A new rental system allowing licensed lettings agents to offer landlords a year’s rent up-front has had hundreds of responses in its first few weeks.
The Advanced Rent Option (ARO) was rolled out nationally last month after a substantial test period.
Agents are offered either a local exclusive or non-exclusive ARO licence, having been invited to express their preferences during the application process.
The ARO creators say the opportunity isn’t available to every applicant – they want to select no more than one per cent of agents.
In order to qualify, agents will need to demonstrate compliance with all industry regulations, high levels of professionalism and “have a real passion to grow their business and add value to the ARO brand.”
Catherine Shinerock, head of marketing for ARO, says more staff have had to be taken on to meet demand. She adds: “We have been delighted with the success since the national launch and the feedback from agents has been very positive.
“The most popular license option has been local exclusivity, which means once an area has gone it’s gone for at least a year. Licenses are available on application and preference is given to small-medium independent market leaders.
“ARO is a game changer for the lettings industry, providing security and peace of mind at a time where both these commodities are in high demand and diminishing supply.
“Allowing agents to advertise and deliver a year’s rent upfront to their landlords, the ARO is a simple concept that has proven to be one of the most powerful landlord prospecting and lead generation tools available.”
This post has originally been featured in Letting Agent Today.