A new proptech company has found a way to use artificial intelligence to track the licensing regulations of all properties in the UK in real time. This can be used to make sure property portfolios are compliant with the law. It is being developed by proptech company, GetRentr. This will be of great benefit to professional landlords working within the changing regulations, and could help sift out rogue landlords. GetRentr will use data and technology to aid good landlords complying with regulations and, at the same time, will expose rogue or unlawful landlords. This will be a useful tool to make sure no tenant moves into unsafe, substandard or illegal accommodation in the future.
The software also helps landlords to stay compliant. With licensing and regulations changing across the country, the GetRentr app can send landlords automatic alerts whenever new schemes affect any of their properties. The company was selected to join the Geovation Programme, which is backed by HM Land Registry and the Ordnance Survey. This acceleration programme has supported more than 65 startups already. In the six months since being selected for the Geovation Programme, GetRentr has raised more than £500,000 in funding. It has formed a partnership with the National Landlord Association to work with landlords and is about to launch its partnership with ARLA Propertymark. GetRentr founder, Orla Shields, said it has been able to use OS/HMLR data to seek more people who want to invest and also to predict where further regulations will be put in place.
The Geovation Programme has also accepted Fruumi, which is a fun and friendly shared accommodation platform. It says it will enable landlords to rent out their properties at lower cost and lower risk. It says there will be no hidden fees or fake adverts to draw in potential tenants. The idea is to set up a community of sharers for people who are looking for rooms or roommates or to rent out their property.
Another company which has been accepted on to the programme is London-based proptech company, Skyscape. This uses artificial intelligence to look at rooftop spaces and look for opportunities to utilise the space. Underused rooftop space in cities could be used to create urban farms, solar power, airspace development or telecom infrastructure, for example. Its analytics will let the property owners know the value of their rooftop space and suggest ways to monetise it. Also, owners can offer their space on the Skyscape marketplace to find companies who are actually looking for rooftops in densely-populated areas, such as London. Using buildings’ rooftops efficiently will enable the average city to extend its surface area by as much as 30%. It uses analytics to set up a streamlined process to buy or lease the space and include rooftop utilisation in urban planning.
All in all, proptech is continuing to change the way the rental market works for the better. It is making it easier for landlords to streamline their administration, find tenants and keep up with the changing rules and regulations. It is also making it easier and faster for tenants to look for and secure properties.
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