advertising £29, plus 5 days free trial: This includes advertising on Openrents main service as well as a variety of other platforms such as Zoopla, Primelocation, and Rightmove. The drastic increase in visibility that comes from advertising on additional platforms cannot be underestimated. 5 days doesn’t sound like a lot, but with how many extra eyes are on your property you’ll find way more applicants. If you still don’t find anyone in that time, or all the applicants have to be turned down, then you can extend the advert for 3 extra months by paying £29. This is the best service if you just want to advertise your property.
  • Advertising + Rent Now £49: This includes everything in the previous offer plus grants you access to the Rent Now service. Rent Now can make your life much easier by automating various aspects of the landlord process, but it doesn’t improve your advertising. If you aren’t feeling confident and want the extra assistance, then the onetime payment of £49 is definitely worthwhile. Otherwise, just stick with the ultimate advertisement package.

Conclusion

Openrent is a convenient, inexpensive service that is great for both experienced and newer landlords. The bevvy of features on offer ensures that almost anyone can benefit from using them. But not everything will be handled for you, you will need to handle inspections by yourself or through a separate party. Openrent is one of the most popular platforms for good reason, you can’t really go wrong with them.

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