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

FMB Supports Construction Leadership Council’s Health and Wellbeing Strategy

The Construction Leadership Council (CLC) Health, Safety and Wellbeing Strategy is a welcome and much needed new initiative to help drive industry change, says the Federation of Master Builders (FMB). The FMB’s CEO Brian Berry has joined more than 140 industry leaders at the Construction Leadership Council’s launch of its comprehensive Health, Safety and Wellbeing…
Read More
Clacton on Sea cash injection
Breaking News

20% Property Premium to Live Beside Britain’s Best Beaches

The latest research from eXp UK has found that homebuyers hoping to live by one of Britain’s best beaches can expect to pay almost 20% more on average compared to the wider local market, amounting to a seaside property premium of over £46,000. The research* by eXp UK analysed property prices in postcode districts surrounding…
Read More
Breaking News

Houseboats hand London homebuyers 57% saving

Houseboats hand London homebuyers 57% saving versus bricks and mortar The latest research from Benham and Reeves has found that London homebuyers could save as much as 57% on their property purchase by choosing a houseboat over a traditional bricks and mortar home, with the average cost of a houseboat across the capital coming in…
Read More
Breaking News

Silverstone fails to take pole when it comes to race track property premiums

The latest research from Yopa has found that while Silverstone may be the spiritual home of British motorsport and host of this weekend’s Formula 1 Grand Prix, it is far from the most prestigious racing venue when it comes to local property prices. In fact, homes near other race circuits across Britain command far higher…
Read More
Breaking News

Section 8 Reforms: What Landlords Need to Know About Longer Notice Periods and Stricter Rules

By Allison Thompson, National Lettings Managing Director, LRG As the Renters’ Rights Bill continues its progress through the House of Lords, landlords should be preparing for a much tighter framework around possession. One of the most significant changes proposed is the reform of Section 8, the legal route for regaining possession where a specific reason…
Read More
New Build for Merseyside
Breaking News

British new-build demand sees quarterly decline

The latest new-build market insight from Property Inspect has revealed that buyer demand for new-build homes remained largely static between the first and second quarter of this year, although buyer appetites for new homes remained robust in a number of major cities. The New-Build Demand Index (Q2 2025) from Property Inspect provides a view of…
Read More