Online-only agency OpenRent has hit the top of the charts with a huge number of new instructions, seven times more than its nearest rival.

The Neg has learnt that the market has shifted significantly in OpenRent’s favour with more than 100,000 instructions in the first six months of this year.

OpenRent, which launched in 2012, is now well ahead of big national high street agents like Martin&Co, Leaders, Foxtons, Belvoir and Your Move.

The model OpenRent uses has become popular with landlords who are just looking for a service to help them find tenants, keeping costs to a minimum.

Free service

Four years ago, OpenRent launched a free rent collection service, the first agency in the UK to do so. Tenants are asked to pay their rent directly to OpenRent via their bank and the money is passed on to the landlord instantly. But neither landlord nor tenant are charged a fee for the service and landlords are sent an email as soon as the transaction has completed.

The company also sells standalone services including referencing, gas safety certificate and electrical safety checks, energy performance certificates, inventory services and photos and floor plans.

OpenRent promotes itself as the “service high street agents don’t want you to know about”.

Although OpenRent hasn’t listed on the Stock Exchange yet, it could well be in the company plans to give their investors a pay day.

It has attracted significant investment in recent years. Global Founder’s Capital, the venture arm of Rocket Internet, put in £4.4 million five years ago.

OpenRent says…

An spokesperson told The Neg:  “We created OpenRent to make renting a better experience for landlords and tenants, while saving them thousands of pounds in fees.

“We can help with anything from property advertising and tenancy creation to compliance support, rent collection and more – and are proud that more landlords trust OpenRent to let their property than any other agent in the UK.”