Too Good to be True?

by Readers Question

11:02 AM, 22nd June 2015
About 3 years ago

Too Good to be True?

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Too Good to be True?

Letting supermarket.com 4% full management fee. Too Good to be True

Is this too good to be true – how can they deliver quality, local service?

Does anyone have experience of using them?

Thanks

John



Comments

Mark Alexander

11:12 AM, 22nd June 2015
About 3 years ago

Hi John

I'm probably slightly biased now because I own shares in the business.

However, the reason I acquired shares was that I was so impressed as a client of Letting Supermarket and I could see that they were going places. They manage my entire portfolio and I have referred over 1,000 landlords to them.

They don't get involved in HMO's or anything too complicated but more importantly they don't have expensive High Street premises to pay for. All admin is dealt with by a Central Office and on the ground work such as viewings, property checks etc. are conducted by their appointed inventory clerks, all of which are self employed agents. Therefore, they don't have big salaries or branded company cars to pay for either.

Have you seen their TV advertising yet? If not, watch PropertyTV (Shy channel 238) between 6pm and 8pm. They will be expending their TV advertising to a further 19 Sky channels over the coming months having just raised the necessary funding via crowd funding. 100% of the funds raised came from Property118 members.
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Carol Thomas

11:26 AM, 22nd June 2015
About 3 years ago

Hi John
Regular readers will know that I sing the praises of Lettingsupermarket whenever I get a chance! They do everything it says on the box and more. Due to illness, I could no longer deal with my small portfolio of properties, so I approached them at Mark's recommendation. It was the easiest and best decision I've made in a very long time! They even dealt with a tenant who had to be evicted before they took over. That went very smoothly amd a new tenant was found within a couple of days. I cannot rate them highly enough. Oh, and your rental payments go straight into your bank when received! All in all, an excellent firm.

Carol Thomas

11:27 AM, 22nd June 2015
About 3 years ago

Reply to the comment left by "Mark Alexander" at "22/06/2015 - 11:12":

Mark, has the crowd funding gone ahead already? I did the message of intent and heard no more?

Mark Alexander

11:50 AM, 22nd June 2015
About 3 years ago

Reply to the comment left by "CaZ " at "22/06/2015 - 11:27":

Hi CaZ

Yes it completed a few months ago.

Sorry you missed out, I did send notifications to all who expressed an interest and it was all over our Newsletters during the week it took to raise 100% of the required funding.

Sorry you missed out, you've been a great advocate of LettingSupermarket.com and I'm gutted for you that you didn't manage to acquire shares. They are performing really well and the last shareholders update confirmed they were ahead of target in terms of number of properties under management, profit and cash at bank. In fact, they've had to defer some of the TV advertising whilst they recruit more staff to deal with the workload.
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Carol Thomas

12:02 PM, 22nd June 2015
About 3 years ago

Reply to the comment left by "Mark Alexander" at "22/06/2015 - 11:50":

What a bummer! I probably didn't recognise it at the time! Not your fault at all Mark. If they ever want to raise more, please let me know. I will still rave about them - they haven't let me down once and Tony has persisted in giving me good advice and making me listen to it,lol.
Cheers
Carol
PS I did wonder about staffing levels, although knowing Tony he will sort it out ASAP.

Mark Alexander

12:06 PM, 22nd June 2015
About 3 years ago

Reply to the comment left by "CaZ " at "22/06/2015 - 12:02":

They moved into new offices last week and from what I've heard they've had several applicants for the new jobs. This is very good news as it means they will have the pick of the crop 🙂

It will be nice to hear from more members who are happy with Letting Supermarket on this thread too.
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Gary Nock

12:24 PM, 22nd June 2015
About 3 years ago

I have regular dealings with Tony, Chris and the team at LS and was also fortunate enough to acquire some shares. Yes so I am biased as well but its was my good experience with LS that got me to buy them. And of course the view that if Mark had a stake in it then it must be a good thing!!

Why pay for local letting agents plush three storey offices, Mercs and BMWs on the drives coupled with indifferent customer service when you can get a better job done with Letting Supermarket?

mike goldsmith

18:53 PM, 22nd June 2015
About 3 years ago

I've used them for over a year now and have had a great service so far .

Advance Block Management

13:24 PM, 26th June 2015
About 3 years ago

Sounds great.

I recently came back from a meeting to pitch our company to carry out block management services on a development in Surrey and one of the main question was how we could manage the block if we were based in Manchester. As we have a similar model in that we cover the whole UK.

We used the same answer although (we aren't based online), we dont see the point of having multiple offices on the high street to cover an area and charging clients to cover for this costs plus the other high charges that go with it.

Like Mr Nock said, why pay for their mercs and BMWs?

Jay James

13:31 PM, 26th June 2015
About 3 years ago

Self promotion indeed!

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