Leave Emotions Out of Lettings
The recent NALS conference provided an excellent opportunity to reflect on the readiness of lettings agencies to absorb the impact of upcoming regulations and benefit from solutions in the booming PropTech industry.
Neil Cobbold, Chief Operating Officer of PayProp, a conference sponsor, spoke about innovation in PropTech, while Rebecca Perks of the DCLG handled regulation and Richard Beevers of Customer Plus presented on the customer journey.
Rolling with regulation
The DCLG reminded a vocal audience of the spirit of regulation. “Being elected by the people to look out for the people, it is the government's job to be pro-consumer,” Perks explained.
Nevertheless, regulation need not be a threat to business. Agents operating in an emotion-driven industry tend to fear unknowns like eroding landlord loyalty, tenants ripping agents off, going insolvent and the cost of compliance. But regulation happens in every industry and it hasn't killed off competition in financial services. In fact, it served to raise standards in the utility sector. The key is to understand the impact it can have on agencies' risk and revenue, and to adapt.
Where PropTech can help
PropTech solutions like PayProp reveal agencies' business flows, letting them see the impact of potential changes to, for example, pricing or revenue streams.
PropTech automation can further unlock growth, allowing agencies to augment lost income. In addition, it can counteract risks such as fraud and error, protecting property firms through proactive regulatory compliance, revenue protection and growth.
Lastly, the Customer Plus presentation provided an eye-opening customer-centric analysis of estate agencies. Everyone looks at customer satisfaction at the start of the customer relationship, when the lease has been signed or the sale has been made, and satisfaction is peaking. However, the journey should cover both the start and end of the customer relationship, and every point in between.
Again, PropTech platforms like PayProp can help by giving visibility to all aspects of the customer journey, including real-time payment status, maintenance tickets, void properties and more.
Navigating the industry
With more and more exciting PropTech entering the market, it is essential to know which solution serves your business best. Don't just take on the freshest, nicest-looking platforms, but determine which ones are best suited to counteracting risks and exploiting revenue opportunities in your situation.