Follow us on Twitter @TheNeg Three Part A revolution in lettings Software
Lawrence Higgins discovers that the life of a lettings agent has been simplified and secured by the evolution of specialist software.
G
etting the tenant’s signature on a contract represents the final stage of a long hard slog, and if the agent is managing the tenancy then it is also
the start of another mountain of paperwork; reference checks, legislative compliances, health and safety and the numerous other legalities and processes. So it is fortunate that software has
progressed to minimise the pain of the lettings process and improve efficiency allowing agents to spend more time doing deals rather than crossing Ts. The software evolution has given the lettings sector financial benefits, legislative efficiency and time savings. It helps secure tenants, deliver landlords and to market properties. Overall it has made the jobs of all those involved in the letting side of affairs that much easier. Peter Grant of VTUK puts it simply,
“Landlords who outsource the management of their portfolio to an agent using specialist software can ensure that their stock is being managed in the most efficient and compliant manner possible.”
SUMS THAT STACK UP This efficiency translates in many ways but most immediately financially. Mark Goddard of GMG Property Services says, “Systems that integrate services from third party suppliers or additional software providers deliver end to end systems covering all the key elements of the process ensuring cost effectiveness and time savings.” Advances in technology mean that less
equipment and products are needed bringing about direct savings in IT costs. Glyn Trott of LetMC comments, “Cloud computing doesn’t require software to be installed. This takes away up-front costs such as hardware/servers or IT contractors and replaces them with ‘Software-as-a-Service’ with a monthly fee.” Costs savings will often be more indirect in
the form of time – freeing staff up to do more fee-based work. “Software yields financial
“Taking on, advertising and letting a property is only one side of the story. You then have
to manage it.” Trevor Youens, Aspasia
benefits by improving the efficiency of an agency’s more time-sensitive processes and liberating staff to enhance their service offering and customer base.” says Peter Grant. Trevor Youens of Aspasia points out,
“Taking on, advertising and letting properties is only one side of the story and once the property is let, there is a fair degree of work in managing the tenancy. The more efficient the software is in helping with this task the more money a company can save in terms of employing staff.”
COMPLIANCE AND SECURITY When it comes to legislation it is not just the time savings that have been affected, the ability to ensure compliance has really boosted the service offered by agents to landlords and tenants. Some of the numerous benefits are: Facilitation of uploading directly to the TDS or DPS; providing key reminders highlighting critical issues such as a gas safety check and reminding users to attach an EPC to the marketing and when the EPC has expired. Mark Goddard says that quality software
suppliers will provide regular updates to their products that allow customers to keep ahead of all legislative changes and ensure compliance. “Integrated letter packs allowing for automation of all letting credit documentation needed for tenants and landlords, or automated links to the TDS (The Dispute Service), which allows for automated reporting and recording of the tenants deposits with the necessary authority,” is just one example given by Mark. Property software developers may also
“Quality information always produces better results and tenants armed with information
save you time.” Mark Goddard, GMG Property Services
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involve members from key lettings agency organisations to guarantee the legislative compliance. For instance Ian Potter, Managing Director of ARLA, has audited the financial functionality within VTUK’s lettings management software Gemini, ensuring the software keeps up with all ARLA requirements in terms of management of finances.” The software can also ensure that updates
are adhered to. “The software needs to be able to cope with reminders to carry out Gas Checks when due and staff should not be able to close off these reminders until the check is carried out,” says Aspasia’s Trevor Youens.
INFORMATION AND SATISFACTION
It is not just at the back end that improvements have been made – software is helping with the marketing process, an area in lettings that has traditionally been under-invested. ”The rapid turnover of lettings properties traditionally restricted the amount of marketing material but with the advancement of technology, producing a quality set of details with floor plans, etc. is no longer a waste of time as details can be retained for use when the property becomes available again. Quality information always produces better results and potential tenants armed with sufficient information reduce time wasters,” says Mark Goddard. Technology also means that the audience can be better targeted as Trevor Youens points out that the modern tec-savvy renters expect to receive property details on their smart phones as opposed to packs of printed detail sheets. There is one huge benefit in modern
software that is harder to see – transparency. Glyn Trott says, “Landlords base their final decision on who to instruct on trust, not fees. Cloud computing software helps with trust enabling landlords to feel as though the agent has nothing to hide and is honest with them. A landlord who is most likely to make their decision based on how much they trust you will be blown away by this.”
TheNegotiator l October 2012 l 21
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