Compliance is an ever-changing landscape, writes Aaron Short, co-founder of Accommodation.co.uk.
New legislation is regularly being introduced, threatening to overwhelm landlords and property managers who have large portfolios of property. It can be confusing, time-consuming and demanding, but proptech is set to ease the burden for thousands of landlords.
The never-ending to-do list
Collecting rent, arranging repairs, marketing properties, liaising with letting agents…
The list goes on for landlords who are maintaining a portfolio of properties and tenants. Assets quickly become a burden if they’re vacant and tenanted properties come with their own unique issues. Add the ongoing challenge of compliance into the mix and the to-do list becomes even more complex.
Thanks to ever-changing laws around general maintenance and Healthy & Safety, keeping properties up to a basic standard and remaining compliant is an ongoing task that needs constant review and action from landlords. Understanding the legislation in the first place can also be complicated for landlords who aren’t sure where to start or what’s expected of them.
As a result, properties can quickly fall below local and national standards and the property sector has subsequently earned itself a reputation for being slow, unresponsive and inflexible to the needs of tenants.
Substandard housing is a huge issue in the UK lettings market and has been for far too long. From shoebox living to eternally broken boilers, bathrooms and broadband, renters have come to expect to pay huge deposits, uncapped admin fees and sky-high rent for homes that are far from habitable. Repairs aren’t carried out fast enough and response times aren’t transparent, so nobody can be held accountable.
While some landlords are rogue, entering into the market to swallow up cheap investment properties and make a quick profit, it’s unfair to suggest that all landlords are like this.
Plenty of professional property managers have the best intentions for their portfolio of homes but find it difficult to stay on top of current legislation and rules around compliance. All you have to do is Google ‘landlord compliance’ to realise the sheer volume of information that’s out there – and potentially out of date.
That’s why it’s so important that the next generation of letting agents empower landlords in new ways, using technology to automate lengthy processes and expertise to help landlords become more compliant. That’s where proptech comes in.
The power of proptech
A new generation of disruptive property entrepreneurs are transforming the way landlords and Generation Rent, rent. The clear problems with the lettings industry in the UK has prompted a range of proptech businesses to make their way to market, each with a unique approach to improving renting for everyone.
Over the last decade, Rightmove, Zoopla, Purplebricks and up-and-coming challengers have recognised that traditional letting agents are expensive, don’t provide a high quality of customer service and work inefficiently. The catalyst for early movers was simple – property searches start online.
By removing the need for a physical high street presence and with a quick and efficient system, overheads are instantly reduced, so there’s no need for tenant fees or expensive costs for landlords. Cutting-edge technology also acts as a catalyst to enable lettings experts to be at the heart of the local community to support landlords and tenants beyond filing paperwork and chasing admin fees.
Companies like Accommodation.co.uk which automates landlord tasks, as well as the likes of online estate agents like Purplebricks and Open Rent ultimately save landlords time and money that can instead be pooled into improving their properties.
Compliance, compliance, compliance
A powerful combination of automation and expertise creates valuable resource for landlords who are committed to bringing high standard properties to the market so they can not only stay afloat, but thrive, comply and ensure they don’t fall foul of the law.
By encouraging landlords to comply with strict standards of compliance and service, our platform and experts can help to ensure substandard properties become a thing of the past.
The huge demand for rental properties isn’t likely to slow down anytime soon, so it’s crucial that, collectively, proptech companies get it right now.
We can empower landlords to go above and beyond for their tenants so that everyone can be happier at home.