Apps continue to make waves in the world of property, with new platforms being launched to help landlords keep tenants, find tenants and buy or sell rental properties.
One company seems to have spotted a gap in the market and has set up a platform to help landlords sell properties with sitting tenants. Property website, Vesta, has created the platform to help landlords support and reassure tenants who are in rented properties on the market. It is hoped this line of communication will encourage tenants to work positively with their landlords while the sale goes through. At the moment, some landlords are reluctant to put tenanted properties up for sale because they fear there is more chance of a sale falling through, compared to when they sell a vacant property.
Vesta has recently launched a digital property marketplace specifically for the private rental sector. It has designed this with the aim of bringing the UK sector in-line with other European markets and the USA. This new digital marketplace can offer properties with sitting tenants, which benefits both the sellers and the new buyers. The seller can get an income right up to completion, while the new owner will be earning rental income from the minute they take over. Tenants also benefit because they do not have to move out of their property and so they avoid any disruption.
Vesta chief executive, Russell Gould, believes that Vesta will become the norm for this investment sector as it brings together builders, buy-to-let sellers, and investors. The trading platform has the great advantage of creating a win-win situation for all parties. Buying and selling vacant properties can be costly, time-consuming and a stressful process for all parties. By selling properties with tenants in situ, this situation is avoided. Vesta is also expecting the platform to be attractive to institutional investors who are looking for properties which will start earning money immediately.
Another proptech platform which has recently been launched is also beneficial to both landlords and tenants. The Credit Builder platform links tenants’ rental payments with their credit history on Experian. It also provides reports for landlords and letting agents. There has been a lot of interest in including rental records on credit scores to help tenants show a healthy record of repayments when applying for a mortgage. Landlords who sign up for Credit Builder will be more attractive to tenants looking to build up a healthy credit history. Agents and landlords can offer a rent reporting service as an additional positive part of their package to new and existing tenants.
Software and apps are making it much easier for landlords and tenants to communicate with one another. Specialist software means landlords can keep all records of tenants under one virtual roof. They can keep track of all paperwork, contracts, certificates, inventories, bills and payments in one centralised location. All dealings between tenants and landlords can be traced and, therefore, used if there should be a dispute.
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