Leave emotions out of lettings

November 24, 2017

The recent NALS conference provided an excellent opportunity to reflect on the readiness of lettings agencies to absorb the impact of upcoming regulations and benefit from solutions in the booming PropTech industry.

Keynote addresses included talks on innovation in PropTech, regulation and the customer journey in lettings.

Rolling with regulation
Rebecca Perks of the DCLG reminded a vocal audience of the spirit of regulation. “Being elected by the people to look out for the people, it is the government’s job to be pro-consumer,” Perks explained.

Nevertheless, regulation need not be a threat to business. Agents operating in an emotion-driven industry tend to fear unknowns like eroding landlord loyalty, tenants ripping agents off, going insolvent and the cost of compliance. But regulation happens in every industry and it hasn’t killed off competition in financial services. In fact, it served to raise standards in the utility sector.

The key is to understand the impact it can have on agencies’ risk and revenue, and to adapt.

Where PropTech can help

PropTech solutions can reveal agencies’ business flows, letting them see the impact of potential changes on, for example, pricing or revenue streams.

PropTech automation can further unlock growth, allowing agencies to augment lost income. In addition, it can counteract risks such as fraud and error, protecting property firms through proactive regulatory compliance, revenue protection and growth.

Customer inspiration

Lastly, Richard Beevers of Customer Plus provided an eye-opening customer-centric analysis of estate agencies.

Everyone looks at customer satisfaction at the start of the customer relationship, when the lease has been signed or the sale has been made, and satisfaction is peaking. However, the journey should cover both the start and end of the customer relationship, and every point in between.

Again, PropTech platforms can help by giving visibility to all aspects of the customer journey, such as real-time payment status, maintenance tickets, void properties and more.

Navigating the industry

With more and more exciting PropTech entering the market, it is essential to know which solution serves your business best. Don’t just take on the freshest, nicest-looking platforms, but determine which ones are best suited to counteracting risks and exploiting revenue opportunities in your situation.

Neil Cobbold

You May Also Enjoy

Commercial Agent Talk

Why Exterior Cleaning Matters for Commercial Buildings

First impressions are formed long before anyone walks through the front door. For commercial buildings—be it a warehouse, office, or retail space—the state of the exterior often speaks louder than signage or branding. Cleanliness, order and upkeep all play into how a business is perceived, and exterior cleaning is a fundamental part of building maintenance…
Read More →
Breaking News

Government to help SME builders

The Government has announced a package of proposals to directly help small and medium sized builders (SMEs) and they include a ‘Medium’ sized site definition to enable more proportionate planning requirements, streamlined planning for ‘Minor’ sized sites and more targeted support for access to land and finance. Richard Beresford, Chief Executive of the National Federation…
Read More →
Estate Agent Talk

Guide to deciphering property surveys

To help buyers navigate the world of property surveys, Cheke & Co has compiled a step-by-step, guide: Why do I need a property survey? Having a professional survey report is crucial to making informed decisions when purchasing a property. Our reports provide you with expert advice to: Make a reasoned and informed decision on whether…
Read More →
Breaking News

UK housing market springs back: Busiest May for home sales since the 2021 pandemic boom

Buyers and sellers have sprung into action after Easter, with the number of sales agreed in May the highest in four years Most sellers are also buyers who are seizing the opportunity to agree purchases, enticed by some attractive mortgage deals and the ability to borrow up to 20 per cent more Increased market activity…
Read More →
Breaking News

The five MOST searched mortgage questions answered by a property expert

With terms including the word ‘mortgages’ generating over half-a-million Google searches a month (595k) in the UK alone, it’s clear that many prospective homeowners are still confused about how mortgages work, what they’re eligible for, and how to navigate a challenging market. To help provide clarity, Luke Williams, Specialist Property Advisor, at Pure Property Finance,…
Read More →
Breaking News

53% of Tenants likely to challenge rent increases, but fair landlords have little to fear, says LRG report

More than half of tenants say they are likely to challenge rent increases under the incoming Renters’ Rights Bill (RRB), according to new research by LRG (Leaders Romans Group). However, the figures also show that nearly half of the tenants surveyed would not look to challenge a rent increase, a reflection, LRG says, of the…
Read More →