A new online property management service has been launched by Rentora and comes with a suite of easy management tools to protect landlords from tenants falling behind on rent.
The platform incorporates a service with consumer credit reporting giant Experian that rewards good tenants, enabling them to build a positive credit score towards the point when they apply for their own mortgage.
Rentora CEO John Wade, who initially built the platform to help manage his own properties, said: “Tenants get regular text reminders when rent is due, which has drastically reduced late payments for me. They can pay securely online, through their banks or by credit card.
“The money goes direct to landlords, who can set automated text and email notifications for things such as rent due dates, rent payment alerts or key dates like gas checks. There is also fully encrypted online storage for paperwork and contract templates you can use.
“Rentora is the most intuitive, convenient way for landlords to manage their properties and takes away a lot of the stress associated with the job.
“It is significantly cheaper than paying exorbitant agents’ fees. We only charge 5% of rent payments, for which price you get access to the full Rentora toolbox. The average cost for a letting agent, on the other hand, is currently around 12% and we expect it to be closer to 18% from June.”
The tool offers much more payment flexibility – it allows tenants to pay in chunks during the month and family members can contribute too.
Wade continued: “Some tenants find it easier to pay in smaller weekly chunks or as they are paid. Some want to build up credit in the months leading up to Christmas so that they can take a month off, knowing the bill is already paid.
“And the facility for others to contribute can be helpful for parents and grandparents wanting to make contributions. The money goes direct to the landlord, which can be reassuring in some circumstances. Being able to reward good tenants with a positive credit rating is a further benefit.
“We’ve basically done everything possible to help and incentivise tenants to pay on time so that buy-to-let landlords with big mortgage bills can keep up to date with their own payments.”