A new premium service designed to assist landlords has been launched by an innovative PropTech startup. Aimed at addressing rising costs and compliance requirements, this service appears to be a timely solution for property owners.
This initiative offers landlords an affordable alternative to traditional letting agencies, with various benefits. From advertising on major property portals to comprehensive tenant management, this service aims to streamline property management efficiently.
Affordable Property Management
The newly introduced service comes at a mere £35 per month, designed specifically for landlords to manage their portfolios professionally. Given the increasing financial pressures on landlords, this cost-effective alternative is a welcome relief.
The premium service offers several benefits that traditional letting agencies typically charge a higher fee for. Among these benefits is unlimited advertising on major property portals such as Rightmove, Zoopla, and PrimeLocation.
Comprehensive Tenant Management
Landlords using this service have access to a suite of tools necessary for effective tenant management. These include tenant referencing, credit check facilities, and deposit protection.
Furthermore, tenancy agreements, rent collection via Direct Debit, and yearly gas safety checks are included. These comprehensive services ensure landlords meet the necessary compliance and safety standards.
Essential Maintenance and Communication
Key maintenance management services are also part of the package, providing landlords with the means to handle property upkeep efficiently.
Landlords can also benefit from document storage and a communications centre to maintain clear and secure interactions with tenants.
Additionally, the service ensures GDPR compliance, offering peace of mind regarding data protection and privacy.
Market Conditions and Compliance
The rental market has not been easy for landlords, with rising costs and increasing compliance obligations impacting their bottom lines. This service offers an alternative that allows them to navigate these challenges more smoothly.
Mike Georgeson, the founder and CEO, stated, “As market conditions continue to impact on the average landlord’s bottom line, it’s time they had an alternative way to manage their portfolio professionally without breaking the bank.”
Future Market Implications
Landlords are also facing uncertainty from upcoming policy changes, such as the ban on tenant fees scheduled for June. This could further increase the cost of property management.
Georgeson explained, “We now know that the ban on fees will come into play from June, so landlords only have five months until their management fees could start to rise as agents look to offset the costs of the ban.”
He continued, “What’s more, over the next few months some tenants may delay moving as they consider the impact of Brexit while waiting until they no longer have to pay upfront fees to agents.”
Benefits for Tenants
Tenants also stand to gain from this service. One notable feature is the TenantPassport, which can help renters improve their credit scores.
The introduction of such tools aims to foster better relationships between landlords and tenants, contributing to a more stable rental market.
Rising Popularity
Since its launch in 2017, the service has seen a steady increase in users.
Currently, it is utilised by almost 2,000 landlords and over 9,000 tenants, indicating its growing acceptance and success.
This innovative service marks a significant step in the evolving PropTech landscape. By addressing the critical needs of landlords and tenants, it offers a practical, affordable solution amidst challenging market conditions.
In essence, this service exemplifies how technology can bridge gaps in traditional property management, providing efficiency and compliance at a lower cost.