New technology has the power to transform residential property letting and management for landlords and tenants alike, both now and in the future explains Saveli Kotz.
Given the rapid growth of residential property letting and management in recent decades it is surprising that the tools to manage the process for landlords have been so limited. But that is set to change with the emergence of ‘landlord platform technology’ - a new, more automated form of property management that makes asset information more transparent, organized and available for its users. This type of platform can encompass listings for property platforms, the processing of leads they generate, the scheduling of viewings that result and the overall management of the property during the period of the lease.
Landlord platform technology does not replace conventional property management: rather, it supports it by automating the day-to-day processes facing the landlord (an estimated 200 of them, at the last count) – and by enabling the generation of rental agreements and other administration. Early adopter feedback has highlighted a series of positive results from landlord platform technology, with benefits including more efficient landlord-tenant communications, improvements in property management processes, increases in rental income, and the maintenance of more stable tenancies.
Going forward, landlord platform technology will have the power to provide the industry with a viable alternative to open rent, which enables landlords to manage the tenant creation process, from finding a new tenant to collecting rent.
Looking to the future the democratization of property management is likely to feature SaaS, or software as a service – a scenario in which the relevant platform technology is offered free of charge.
Today, state-of-the-art landlord property management typically includes the following:
Advanced automation in which streamlined and intelligent processes reduce overheads and enhance efficiency. Management charges may be as low as six per cent as a result.
An experienced service team, helping to ensure quality service at lower cost.
Expert listings created for leading property platforms such as Right Move and Zoopla.
End-to-end tenancy management from deposits to rent collection and tenancy agreement negotiations.
Tenant screening including credit referencing, for optimal tenant selection.
Advertising campaigns for maximum tenant reach.
In addition, a good tenant-landlord relationship will also typically include 24/7 assistance, problem-solving and maintenance, accessible payment and documentation and efficient tracking of payments and key dates in the landlord-tenant calendar.
Saveli Kotz is founder and CEO of Cohab, a property management company and market disruptor.
