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

Breaking News

More than half of ‘Mumlords and Dadlords’ give rent back to help children buy their first home

54% of parents return some or all of the rent paid by their adult children to help them save for a deposit Just over a third say their children are living at home specifically to save for a house deposit; 45% say they feel like a landlord to their own child Parents charge £303 a…
Read More →
Breaking News

The First-Time Buyer Reality Shock

The First-Time Buyer Confidence Gap: 90% Feel Prepared, 71% Get an Unpleasant Surprise The First-Time Buyer Anxiety Index unveils a major ‘confidence gap’ which leaves first-time buyers unprepared for the realities of getting on the property ladder. Nine in 10 first-time buyers believe they are prepared and understand the home buying process before they begin…
Read More →
Breaking News

£50k hit when climbing the property ladder

The average homeowner in England faces an estimated £15,513 in associated costs when upsizing their home, according to the latest research by Yopa. However, in London this figure climbs as high as £47,704. The full-service estate agency analysed the estimated cost of upsizing across England, based on selling an average flat or terraced home and…
Read More →
Estate Agent Talk

Conveyancing causes more stress than property chains

The latest research by Lyons Bowe has found that 42% of recent homebuyers say conveyancing is the biggest barrier to a smooth property transaction, compared with just 19% who point to property chains. The survey of 1,000 recent homebuyers* examined which aspects of the transaction process had presented the biggest barriers to a smooth journey,…
Read More →
Rightmove logo
Breaking News

Britain’s most competitive summer rental hotspots

New analysis from the UK’s largest property platform Rightmove has revealed the areas where renters faced the strongest competition this summer, with several North West towns emerging as the toughest places to secure a home Wallasey and Birkenhead in Merseyside were Britain’s joint most competitive rental market during July and August, with an average of…
Read More →
AI in estate agency letting agency property
Letting Agent Talk

The 5 tasks lettings agents won’t trust to AI

AI must make lettings more human, not less, and that requires real rental intelligence. The latest research from Propoly has found that letting industry professionals see a clear role for AI in property management, but are reluctant to let it operate without human oversight, particularly when decisions involve people, complex circumstances or potentially significant consequences. Propoly…
Read More →