As demand for renting properties within the UK continues to reach unprecedented levels, it reminds everybody in the industry of the stresses that renters face. On top of this, the Renters Reform Bill will likely cost landlords an increased amount each month, forcing them to swallow some of the increased costs, increase the rent, or sell up.
Let’s look at technology’s role in all this, as the number of viewing requests per vacant property is increasing, and property agents can do it with some workload help.
The Demand for Renting
Average house prices and the amount required to put down a deposit for a house are substantial within the UK, no matter what part of the country you’re in, but this is emphasised in the capital. If the initial costs of purchasing are too steep, this will force many people into renting, where significantly less is required up-front.
Every property on the rental market today has around 25 viewings – three times what it was five years ago – showing the demand for rental homes and the necessity for even more to appear. This will likely continue while unaffordable house prices and deposits exist and until they decrease considerably, matched with the growing population size.
However, the Renters Reform Bill puts more onus on landlords to protect their tenants and ensure their safety in aspects like no-fault evictions, among other things. Nonetheless, an increase of between 2% and 5% is expected this calendar.
What Can Technology Do?
With the sheer number of viewings and communication for each property, real estate agents have their work cut out to stay on top of everything and provide excellent service; if there were only one or two viewings per property, you’d expect their work to be much easier.
PropTech has, bizarrely, failed to keep pace with the communication demands of the critical demographic we see in the rental market today: millennials. Unsurprisingly, younger people prefer instantaneous and virtual communication tools, no matter the subject or formality. Every social media platform, exercise apps, dating apps, and even professional services have instant chat services. The fact that many property agents incorporating PropTech don’t offer these kinds of services for potential tenants or landlords is curious.
Krispyhouse, however, is a trailblazer in the London rental market thanks to immediate interactions in various ways; even viewings can be done virtually to satisfy all parties’ needs and time constraints. Connecting people quickly this way sets Krispyhouse apart from other companies.
PropTech has qualities that shouldn’t be underestimated in the form of streamlining and automation. Still, the way it presents its communication channels must improve across the industry to suit its clientele. Thanks to their contemporary approach, Krispyhouse is the easiest way to list your property online or look for your own place.
