Lettings are becoming more high tech
As with almost every area of life these days, lettings are getting more high tech with computers playing an ever bigger role. Most recently, this has taken the form of a new agreement put in place to provide pre-screening of tenants for lettings agents. This comes ahead of the ban on fees for agents in England and Wales.
As the ban kicks in in 2019, lettings agents face increased costs and so a background checking company has stepped in with a solution. One lettings company, LetsBid, has made an agreement with Experian, the credit check people. They have invested a six figure sum in the concept and hope this new technology will make the industry faster and more efficient for everyone.
Director Milton Rodosthenous said: ‘We aim to create the largest pool of pre-screened tenants, up to 10,000 a month. Currently tenants can be charged £80 to £120 for credit and reference checks. This will be done for free.’
Agents will then be able to access already checked tenants without having to carry out costly checks themselves. Agents can register with LetsBid to access a database of screened tenants looking for homes. Currently they can do this for free but fees will begin to be incurred when the new laws come into effect in 2019.
Tenants simply register online and have their checks done almost immediately. They will then be able to search for homes within minutes.
Milton Rodosthenous added: ‘The feedback we have had from agents is landlords are more likely to accept a reduced rental offer from someone who is ready. The future is online for tenants and agents. New technology means that everyone can access the information they need at anytime, anywhere and on multiple devices.’
‘This adds trust to the process. The upcoming letting fees ban in England is about bringing more transparency and trust to the property sector and online we are leading the way. This screening will be in place prior to the tenant fee ban’ he went on to explain.
This is certainly one way in which technology can help to make the market more efficient and streamlined and shows once again how technology can help us to sidestep costly admin procedures.
To find out more about the new laws and how this might affect you as a landlord, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
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