Landlords have a lot to deal with. From vetting prospective new tenants to property maintenance, and everything in between, even managing a portfolio of one property can take quite a bit of time and cost a lot of money. Luckily, landlords have lots of tools available that can help to reduce costs and save time.
Proptech, or property technology, is the driving force behind these tools. How does proptech make landlords’ lives easier?
Proptech Simplifies the Tenant Vetting Process
Proptech makes it easier to vet tenants by taking the process online. Tenants are able to view your property online, contact you and even send their applications with just a few clicks of a button.
This online application process is also beneficial for landlords. You will be able to conduct affordability checks and discover whether your tenants are likely to take good care of your property. Online vetting systems can help to speed up credit checks, previous rental checks and landlord references, and employment checks.
Proptech Aids Smoother Rental Collection
Rent collection can be one of the most stressful aspects of running a property business. Proptech makes this easier by automating the whole process. You can set up a Direct Debit for rent collection, which means rent payments are taken automatically from the tenant’s bank account and you are informed when the payments are made. You don’t have to keep checking your accounts as you’ll be alerted to any possible delays or problems as soon as possible.
Having a direct debit can be preferable to a standing order mandate – which cancels as soon as one payment isn’t made – or relying on tenants to make manual payments on time.
Proptech Helps You to Sort Out Legal Compliance Issues
To guarantee your property’s safety, your tenant’s happiness, and to cover your own back as the landlord, you have to sort out many legal documents to ensure compliance.
Technology like Echosign allows your tenants to sign a tenancy agreement digitally, and by using proptech you can store documents in the cloud, ensuring you always have access to the things you need to provide your tenants, such as gas safety inspection records and information related to deposit protection.
Proptech Saves Landlords Time and Money
Proptech can help landlords save time and money. Technology automates many mundane and time-consuming tasks and digital solutions, like the ones mentioned above, ensures landlords are able to perform tasks themselves. There is no need to hire expensive letting agents and management companies – proptech makes it easy for landlords to self-manage their portfolio and each specific tenancy.
Being a landlord is never easy, but by using technology, some of the processes involved can be streamlined, smoothed, and made a lot easier.
Upad Landlord Club
In addition to pioneering the use of proptech to disrupt the buy-to-let and property lettings industries, Upad also provides a wealth of resources for landlords.
In addition to our Landlord Hub and Blog, Upad landlords can join our landlord club, giving access to resources including tax and legal helplines, as well as exclusive guides and webinars, for just £149 per year.