Innovative PropTech startup RentalStep has launched a premium service for landlords, allowing them to professionally manage their portfolios from £35 per month. The low-cost alternative comes at a time when the nation's landlords are faced with rising costs and ever-growing compliance obligations. Following the success of its free service, Liverpool-based RentalStep's premium model offers landlords a range of benefits that would cost significantly more if provided by a letting agency. One of the key services is unlimited advertising on portals Rightmove, Zoopla and PrimeLocation. "Landlords' available properties need to be advertised on the major portals and we provide the means to do this for a fraction of the cost of letting through an agent," said Mike Georgeson, RentalStep’s founder and chief executive. Landlords using RentalStep Premium will also benefit from access to tenant referencing, credit check facilities, deposit protection, tenancy agreements, rent collection via Direct Debit and an annual gas safety check. They'll also have access to maintenance management services, document storage, a communications centre, all-important GDPR compliance and premium support. "As market conditions continue to impact on the average landlord’s bottom line, it’s time they had an alternative way to manage their portfolio professionally without breaking the bank," added Georgeson. "Tenants have come to expect a professional service and not all landlords have the time or expertise to take a DIY approach. On top of this, increasing compliance obligations mean landlords need the support of efficient and affordable technology." The cost of letting a property has risen significantly in recent years and could increase further following the upcoming ban on tenant fees and the uncertainty around Brexit. "We now know that the ban on fees will come into play from June, so landlords only have five months until their management fees could start to rise as agents look to offset the costs of the ban," Georgeson explained. "What’s more, over the next few months some tenants may delay moving as they consider the impact of Brexit while waiting until they no longer have to pay upfront fees to agents." "This scenario reiterates why it’s so important to advertise on the major portals as this is where the vast majority of those who do choose to move will begin their search," he says. RentalStep, which was launched in 2017, is now used by almost 2,000 landlords and over 9,000 tenants. Renters can benefit from the platform’s TenantPassport which can help them to boost their credit scores. "During a challenging and uncertain time for the rental industry, we want to provide landlords with a fair and affordable service, helping them to build long-term partnerships with their tenants," concluded Georgeson.
Proptech RentalStep has debuted a portfolio management service for landlords. Priced from £46 ($35) per month, the model is much cheaper than using a letting agent, and is an upgrade from RentalStep's free service. The offering includes unlimited advertising on online estate agent portals, access to tenant references and credit check solutions, maintenance management services such as gas safety checks, GDPR support, rent collection options and deposit protection. The proptech service could enable landlords, who are subject to increasingly onerous and costly compliance requirements, to reduce their overheads. The proptech currently has around 2,000 landlords and 9,000 tenants as users.