WORK FROM HOME!?

The current rapidly evolving climate of Coronavirus (Covid-19) restrictions has focussed all of our minds on the possibility that we may be required to work from home, even social work jobs.

Nationwide, the economic effect of the virus will hit millions of people. Those on low incomes, zero hours contracts or working for small businesses who are squeezed by the situation will be hit hardest. For those renting, any loss of income will put pressure on their ability to pay their biggest monthly outgoing. The Residential Landlords Association (RLA) has urged members to act sympathetically and consider rent payment holidays similar to those being offered by the banks to mortgage holders.

In a joint statement, the RLA and the National Landlords Association (NLA) said:“We are encouraging all landlords to work positively with tenants to provide support where needed throughout this difficult period. Landlords should be as flexible as they can to help tenants facing payment difficulties resulting from the impact of the coronavirus.” (LandlordToday.co.uk). Indeed, the government announced that it will bring forward emergency legislation to protect private renters from eviction.

As a longer term effect, Covid-19 will act as a powerful disruptor and will accelerate the current trends towards remote and home working. Proptech will flourish as an essential rather than preferential aid to business. Several property industry insiders are advocating a move to act now to get ahead of the pack and protect business revenue.
“Government is predicting that COVID-19 will impact us for months so agencies need to plan for the long term and think carefully about business continuity.”
Mark Hayward and David Cox, chief executives of the NAEA and ARLA,

Similarly, Propertymark has prepared a checklist for letting agents which recommends a backup plan for making payments to suppliers, landlords and HMRC to ensure business continuity.

This is where Proptech such as LettsPay, a market leading rent collection platform, can help agents to navigate the forthcoming uncertainties.
Garrett Foxon, founder of LettsPay, points out, “Here at LettsPay, we can help agents in a multitude of ways. Our solution is cloud based so agents and their staff can access it from home. We offer:-

• Rent communication to your tenants,
• Flexibility in your tenants’ rent payments to help them through this time.
• Clear visuals so you can see exactly which tenant has paid and how much.
• The ability to give tenants longer to pay.

In addition, to support you through this time we are offering LettsPay free-of-charge for the first 3 months.”

Aside from the current crisis, nearly a quarter of Britain’s workforce now work flexibly across different locations (This is Money by Lloyds Bank) highlighting the growing trend.
The movement is fuelled by a vast combination of factors but a common benefit that is cited is an improved work-life balance. Happier employees potentially work harder and are more productive. A more attractive work role with staff able to work remotely from further away, means a bigger talent pool of candidates.

Reports say that companies forced to work remotely by the Covid-19 crisis could find their workforce would choose to permanently shift their working patterns once the closures are lifted. The LettsPay system is ideally suited to both office and home based working so smoothly straddles the current disruption and prepares letting agents for an evolution of their practices.

“Now more than ever, it’s essential for good agents to be open to change and take on board new and effective tools to help them attract new business.” Simon Shinerock Owner of Choices Estate Agents

Responsible and forward thinking agents can act now and choose cutting edge proptech such as LettsPay to support current business challenges and protect their revenue stream but also to forge ahead. LettsPay’s flexibility allows agents and landlords to agree revised payment terms (accommodating payment holidays) and adjust these for the tenants which can then be collected accordingly.

While some may be tempted to shut up shop and bludgeon their way through the next 12 weeks as best they can, embracing technology to support agents through this uncertain time and help them get back on track faster is the proactive thing to do.

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Breaking News

Latest developments in Renters’ Rights Bill: What landlords need to know

On the brink of becoming law, the Government last week rejected the majority of amendments put forward by the House of Lords, which would have mitigated the severity of some of the amendments. Property professionals, landlords and tenants are poised to navigate this once-in-a-generation overhaul of housing legislation.   Lucy Jones, Chief Operating Officer at…
Read More
Breaking News

What Will Commonhold Mean for Property Managers?

By Robert Poole, Director – Block Management, Glide Property Management, part of LRG The government’s ambition to end leasehold for most residential properties has put commonhold back into the spotlight. First introduced in 2002, commonhold offered a resident-led alternative to traditional leasehold ownership. However, legal and commercial complexity stalled adoption. Two decades later, policymakers are…
Read More
Breaking News

Think You Know Mortgages? These 5 Myths Could Be Costing You Money

When it comes to mortgages, most of us have had advice from family and friends. The trouble is, a lot of these so-called facts are myths, with many individuals missing out on better deals or opportunities, due to not doing their own due diligence. Emma Graham, Business Development Director at Hodge Bank, explained: “Mortgages are…
Read More
Breaking News

Just 17% of homes selling for more than £500k

The latest analysis by eXp UK has revealed that while just 17.4% of homes sold across England and Wales so far this year achieved a price of £500,000 or more, agents in London, the South East, and the East of England will face the greatest need to adapt should the Government press ahead with plans…
Read More
Breaking News

Estate agents back Rachel Reeves’ stamp duty shake-up but call for abolition without replacement tax

The latest research from GetAgent has revealed that the majority of estate agents in England are supportive of Chancellor Rachel Reeves’ plans to overhaul property taxation by scrapping Stamp Duty Land Tax (SDLT). However, 44% argue that the new levy should be focused only on higher-value homes, while 79% favour abolishing SDLT outright without introducing…
Read More
Breaking News

First-Time Buyers Prioritising ‘Forever Homes’

A third of first-time buyer purchases are semi-detached properties, as young people turn to ‘forever homes’   Barclays mortgage data shows semi-detached properties rose in popularity in August, accounting for 33.5 per cent of first-time buyer purchases Four in 10 Barclays first-time buyer customers chose mortgages allowing them to complete their repayments over a 30+…
Read More