According to PayProp, a bank-integrated automated payment platform that manages the payments of over 23,000 active tenancies, transparency and standards in the wider private rental sector (PRS) have the potential to see improvement if spot checks are carried out.
The automated payment provider suggests that a similar system to this could be equally effective on a national scale and aligns with the Government’s efforts to obviate poor PRS practice.
It was recently announced that the North Somerset Council is introducing an initiative referred to as Rent with Confidence from 1st October.
The primary focus of the Council will be Weston-Super-Mare town centre, where, reportedly, a cluster of rental properties exist in a poor condition. In response, the Council has pledged to undertake sporadic inspections of landlords’ properties in the area and to take corrective action, including fixed penalty notices.
Commenting on whether this intention to carry out sporadic checks on properties is Chief Operating Officer of PayProp in the UK, Neil Cobbold:
“Random checks in this vein could prove highly effective in uncovering poor PRS practice and could vastly improve rental market standards
“It’s especially effective as offending landlords or agents won’t have time to try and cover up their wrongdoing,
“While extremely important, government-led regulation is only one side of the coin
“Letting agents and landlords need to adopt PropTech solutions which make for more accurate administration, reduce the chances of human error and simplify processes,
As well as maintaining the condition of rental homes with the help of technology, property professionals need to make sure their financial systems are water-tight and that all payments can be clearly accounted for.
Landlords, do you support the idea of your local council completing random checks on your property to ensure that it is in a good condition for tenants? And would this effectively drive out rogues in the sector?