Press Release: 14th May 2020
The Lettings Hub gear up for commercial launch of free referencing product, following successful BETA trial
The Lettings Hub have today confirmed they are set to roll out a full commercial launch of their innovative Property Passport™ – a free tenant referencing product for UK letting agents.
Following a successful beta test that incorporated letting agents throughout the UK and over 2,500 tests, they plan to drop the beta label and move to a full commercial release immediately.
Release to the wider market gives all clients of The Lettings Hub, and every other letting agent across the UK, access to pre-qualified tenants, completely free of charge.
Connor Pound, Lettings Manager of Harris + Wood Lettings Services who took part in the Beta Trial said: ‘Property Passport™ has improved our average time-to-let by over 48 hours. We are able to identify the tenants that are not suited to the property before we’ve met them in person, reducing the number of viewings we have to do by 30%. It’s also proving popular with landlords, we’ve definitely won new instructions because of it. One unexpected benefit is that it means our staff aren’t exposed to the unnecessary risk of additional viewings during the current pandemic, which will help us in the coming weeks and months’.
The launch certainly comes at a timely point for the industry, with the recent government green light for estate and letting agencies to resume business.
The Lettings Hub’s CEO, Heidi Shackell, said: ‘Along with many in our industry we welcome the recent Government announcements and we know that as they get back to business as usual, letting agents will be considering how they can safely respond to the sudden surge in demand for viewings, whilst protecting both their staff and tenants.
Property Passport™ is ideally suited to help letting agents during this difficult time as it allows them to ensure they only complete viewings with the tenants who have a confirmed 96% chance of being a match for the property. So, less viewings to get to a successful let mean they protect their team from unnecessary viewings and streamline their lettings process at the same time.’
Property Passport™ works in two stages:
Step 1 – Tenants create and share their free instant Property Passport™ giving letting agents:
• An indication of their affordable rent limit
• A full credit history check
• The tenant’s ideal property requirements and who they will be moving with
• Identity and address history verification
• A short bio written by the tenant themselves
From this data letting agents can easily identify which tenants to invite to view the property. 63% of agents during the beat trial were able to secure additional new lets by matching tenants to an alternative property.
Step 2 – Once viewings have been conducted, agents can request full verification of the tenant’s income and rental history at the click of a button, which is completed to the same high standard as a traditional referencing service. This makes Property Passport™ compatible with deposit replacement and rent & legal protection products.
The beta trial also revealed Property Passport™ was favourable to tenants with 86% of those surveyed stating they found it easy to use and 93% agreeing the information required to create a Property Passport™ was reasonable.
All agents who completed the beta trial have adopted Property Passport™ permanently. Demand continues to grow at a rapid pace and this week has seen the largest increase in lettings agents onboarding to the product so far.
The firm’s next development iteration will see the introduction of an integrated Open Banking solution for Property Passport™, giving agents access to more data and even greater accuracy with Property Passport™.
Contact: Heidi Shackell
Tel: 07789 436316