Property apps and websites are helping both landlords and tenants in the private rented housing sector.
PropTech is short for property technology, which includes mobile apps and websites targeted at landlords and tenants.
Many people living in Britain’s major cities prefer to rent rather than buy property. This means there is a high demand for private rented accommodation. PropTech is seen as a way to help the process of finding rented property and running rented property easier.
FlatMate is a website that helps tenants find property and also locate suitable flatmates to share accommodation. MoveBubble lists rented properties, makes viewing bookings and tenants can make offers through its website of smartphone apps.
Landlords are facing rising costs due to extra stamp duty and less tax relief. Anything that can cut down the time and cost it takes to run a property portfolio is welcomed by landlords. The Landlords App is designed to organise a rented property business. The Legal4 website handles the tenant reference procedure and can alert landlords to prospective tenants who have been evicted or blacklisted.
Basic information about commercial mortgages to finance buy-to-let property deals can be found online, but to start the mortgage application process landlords need face-to-face or telephone communication with mortgage brokers. In the future, it is possible that an app could be used for landlords to apply for a commercial mortgage, but there are no signs this is about to happen soon.