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

Rightmove logo
Breaking News

Back-to-school buyer bounce outpaces typical September uplift

New real-time analysis from the UK’s largest property platform Rightmove reveals that buyer demand received a stronger than usual back-to-school boost during the first week of September Buyer demand increased by 5% during the opening week of the month, significantly higher than the average increase of 0.4% seen over the same period during the last…
Read More →
Letting Agent Talk

8,500 tenanted homes currently on the market

8,500 tenanted homes currently up for sale as TLP highlights importance of clean client money handovers   More than an estimated 8,500 homes are currently being marketed for sale with tenants in situ across England, according to the latest analysis by The Letting Partnership, presenting landlords with the opportunity to acquire an investment generating rental…
Read More →
Estate Agent Talk

Which property types take the longest time to buy?

From complex flats and shared ownership homes to new builds and unusual titles, Lyons Bowe reveals which properties can create the biggest conveyancing workload   The latest insight from Lyons Bowe has revealed which types of property are most likely to require the largest and most complex conveyancing workload, potentially adding more stages to the journey…
Read More →
Commercial Agent Talk

Building Site Accidents and Compensation: A Guide for Injured Workers

One mistake, one faulty piece of equipment and an unsafe working setup could cause a construction laborer much more than just aches and pains. One injury can result in medical costs, showing up on working days, reduced income and a path to long recovery. Under certain circumstances, the workers may be entitled to get compensation…
Read More →
Estate Agent Talk

First-Time Buyers: Why 4–5 Houses is the Sweet Spot

House hunting before the stress kicks in: Four to five houses is the sweet spot for first-time buyers Just 20% of us feel excited on a first property viewing, rising to 47% by viewings 4 to 5 There’s a U shape trajectory of excitement when it comes to the viewing process However, there is a…
Read More →
Breaking News

Two in five mortgage holders switched banks for a better mortgage deal

Of those who have a mortgage and switched banks, 41% did so to get a better mortgage rate deal and 30% did it to receive an incentive related to their mortgage Only 15% of people moving home switched their bank account during the move, while far more switched broadband (46%), energy (38%), and mobile phones…
Read More →