RentProfile says it can reduce the time it takes to progress a new tenant from two weeks to two days through automation.
The company was founded in 2016 after David Munday, one of the co-founders, became a victim of a ‘fake landlord’ scam at university. From this, the company launched the UK’s an online landlord background check, and later developed a unique tenant checking technology. Since surpassing 25,000 tenant reports, the company sought to develop its strategy to further the mission of powering trust for the rental market.
Onboarding is a powerful product that streamlines the setup and management of new tenancies for landlords, tenants and letting agents. Onboarding can reduce the tenancy progression from two weeks to two days, thanks to the product’s automatic, seamless step-by-step process. It can be tracked in real time by the agent, who is alerted if something requires their attention, thus speeding up the process. An average of 65% of an agent’s work is spent on non-revenue generating activity, such as meetings, calls and emails, but time freed using Onboarding allows agents to focus on generating new business and customer service.
The automatic progression between steps – which the company claims is not offered before in the UK rental market – means that, for example, if a tenant agrees to Terms, Referencing Criteria and pays the Holding Deposit they are automatically progressed to the Referencing stage, all without any action from the agent.
Covid-19 is likely to have a lasting impact on the rental sector – from virtual property viewings to remote working for letting agents. The Onboarding process can be conducted and monitored online, from creating a tenancy agreement to the tenant signing it. And for the incoming Gen Z cohort of renters, who prioritise clean, speedy and trustworthy solutions over printed paperwork and excessive calls, proptech technology will likely be their norm.
RentProfile was awarded Audience Favourite at the Visa Everywhere Initiative Pandemic Challenge for Onboarding as a solution during and beyond Covid-19.