Guest blog by Inventory Hive, a provider of beautifully simple property inspection and 360° tour software.
There’s been a seismic shift in the PRS as the industry is becoming more focused on the tenant experience than ever before (the impending Renters Reform Bill being one). Consequently, there’s more pressure on letting agents and landlords in an already squeezed industry where costs are under scrutiny and time efficiencies are the new priority. PropTech is offering a win-win for all parties that promises to redress the balance between tenant and landlord, without adding to the property management workflow.
PropTech is booming, and it’s easy to see why. As property professionals are being held more accountable, as regulations increase and as tenants seek fairer, healthier and safer living arrangements, the opportunity for digital solutions to step in and mediate, automate and streamline makes a lot of sense.
The pandemic sped the process up, of course, but digital transformation in the industry was well overdue. And now, with pressures on all parties in the PRS, PropTech has changed how agents, landlords, property managers and tenants interact and do business.
How PropTech is benefiting renters – and helping agents to improve their experience
PropTech is playing a significant role in improving the renting experience for tenants in the UK – and because it automates processes, speeds up responses, sells features and intelligently predicts common issues, it’s enhancing business for property professionals too.
Digital technology is also helping to reduce disputes in tenancy by improving transparency, logging evidence, enhancing communication, and providing documentation.
Is there anything it can’t do?
With any rise in intelligent automation comes the fear that it will take over human jobs – but not here.
The beauty of digital support in the residential property sector is that is frees up agents and landlords to focus on what they always used to do – before compliance, paperwork and comprehensive reporting became so time-consuming and complex. It allows them to sell, let and manage their portfolios, and communicate with a human-touch to all parties involved.
Here are just a few more ways PropTech is elevating tenant experience and supporting agents at the same time:
- Online Property Search: PropTech platforms provide online portals and apps that allow renters to search and filter through a wide range of available properties. They can easily access detailed property listings, including photos, virtual tours, and floor plans, making it more convenient to find suitable rental options. This can save letting agents a great deal of time in qualifying prospective tenants and answering questions.
- Enhanced Property Information: PropTech platforms also now offer comprehensive property information, including neighbourhood data, school catchment areas, transport links, local amenities, and crime rates. This helps renters make informed decisions about the location and suitability of a property, again qualifying enquiries early in the process without adding to agent admin.
- Streamlined Application Process: Traditionally, renting involved extensive paperwork and time-consuming processes. PropTech streamlines the rental application process by offering online application forms, digital document signing, and automated tenant screening. This reduces paperwork, saves time, and speeds up the application and approval process.
- Digital Payments and Contracts: PropTech platforms facilitate secure online rent payments, eliminating the need for manual transactions. Additionally, digital tenancy agreements and contracts make it easier for tenants to review and sign rental documents remotely.
- Tenant Communication and Maintenance Requests: PropTech tools enable seamless communication between tenants and landlords or property managers. Renters can report maintenance issues, submit repair requests, and receive updates on their status through dedicated online platforms or mobile apps like Inventory Hive. This improves transparency, reduces response times, and enhances overall communication.
- Clear and Transparent Communication: Digital platforms provide a clear and traceable communication trail between landlords and tenants. Messages, requests, and responses are documented, reducing the chances of miscommunication or misunderstandings that can lead to disputes. Tenants and agents can easily refer to previous conversations and agreements, ensuring clarity and accountability.
- Digital Inventories and Inspection Reports: Digital tools enable the creation and storage of digital documents, including tenancy agreements, inventories, and inspection reports. These documents are easily accessible by both landlords and tenants, reducing the risk of lost or misplaced paperwork. Digital documentation provides a clear record of the agreed-upon terms and the condition of the property, minimising disputes related to misunderstandings or disagreements.
- Evidence Collection: PropTech enables tenants to document and provide photographic or video evidence of the property’s condition at the beginning and end of the tenancy. This evidence can be stored digitally and easily referenced if any disputes arise regarding the property’s condition or damages. Having concrete evidence helps to resolve disputes more efficiently and fairly.
By leveraging digital technology, landlords, agents and tenants can all benefit from improved communication, documentation, and dispute resolution processes.
Don’t get left behind. Learn more at Inventory Hive.
