New automated lettings platform allows smaller agents to become 'mini-Foxtons' by automating admin
Author : Mary-Anne Bowring/West Wales Chroncile
PlanetRent Saves Time & Money
Agents can reduce the amount of time and money spent on administrative tasks and avoid potentially thousands in fines caused by human error thanks to a new automated lettings platform. PlanetRent, developed in-house by residential property consultancy Ringley Group, connects agents, landlords, tenants, contractors, accountants and site staff by giving them their own portal to access the cloud-based platform, which securely stores everything they would ever need to access such as legal documents, floorplans and photography. Crucially, PlanetRent also enables agents and landlords to avoid hefty fines of up to £20,000 by automating compliance, for example ensuring tenants get the five documents legally required by the government to be shared on move-in. Rental regulation has increased significantly in recent years with the introduction of new measures such as Right to Rent checks. By automating key aspects of governance, PlanetRent avoids potential human errors such as ensuring all necessary safety certificates are up to date.
PlanetRent also helps agents save money by reducing the need to buy multiple software packages by sorting everything in one, simple, easy-to-use platform that can integrate with existing accounting software such as Sage and Xero, or act as an outsourced accountant in itself. By streamlining or automating many of these time-consuming but necessary processes, PlanetRent allows agents to spend less time on paperwork and more on value generation for their clients. Real-time reporting ensures customers – be it a buy-to-let landlord or build-to-rent institutional investor – are fully informed on the performance of their portfolio. Ringley Group brought forward the launch of PlanetRent as the platform enables landlords and agents to transact from the comfort and safety of their home – crucial feature given the UK faces a potential second wave and lockdown as a result of Coronavirus.
Confidence in the Market
The latest RICS residential market survey showed renewed confidence in the rental market, with lettings agents reporting higher tenant demand and more buy-to-let landlords advertising properties. Meanwhile the BTR sector continues to go from strength to strength with more than 160,000 BTR homes completed, in planning or under construction according to the British Property Federation and Savills. Mary-Anne Bowring, group managing director at Ringley and creator of PlanetRent, said: “Institutional investment is rewriting the rules of the rental market while consumers are demanding landlords provide more than simply a flat but genuine customer service too. “ For agents to remain competitive they have to be on the top of their game and focusing on what really matters, which is driving deal flow, managing sub-agents and all the pieces in the process to deliver an enriched but simplified, seamless tenant journey.
“PlanetRent standardises, automates and simplifies the lettings process so backroom tasks can be automated as well as key areas like marketing, the tenant journey, distribution of information and reports, and compliance, allowing even smaller agents to become like a mini-Foxtons with a centralised admin department allowing staff to focus on revenue-generating activity.”
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.