Published 27th June 2019
This article will pick out some key areas where GetRentr can benefit Surveyors and help improve the accuracy of their Buy-To-Let property valuations.
Professional indemnity insurance
A professional indemnity insurance policy protects the policyholder against claims made against them in respect of their legal liability for losses arising from a breach of professional duty.
All RICS-regulated firms must have adequate and appropriate professional indemnity arrangements under the requirements of RICS Rules of Conduct for Firms.
One potential area of risk is accounting for property licensing on Buy To Let (BTL) property valuation. Mandatory licensing covers the entire UK affecting all large HMOs. Individual councils have discretion to impose Additional and Selective licensing schemes on top, broadening the reach of licensing to encompass more rental properties. Obtaining the correct licence is legally required prior to renting out a property. Failure to adhere to the law can result in hefty fines and extended void periods while required works to the property are carried out. Changes to room sizes or even downgrading from a three bed to a two bed property can even be required to meet licensing regulations, impacting or restricting BTL business plans and therefore the property’s value. You can find out more detail on licensing types here in our previous article.
GetRentr is the only one place where you can currently access and be notified of all your property licensing detail UK wide.
Technology for efficient valuations on BTL
Technology and data are driving change across all sectors and Surveyors are no exception. This does not mean suddenly switching overnight to everything digital. It does mean though that surveyors need to keep abreast of technology, what tools and applications can help their day by day practice – especially for small firms – to help them remain competitive and offer additional value added services to their clients.
Access to portals and platforms are the norm, and PropTech is helping to drive change for effective and efficient business practices to be updated – often involving new collaborations.
GetRentr collaborates with RICS to assist conferences, events and updates to help debate the issues faced in today’s tech driven world. Outside of licensing listed above, GetRentr also provides access to Article 4 planning data concerning properties undergoing C3 to C4 conversions.
The GetRentr platform is built to carry out complex data gathering, cleansing and analysis hidden from view behind a simple user friendly interface. By simply entering a property address, GetRentr presents straight forward plain English explanations of what licensing schemes and Article 4 planning directives affect the property. Further analysis such as occupancy scenario analysis and cross referencing with licence registers to ascertain whether a licence is in place are also available. This can all be easily exported into a format ready to be added straight into a valuation report, minimising administrative hassle.
Today, the automation of business processes helps organisations to achieve their goals easily and efficiently. GetRentr allows surveyors to seamlessly incorporate property licensing and Article 4 Planning into their workflows to drive further insight and value for clients. Through partnerships with organisations such as Allied Surveyors and RICS, we are working with the sector to put crucial regulatory data at the fingertips of residential valuers.
GetRentr is an online platform you can login and access anywhere, anytime to check property licensing determinations, Article 4 planning designations, scenario analysis of occupancy and how this changes licensing requirements, as well as all UK licence registers. The system provides surveyors with instant and precise intelligence, ensuring more accurate valuations, driving the value of your propositions.
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Property regulations are diverse, complex, and ever changing. We leverage data and tech to quickly provide Surveyors with clear answers.
Incorporate licensing and planning data into valuation to reduce risk
Utilise our intelligence to value residential property more accurately
Our platform presents clear results immediately, allowing export to add straight to a valuation report
Understand the impact of occupancy configuration on the landlord’s ability to let the property