Lettings News

Launch of Portico Direct introduces low-cost lettings service for private landlords

Em Morley - June 26, 2020

London estate agent Portico has launched its new online solution for landlords who want to let their property without an agent – Portico Direct.

With changes brought to the industry by the UK’s lockdown, the bricks-and-mortar estate agent has turned its attention to technology and how it can be used to aid the lettings process.

The house moving market may have opened up again, but landlords’ profits might still be squeezed as a result of static rent prices and tax and legislative changes.

Portico’s CEO, Robert Nichols, comments: “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. 

“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.”

Portico Direct, as described by Portico:           

With Portico Direct, private landlords located outside of London can advertise on Rightmove, Zoopla, and OnTheMarket without enlisting a traditional Lettings Agent. The service costs just £1 for the first seven days, which is often enough time to find the perfect tenant. If landlords need more time, another 14 days can be purchased for £19, and this process can be repeated as needed.

Through their new service, Portico connects tenant enquiries with private landlords via their Portico Direct platform, and the landlords will conduct the viewings themselves, whether they want to do this virtually or in person.

Portico’s launch of Portico Direct is followed by the recent expansion of its London short-term lettings service, Portico Host.