Competition for rental homes remains high, with 15 households vying for every one property, according to research from property platform Zoopla. With that demand comes extra work for letting agents, but here’s how you can maintain quality service levels for both landlords and tenants.
Filter tenants
Save time before the tenant referencing process starts by screening tenants when they make their first enquiry.
Spending a few minutes asking about their needs and budget, can help you quickly filter out tenants who aren’t a good match. For example, if a tenant has several large dogs but is asking about renting a small flat with no outdoor space, you may be able to rule them out based on pet welfare.
Use video viewings
Creating a short video for potential tenants to watch online should mean that only those genuinely interested in a particular rental are likely to view it in person.
The video itself doesn’t need to be long or a creative masterpiece. Simple clips of each room or a walk-through of the property should be enough for tenants to get a clear idea of what to expect.
If a property is proving popular, you can also stay efficient by arranging block viewings rather than going back and forth throughout the day.
Outsource tenant referencing
When you’ve filtered down potential tenants, you can start the tenant referencing process. Outsourcing the task saves you time and reassures you that appropriate checks have been properly carried out by GDPR-compliant providers.
Third-party tenant referencing providers will verify tenants’ identities and employment status, as well as carry out affordability assessments, credit checks, and right-to-rent checks (if applicable).
Tenant referencing through a third-party usually takes just a few days or as little as 24 hours in some cases.
Move to digital ‘PropTech’ platforms
Property technology (PropTech) is increasing in popularity. It uses technology to streamline essential tasks. This can include digitising the tenancy agreement so that tenants and landlords can sign online with the most up-to-date version recorded. Software can help keep an audit trail of documents so it’s clear where changes have been made and highlight any delays.
You can also use third-party platforms to store certificates and documents. This helps ensure rental properties comply with gas and electrical safety, EPCs, and fire hazard prevention.
Automating as many processes as possible, including rent collection and generating invoices and receipts, can save hours of admin time, enabling you to focus on maintaining relationships with landlords and tenants.
Support for lettings agents and landlords
Early tenant screening and a move to online and PropTech solutions are all relatively simple ways of managing large numbers of properties while maintaining service levels your landlords expect.
Cutting down on the time you spend on admin can also help you expand the support you give landlords, increasing the value you add. For instance, helping them navigate insurance and features including rent guarantee and legal expenses insurance.
To find out more about how Alan Boswell Group can help you support landlords further, call us on 01603 649727.
