Digital transformation and the Private Rental and Property Sector
Published 6th February 2019
The Private Rental Sector is undergoing a digital revolution. GetRentr is at the forefront of the PropTech sector constantly exploring new technologies and better ways to improve the property licensing awareness and compliance for agents, lenders, conveyancers, landlords to name a few. Below are some considerations GetRentr have researched for how we see digital impacting the rest of the sector this year
Digital transformation is slowly taking effect in the Geotech world and the UK property sector and is driving open data initiatives. Key organisations such as the HM Land Registry are now publicly sharing access to open data and are driving digital change via initiatives such as digital street; an ongoing data research project exploring ideas, working with partners to explore and discover the differences they could make together.
For over a year we’ve been connecting with conveyancers, lenders, PropTech companies, data providers and the public to investigate how technology can be used make it simpler, quicker and cheaper to buy or sell property.
…which is great news whether you are a landlord, estate agent, or a letting agent managing a rental property portfolio, a mortgage provider or a conveyancer. GetRentr have been a partner of the HM Land Registry for over 2 years in conjunction with Ordnance Survey through their Geovation programme.
Greater use of social media is becoming common place. In January 2019 the first sale of a property on Instagram via a developer took place. This certainly highlights a possible new trend and proves how valuable free social media channels can be in promoting property just as with any other product online.
Smartphone apps for house sharing tenants to find each other are becoming more common across Europe and are making their way over to the UK. More ‘dating style apps’ for house sharing tenants are likely to appear in the market this year, which aim to help bring tenants together and allow for easier, safer and less expensive ways to find new housemates and to promote vacant rooms. One such app is Barcelona-based Badi which has already proven itself in Spain and has now landed in London, where it aims to steal market share from Spareroom, Rightmove and letting agents.
The use of Blockchain in the property purchase process, has the potential to open up property transactions and allow those involved to stay up to date digitally. Historically property purchasing has been bureaucratic and slow. Blockchain has the potential to unlock a new transparent way of working for all parties for an easier and quicker process all round. This in turn could significantly increase investment for buy to let and ensure a constant flow of available private rental properties to market.
To help put a financial value against the impact Blockchain will have, the Government confirms at their recent conveyancing conference 2019 that this costs the UK consumer somewhere around £270 million in surveys and searches on properties that they do not even end up owning.
Start-ups with innovative geospatial or property technology ideas are invited to apply to our 2019 Accelerator Programme. For more information on how to apply to the Geovation Accelerator Programme, visit www.geovation.uk/programme or email us at email@example.com.
Backed by Ordnance Survey (OS) and HM Land Registry, the Accelerator Programme has produced a steady pipeline of success since its introduction in 2015. A total of 84 start-ups have gone through the programme, creating more than 200 jobs and raising £23.3 million in investment funding.
Join us for breakfast at The Berkley, London on 23rd July. Speakers from our partners Airbus and WhenFresh, as well specialists JBA Risk Management and Cranfield, will collectively look at how earth observation and land information can be allied with new risk and valuation systems. This session will allow lenders, surveyors, insurers and banks to […]
Three ways GetRentr reduces risk on BTL investments for mortgage lenders
The government has estimated that there are more than 10,000 rogue landlords operating nationwide, many of whom own England’s 500,000 houses in multiple occupation (HMOs). However, there is no single, UK-wide government database of rogue landlords. Similarly, there is no single database of all UK HMO properties being vetted and managed for licensing law compliance […]
How landlord fines highlight the risk of BTL investments for mortgage lenders
Over the last 3 years there has been a rise in fines from local authorities to landlords directly over an array of breaches of terms regarding their rental properties. Cases range from landlords who own multiple properties and have converted them into overcrowded unsafe HMOs, to illegal multiple bedsit and studio conversions without local authority […]
This seminar will take place on 10th July to discuss the future shape of the mortgage market via a panel discussion and Q&A from the floor. Orla Shields will join the panel to share insight into how changing legislation and regulation impacts risks to mortgage lenders with extended void periods and decreased property valuations. Topics […]