– the most comprehensive, secure, online, property rental management platform available –
Latest research indicates that rental stock levels are reducing as an ever-increasing number of landlords are choosing to sell their property portfolios*, whilst tenant demand is at an all-time high – the number of households in the private rented sector has doubled in just over a decade.
Furthermore, latest figures from Hamptons International show that a record number of buy-to-let landlords have set up holding companies for their properties in order to reduce their tax liability.
Rajiv Singh, Founder, RentOnCloud, explains: “The rental market is tough for everyone right now. Landlords are being hit by rising costs, plus the looming increased frequency of reporting to HMRC. Whilst tenants are limited by the lack of choice of properties to rent.”
The supply shortage is being exacerbated by a higher proportion of tenants now choosing to stay in properties longer, with fewer new rental homes coming on the market.
The majority of UK rental properties are currently marketed and managed, and tenants sourced, via commercial lettings agents, due to a lack of confidence in the commercial viability of non-fee paying websites. Many potential tenants are reluctant to deal with private landlords direct, as the majority of ‘free to use’ public websites do not allow the vetting of landlords, which can result in rental fraud and rogue landlords.
However, using a lettings agent can be costly both from a tenant and landlord perspective, incurring fees for tenant sourcing/references/inventory check-in/out, plus ongoing costs for maintenance services provided by agency sourced tradespeople. Landlords are then liable for additional costs such as accounting and tax reporting.
Rajiv continues: “In these challenging times, everyone is looking at ways to reduce costs, save time, reduce overheads and find more efficient ways to manage their rental property portfolio.
“There is a myriad of different software packages currently available for managing property, tasks and accounting, but not one single application that integrates productivity tools across the board.
“There is therefore a clear need for a more cost effective, secure, unified service to meet the needs of landlords, tenants and maintenance service providers.
“RentOnCloud is the UK’s first, secure, digital platform to connect landlords, renters and tradespeople via a centralised service. We believe RentOnCloud is set to disrupt the Property Rental and Management market by fully enabling the digital transformation of activities.”
RentOnCloud offers a comprehensive, fully flexible range of services for each audience:
Landlords – end-to-end property management includes property listings; a dedicated marketing webpage; ability to source and reference tenants; direct messaging to manage viewings & reminders; tailored property maintenance requests via an open marketplace; rent collection direct via a payment gateway; inventory reporting; document management and accounting.
Renters – search/apply for homes to rent; landlord screening; payment of rent; deposit management; report maintenance tasks for landlord approval.
Trade service providers – showcase services portfolio; receive/bid for tasks directly either from landlords or renters; receive payment via a secure platform.
Key unique services include:
- Integrated Expense and Income accounting functionality to enable automated tax reporting (MTD)
- Tenant and Landlord referencing
- Open marketplace for Landlords and maintenance service providers to enable freedom of choice
- Dedicated service for private owners, households and tradesmen
To fulfil compliance, RentOnCloud is registered as an online agent with The PRS (Ombudsman scheme), ICO (National Data Protection Authority), MyDeposit and partnered with various service organizations, credit bureau agencies, HM offices, Accountants and Tax agent.
RentOnCloud services are free to all tenants and single property landlords. Landlords only incur limited costs for some services that require third party agency involvement such as tenant referencing, properties can be listed for free. Tradesmen can list their services free of charge on the open marketplace/bid for work/provides quotes and only pay a service charge for any transactions completed via the digital platform.