Letting Fees Ban – Could PropTech suppliers be the answer?

Letting Fees Ban – Could PropTech suppliers be the answer?

In the near future, letting agents could be helped by PropTech suppliers who are claiming their new products could help in necessitating possible cuts in overheads in the light of the fees ban.

A key exchange service; KeyNest, recently partnered with InPost, allow the exchange of keys 24-hours a day, 365 days a year, assisting Airbnb hosts as well as traditional lettings agents

Customers can drop off and collect keys from the lockers by entering a pre-booked code into the locker’s screen, at which point the locker will open, and the keys can be picked up or deposited.

The lockers, located in supermarket car parks, petrol station forecourts and outside of train stations are now in 1,500 stores across the UK.

Marc Figueras, co-founder of KeyNest explains “KeyNest’s focus is to make it easier to share keys remotely, enabling Airbnb guests and contractors to access keys while our customers are away or at work”.

Meanwhile Glide, a specialist student utilities and service provider, has now introduced ‘Switch’ to handle the changeover of utility suppliers when tenants change.

By combining gas, electric, broadband, water and TV licence into one monthly payment, letting agents avoid having to deal with multiple energy suppliers across their property portfolio; while tenants receive fair equal billing for the duration of their tenancy and avoid disputes over billing responsibilities.

Niall McTurk of Sinclair Properties in York says: “As students are experiencing living independently for the first time, they need a lot of support, which in the past has meant lengthy calls to numerous utility companies, taking a huge amount of resource away from the team. We’ve had to manage arguments over bills and in some instances we’ve been left to foot the bill.

“Using Switch has eased this scenario, making the process simple for our tenants and preventing arguments over bills. Our own time required to manage utilities has been reduced significantly, as we now have all the bills across our portfolio in one place and just one point of contact, giving us more time to focus on running the business.”