Planet Rent: Lettings managed on your phone
Mary-Anne Bowring 17/11/2023
2259
Planet Rent: Lettings managed on your phone
Everyone tries to avoid falling into rent arrears. Sometimes it happens because of financial problems and sometimes it is just a simple mistake. Rising rents in property hotspots are adding to the problem. However, using a payment automation platform could make all the difference, according to one PropTech entrepreneur, who says a simple SMS message generated by an automated system, could be enough to keep most tenants on track.
Neil Cob bold, chief operating officer at Pay Prop UK explains that seeing the live status of a portfolio via an automated system can quickly and easily show letting agents, which tenants are in arrears in real-time.
Lettings sector
These tenants can then automatically be reminded via their mobile phone to pay their rent. According to Neil, around 90% of text messages are read within three minutes of receipt and a staggering 64% of tenants who are in arrears respond within 48 hours of being reminded. “Automating arrears management processes could save agents and their clients thousands of pounds each year,” he told Letting Agent Today in October. Neil also suggests that increasing automation could help future-proof letting agents against the higher levels of transparency and regulation, which are now being introduced by the government into the lettings sector.
(Read more on this at (https://bit.ly/2OB5IKY ).
Money Protection scheme
“With incoming laws requiring mandatory Client Money Protection scheme membership and banning up-front fees, it’s vital that agents can easily prove their transparency by producing a record of all incoming and outgoing payments…” Automated payment systems are a quick win for agents and could help tenants make their payments on time.
Planetrent Properties
info@planetrent.co.uk
0208 0599 550 (for sales)
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.