Letting agents are on track to bring the landlord experience into the 21st century thanks to new technology from Goodlord. In an industry first, the lettings technology leaders are gearing up to launch "digital landlord onboarding" - a new service which will save time for agents and improve the experience for landlords.
Through the digital onboarding service, landlords will be able to complete identity checks, upload the necessary documentation to let their properties, and sign terms of business - all in under 10 minutes. The process can be done from a smartphone or laptop anywhere, at any time.
The move to digitise the landlord onboarding process has lagged behind compared to the evolution of referencing and application processes for tenants seen in recent years. This has caused delays for letting agents between winning new instructions and actually being able to list a new property for rent. Goodlord's research estimates that the majority of new landlord instructions currently require three or more pieces of software to process. The company believes this first-to-market product will bring the landlord experience in line with how most agents now handle tenant referencing and applications.
The first element of Goodlord's digital landlord onboarding to be released will be digital signing of the agency's Terms of Business. Further releases, due to be rolled out in the coming months, will allow landlords to log-in to their agency branded online portal and complete checks for identity, anti-money laundering and land title, as well as upload key documents, including Energy Performance and Gas Safety Certificates. After onboarding, landlords will be able to log in to their portal at any time to view the progress of their properties' tenancies, update documents, and access additional products.
Goodlord also wants to make it easier for landlords to access additional products and services during the onboarding process, such as Rent Protection Insurance and utility switching and void management, improving conversions and boosting revenue for agents.
Letting managers will gain increased visibility on the fees being achieved by their valuers and the take-up rates of revenue-generating additional products, as well as an automated process for updating their Terms of Business, as new products and services are added.
Costas Frangeskou, Director of Sales at Goodlord, comments:
"Landlords are letting agents' primary clients but there has been little improvement to the landlord onboarding experience once an instruction is won. This means that properties have been delayed coming to market, with landlords and letting agents alike missing out on valuable revenue. Simplifying the onboarding process for landlords will improve their experience with a new agency, setting these agencies apart from their competition and enabling them to let properties faster."
Want to learn more about Goodlord's digital landlord onboarding service? Get in touch.
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