Breaking Property News – 09/01/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Adam Pigott of tlyfe says rentals are let on average just nine days after listing, so tenants need to be Rent Ready
Adam Pigott CEO of Openbrix/tlyfe gives his thoughts on the current rental market and why tenants should up their game to be front of the queue when looking to secure a property to rent.
‘In the dynamic landscape of the UK rental market, the window of opportunity to secure your next dream home has become as fleeting as ever. On average, rental properties are now vacant for a mere 9-days between tenancies, a significant drop from the once-typical 20-25 days. The driving force behind this swift turnover? Unprecedented demand.
The surge in demand for rental properties has created a competitive environment, leaving prospective tenants with a smaller timeframe to secure their desired homes. In this fast-paced scenario, being ‘Rent-Ready’ is not just an advantage; it’s a necessity.
The Challenge: Shrinking Vacancy Periods In recent years, the demand for rental properties has skyrocketed, especially in metropolitan areas like London. The average vacancy period of just over a week between tenancies underscores the urgency for prospective tenants to act swiftly. This trend is a testament to the competitive nature of the rental market, where being proactive is key to securing the property of your choice.
Rising Rents: A Compounding Factor Adding to the complexity, rents have experienced a significant uptick, with London witnessing a 10% increase and an average of 9% across England over the past year. This escalation in rental costs further emphasizes the need for a strategic approach when it comes to securing a rental property.
The Solution: tlyfe’s Rent-Ready Assistance In the face of this challenging scenario, tlyfe emerges as a valuable ally for tenants seeking to position themselves at the top of the rental queue. tlyfe’s ‘Rent-Ready’ feature is designed to streamline the rental process, helping tenants present themselves as ideal candidates to landlords and agents.
Key Features of tlyfe’s Rent-Ready Assistance:
Identity Verification: tlyfe allows tenants to seamlessly verify their identity, instilling confidence in landlords and agents regarding the authenticity of the applicant.
Right-to-Rent Demonstration: The app simplifies the process of showcasing the tenant’s Right-to-Rent status, ensuring compliance with legal requirements.
Instant Reference Verification: tlyfe provides agents with verified references at the touch of a button, saving time for both parties and expediting the decision-making process.
Embracing Innovation in the Rental Process As the rental market continues to evolve, embracing technological solutions becomes crucial for both tenants and agents. tlyfe’s user-friendly app empowers tenants to navigate the rental landscape with ease, offering a comprehensive suite of features to enhance the Rent-Ready experience.
In conclusion, the window of opportunity to secure your next rental property in the UK may be small, but with tlyfe, tenants can maximize their chances of success. By being ‘Rent-Ready,’ prospective tenants position themselves as ideal candidates, making the most of the limited time available in this competitive market.’
adoor partners with LEAP Conveyancing software
To be clear though we are ardent supporters of Michael and all the great work he is doing at adoor, he has at no time been one of my clients or had any commercial connection with Proptech-PR ‘A consultancy for Proptech Founders’, we just know what good looks like and I hope in 2024 he starts to get some of the industry recognition and perhaps funding that he deserves. The following is a recent press release charting his latest acheivement.
PRESS RELEASE LONDON Home buying and selling ecosystem Adoor, founded by Michael Wadsworth has announced a partnership with the UK’s leading Practice Case Management System LEAP.
LEAP users can seamlessly connect their matter to a property on adoor, to keep their matter instantly updated with the latest info of their move and see the progress of the rest of the chain all in one place.
adoor connects all stakeholders involved in a transaction, from home buyers and sellers to conveyancers, estate agents and mortgage brokers. The app has been engineered to reduce the number of repeat enquiries, improve efficiency and eliminate double-keying, all resulting in completing transactions in less time, with fewer fall-throughs.
adoor is the home for your house move. Designed to track your house move, see the progress of the entire chain, and connect everyone involved in one place online. By using adoor, agents and conveyancers benefit from receiving fewer enquiries, receiving instant updates, and ultimately, leaving more time to focus on the tasks that help complete a transaction faster.
adoor is free for home buyers and sellers across England and Wales, with a low per-transaction fee for property professionals. adoor works with several partners for a one-stop house-moving app, including LEAP, Thirdfort, RICS, Rhino Home Protect, HBSG, Veya and soon adding Reapit to the Ecosystem. adoor has also been on the cohort of the Prestigious Geovation, NatWest and Catalyst accelerator programmes.
LEAP’s Conveyancing Software provides everything you need to complete a conveyancing transaction. With integrated searching, completion statements and legal accounting, LEAP’s cloud-based software makes conveyancing easy.
LEAP is Focused on small to mid-sized law firms’ needs and is dedicated to developing legal case management software that helps generate efficiencies, profit and improve service.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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