Make sure Build to Rent Doesn’t Wash it’s Face !
In the commercial property world, if your occupier goes out of business you could have many months or years where you have no income because you have to find another occupier. In the residential sector, because of demands for housing, if one tenant does not pay their rent, there will be plenty of others in the queue especially if an affordable, purpose built, vibrant product is on offer (The Royal Institution of Chartered Surveyors estimates the country has a shortfall of 1.8m rental properties).
Most experts agree that the key to successful returns is securing long-term tenancies to avoid vacancies, and with them the costs of securing new clients. Whilst this is the case many other fundamental factors are at play here other than the cost of the land and building materials. We all know how Ryan Air and Easy Jet make their money and would go out of business if they just relied on the price of the seat. Yes they upsell, ruthlessly and systematically.
To the point where it is almost impossible to book a flight without taking upsell services. Build to Rent Assets managers will definitely without exception need to adopt this model and fast. This will not only buffer yields from the ebb and flow of tenants but more importantly boost yields…and easily…tenants are very busy cash rich, time poor captive customers who would gladly pay for renting a cinema screen and fire pit on a rooftop gardens, grow cabbage in allotments, and believe it or not have a resident communal dog to walk !!!! The market is very much at the early stages but investors and institutions need to wake up to this great opportunity to not only keep tenants happy for year, but more importantly to gain loyalty but upselling quality and much needed services on site and on demand.
There are a few companies attempting to build standalone apps around this but the apps need to seamlessly integrate with an operational backend coupled with a system or portal to eliminate costly rental paperwork and agency fees…a one stop shop approach again rules the day. Ringley have been lead consultants with many of the top 20 UK BTR funds and have developed a BTR philosophy and industry go to manual – Welcome to Planet Rent
Planet Rent App Overview
Planet Rent works for Build to Rent Clients intending to:
- self operate, (individual landlord)
- instruct an operator/agent, or
- instruct and manage multi-agents,
- the Agency (legal entity) who is either:
- Type 1 - an Agency with branches and staff,
- Type 2 - a self-employed Agent.
Planet Rent gets:
- the staff out of the site office,
- doing paperless deals on the go,
- manages multiple Agencies so all deals go through the same channel (your way),
- assures a quality homogeneous experience.
Planet Rent enables you as Client, to retain ownership of the ‘big data’ to enable remarketing. APIs are enabled to push data into your asset management, rent collection or business modelling software.
For marketing Planet Rent:
- lets you ration properties to nominated agents,
- individually, say just hard to let penthouse units,
- whole site, or
- go multi-agent after an operator exclusivity period,
- it auto feeds properties to web portals from automatic settings,
- distributes your marketing collateral to appointed sub-agents,
- manages advertising to your site, Zoopla and Right Move,
- can be connected to your website so that viewing requests and offers can also start on your own website.
Fund level reporting is enabled and you have 24/7 access to key compliance information.
Planet Rent’s 6 modules
- publish properties to the Planet Rent.co.uk portal FREE,
- marketing assets (photos, floorplans, EPCs) cloud stored,
- links to publish Properties to major portals (Zoopla & RightMove),
- landlords can set up their Letting Agents to use marketing assets, make offers, contracts…., the landlord retains control of the process, a quality lettings journey is assured.
Planet Rent gives you 6 advantages
- Property compliance: EPCs, Gas safety, HMO Registrations, PAT testing,
- Tenant compliance: Passport/visa expiry dates, TDS certificates, Inventories,
- Equipment log: Asset register, reference numbers & contracts,
- Marketing assets log: Cloud stored, shows what is missing to publish properties.
Compliance dashboard - know what needs doing when,
- offers on the go or at the viewing,
- no broken promises as special requests are included in offers, and signed off during move in checks,
- one place to approve/reject all offers (whether direct or via multiple Agents),
- a deals tracker and 1 NUDGE button to push whoever needs to take the next step,
- access to quality referencing,
- bank transfer or card payments for rent & deposits,
- e-signing of contacts,
- pre-move in checks audit trail,
- 1st class welcome & utilities process: handbooks, out of hours advice & more,
- TDS registration,
- right to rent checks,
- automatic guarantor trigger for individual tenants rent share.
Paperless, admin-free professional lettings journey,
- photo/video repairs reporting,
- repairs SLA highlighted,
- contractor can juggle repairs to outperform SLA,
- repairs ratings requests can be automated in app set up,
- repairs ratings can be pushed to social media.
Repairs reporting for tenants,
- Landlords can publish properties to a 4 page website they can rent from us, OR,
- Connect a page of their existing website to the URL we give them for the properties page,
- Direct property BOOK VIEWING and MAKE OFFER (based on availability check).
- Collected from individual tenants by direct debit and paid over to you.
Find out more today
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