Breaking Property News 23/09/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Though rental market is in a state of flux, leading proptech helps both tenants & landlords
As the rental market evolves in response to impending change to legislation and increasing demand, both tenants and landlords are navigating a more competitive and complex environment. The upcoming Renters’ Rights Bill and the removal of Section 21 are set to bring significant changes, making it more crucial than ever for tenants to stand out and secure their preferred properties quickly and efficiently. This is where tlyfe’s Rent Ready service comes into play, offering a comprehensive solution that benefits both tenants and agents.
Navigating the New Rental Landscape – With the anticipated changes from the Renters’ Rights Bill, including the abolition of Section 21 “no-fault” evictions, landlords will be more cautious in selecting tenants. The ability to ensure a tenant is reliable, financially stable, and legally compliant will be paramount. tlyfe’s Rent Ready service addresses these needs by providing a streamlined, verified package of tenant information that significantly enhances the rental process.
The important bit, is that it allows a tenant to collate their own validated data should they so wish. It can’t be mandated (unless the agent pays for it) but it importantly allows a tenant, who may be frustrated at not even being able to secure a viewing due to there being too many applicants, access to own their own verified data and then are able to share it simply and securely from their tlyfe App to the agent.
The agent can then download it, but the if the applicant doesn’t like the property or indeed have missed out, the applicant can “unshare” their profile immediately. The facility puts the ownership of their own data back to the tenant applicant but also saves the agent time and costs whilst allowing the agent to immediately qualify their applicant.
What is Rent Ready? – tlyfe’s Rent Ready is an innovative feature within the tlyfe app designed to empower tenants by allowing them to vet themselves and present a verified, comprehensive profile to agents. This “speedy boarding” service for tenants includes seven critical components:
One – Affordability Calculator: This tool helps tenants determine their budget before starting their search, ensuring they are only applying for properties within their financial means.
Two – Right to Rent Checks: These checks verify that the tenant has the legal right to rent in the UK, eliminating potential delays and legal issues.
Three – ID Verification: A digital process that confirms the tenant’s identity, reducing the risk of fraud and speeding up the application process.
Four – Verified Digital References: This feature allows tenants to present credible references that have been digitally verified, enhancing their trustworthiness.
Five – Self-Certified Information: Tenants can include personal details about their rental preferences and circumstances, such as reasons for renting, household composition, and even pet ownership.
Six – Comprehensive Reference: A deep dive into the tenant’s background, supported by a rental warranty that can be purchased for added security.
Seven – Rental Guarantor: Future plans include allowing tenants to provide their own rental guarantor, further strengthening their application.
Standing Out in a Busy Market – In a rental market where properties can receive over 20 applications, being able to present a complete, verified profile is a significant advantage. Rent Ready packages all the necessary information and verification into a single, easy-to-review format for agents. This not only speeds up the decision-making process but also positions the tenant as a proactive and responsible applicant.
Benefits for Tenants – For tenants, Rent Ready means having control over their rental journey. By preparing and verifying all necessary documentation in advance, tenants can move quickly when they find a property they love. This preparation also reduces the stress and uncertainty often associated with the rental application process. Allowing tenants to stand out from the crowd and present the best version of themselves!
Benefits for Agents – Agents benefit from Rent Ready by receiving pre-vetted applications that are ready to go. This reduces the workload and time spent on verifying tenant information, allowing for faster and more efficient property rentals. In a competitive market, having a pool of Rent Ready tenants can also enhance the agent’s reputation for quick and reliable placements.
Conclusion – As the rental market continues to shift, services like tlyfe’s Rent Ready are becoming increasingly important. By providing a comprehensive, verified profile, tenants can stand out in a crowded market, and agents can streamline their processes. With features designed to meet the needs of both parties, Rent Ready is set to play a crucial role in the future of renting.
Whether you’re a tenant looking to secure your dream property or an agent seeking reliable applicants, tlyfe’s Rent Ready service is an essential service that all players need in the evolving rental landscape.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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