The time for evolution…is now!
The property sector is evolving. For some, it can be seen as a threat and for others, it can be seen as an opportunity.
The Sunday Times has predicted that the real estate industry has a 97% chance of automating a majority of its services . One of the reasons behind this change is being laid at the door of instant access millennials, who would rather do almost everything online than wait in line. Agents with vision and drive should view the online automation of a few time-consuming tasks as a good thing. Here’s why.
In the short term, the use of technology will allow for the streamlining of several processes, saving agents and tenants a large amount of time. It will also improve service levels and empower letting agents to meet the ever-changing needs of the modern tenant.
There are many existing processes which have evolved to provide agents with greater efficiency gains. Here are a few examples:
Gone are the days of an agent with a piece of paper and a pen! Software has revolutionised the inventory process, saving letting agents time and money. Tenants can take, tag and upload photos and share these images online, allowing agents to complete inventories with greater accuracy in less time.
Electronic inventories also allow agents or their supporting team to amend existing inventory data. This allows for increased continuity and allows agents to generate mid-term reports with minimal fuss. Electronic inventories also provide the double benefit of freeing up an agent’s time to focus on winning new instructions whilst also providing landlords with greater reassurance about how their properties are managed. A win-win in our eyes!
In a recent survey by Fixflo, it was found that 8% of lettings agents questioned were unaware of changes made in 2015 to Section 21 legislation. With property management in the lettings sector becoming so heavily regulated, it can be challenging for lettings agents to keep up to date.
Letflo is a Section 21 compliance software for letting agents which takes the hassle out of compliance. It helps agents in England to comply with the complex changes which were introduced by the Deregulation Act 2015. Using Letflo will help to ensure that you have all of the evidence required if a Section 21 notice needs to be served at any time.
Agents can create and store all documentation required by the Deregulation Act within a branded pack and distribute to the relevant landlord. As documents are all time-stamped, records can be easily tracked. This allows agents to provide tenants with the right information, at the right time.
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Until recently, checking tenant references was a time-consuming and costly process. But now the digital revolution has rolled out a software solution in the form of a rental passport.
Several Proptech players offer a digital tenant referencing service. These services enable agents to access a tenant’s payment history, references and extra personal information. This is all then stored as a single bank of data.
Regulation of the service means the tenant has complete control over the information contained and who has access to it. They can even revoke an agent’s access at any point should they choose to do so.
This collation of documentation should have a huge impact on the time it takes to complete a tenant’s reference checks and its cost. Like the innovations listed above, this can only be a good thing as it not only saves time but improves the experience of all involved.
In the long term, technology will restructure not only the processes in the property industry but also the relationships between the property professional, occupier and the space itself. Agents who choose to integrate with software early on, rather than compete with it, will find that it saves them time rather than costing them business.
Automated or otherwise, that sounds like good service.