Rental agents were among the first to innovate further by developing their online presence greater than just as an advertising platform. They looked at what other services could be offered online to attract potential tenants and landlords to their sites.
One area that was identified and rapidly developed was the potential to offer online bookings for viewings. This meant that if a potential tenant identified a property on one of the large property portals they were interested in, they could be directed straight to the lettings company website to book a viewing. The advantage for the company was that they ‘captured’ the potential tenant before other companies who might also be offering the same property for rent.
Following this, agents started to develop other services such as the collection of tenant references and statements of rental payments to landlords. These services have been adopted across the capital and are particularly popular when dealing with short-term let properties. They have the advantage of speed and convenience for both the landlord and potential tenant. All parties involved in short let properties have welcomed these innovations, which have considerably speeded up the process.
Of course, marketing custom homes and appealing to a wider audience is also possible via the Internet, which has enabled landlords to set themselves apart from the competition. If you have a unique property, you can use the Internet to market it and to take potential tenants on a tour of your home.
Innovations Welcomed By Those Involved In Short Term Leases
A phone, postal, or paper-based system could take weeks or months to complete and this meant getting a tenancy agreement negotiated and issued was not a quick process. This was a particular problem for those involved in short-term lets, where the legal side of the process was perceived as holding the market back. Indeed, on occasions, the process of agreeing on a tenancy could take longer than the tenancy term itself.
Many agencies have continued to develop online processes especially to speed up the pace of setting up short-term lets. It is now possible for potential tenants to be pre-screened and reference checked via online submission, and for landlords to check on the future bookings of their short let accommodation online.
One area of this market that is growing well is the renting of short let apartments. This appears to be linked to the increasing trend to offer professional specialists short-term contracts to work on specific projects. For these people looking for short let apartments, they need to complete the process online, as they are often not in the country yet.
As you can see, there have been many different innovations that have been made in the world of property rentals. This is something that has been welcomed by most in the industry, as a lot of people thought it was lagging behind. However, this is no longer the case, as the Internet has opened up a wealth of possibilities and opportunities for both the landlord and the seller.