Faster onboarding vital to counter arrears, says PropTech chief

A PropTech startup says faster and easier onboarding is crucial in the fight against rent arrears - especially with the Omicron variant adding uncertainty for the rental sector in the months to come.

RentProfile - whose Onboarding platform is already used by agencies including Jackson-Stops and Century 21 - says arrears could become a major problem for agents, landlords and tenants again.

The possibility of new rules to prevent people mixing and a fresh instruction to work from home if you can, makes tech a much more important focus again for agents and landlords, says Paul Munday, co-founder and chief executive of the platform. 

“It can help agents carry out their work safely, and more quickly, which is vital as we continue to live alongside the pandemic. A lot of the hassle and admin can be taken away from agents, allowing them to get on with what they do best.”

He continues: “After speaking to agents, we found that they often rely on old-fashioned and unreliable methods when setting up standing orders, such as requesting a screenshot to verify that a standing order has been set up. 

“Furthermore, relying on the goodwill of the tenant to do the setup can be time-consuming and open to error, for example if they enter the wrong payment information.”

He says his company’s use of Open Banking “makes the process smoother, easier and less accident-prone for all parties, and to ensure agents and landlords aren’t relying on the goodwill of tenants for the set-up.”