Alejandro Artacho, CEO of Spotahome, highlights the steps that can be taken to ensure that property professionals meet increasing demands
According to research by data website Rentcafe, the UK has had the biggest increase in the number of people renting. The global analysis found that the rental population has increased by nearly 22%. This increase has undoubtedly been felt by estate agents and property managers across the UK and especially in busy cities such as London.
This number is set to rise, as it’s predicted that a quarter of households in the UK will rent privately by the end of 2021. The increase in demand, alongside the need to comply with legislations such as the Immigration Act, is placing property professionals under a great deal of pressure.
According to research by landlord insurance specialists, only four per cent of landlords surveyed were aware of the new UK legislation that requires all new lets and relets to have a minimum Energy Performance Certificate. Failing to comply could see them facing a fine of up to £4000. Additionally, landlords are now also required to act as immigration officials by checking that prospective tenants have the right to live in the country, otherwise they could face a fine or a prison term for knowingly letting their property to someone without the right to live in the UK.
This increasing pressure and the insidious threat of whopping fines, alongside the need to maintain the properties in their portfolio, can spread the average property professional thin. The pressure of also ensuring that all properties remain fully tenanted can also be an additional strain.
In order to ensure that they are able to meet these growing demands, it is essential that landlords, property managers and letting agents are able to effectively manage their time. For a lot of property professionals their to-do list is longer than their work day, and so being able to implement time-saving strategies can make a significant difference.
Having worked closely alongside a significant number of property professionals, we have found that being able to outsource the time-consuming but important aspects of their job is key. Marketing, sourcing tenants, conducting viewings and creating listings for each property (including an extensive gallery of photos, floor plans and videos) are extremely time-intensive tasks.
Our team of independent ‘home checkers’ essentially eradicates the hours needed for property managers and landlords to create and post their listings. Home checkers visit the property, take HD photos, videos, 360s and create floor plans that provide an accurate portrayal of the accommodation.
The extensive catalogue of images and videos enables potential tenants to view the property without visiting it. By bringing the viewing and the booking process online, property professionals no longer need to field countless calls and emails, or organise and attend viewings. All aspects of the job are extremely time intensive – especially when potential tenants are running late, or don’t turn up to appointments.
Freeing up this time ensures that landlords, property managers and lettings agents can reallocate the time that they have saved to other vital tasks, such as increasing the property portfolio or ensuring the growth of the business.
Outsourcing is a transformative service that many property professionals don’t even consider, but we have seen it drastically improve day-to-day operations for so many of them. Finding the most effective and efficient way to conduct your business is key to ensuring that your operations run smoothly, and for the property sector, outsourcing might just be that missing ingredient.