PropTech supplier tweaks products to meet Fees Ban requirements

PropTech supplier Goodlord says it’s updated its core product to ensure compliance with new regulations - and it says it’s offering new services to help agents cut costs and increase revenue. 

From June 1, when the ban on fees levied on tenants comes into effect in England, Goodlord will ensure compliance by, amongst other things, moving inappropriate fees when selecting an AST or licence tenancy, and by the auto-generation of holding and security deposits which will be capped at the appropriate amount. 

Also from June tenants will be shown a draft copy of their AST agreement automatically via the platform, with Goodlord Tenancy Guides updated to confirm tenants have reviewed the document.

The platform will also calculate deposits at the renewal of any tenancy and alert agents if refunds are due.

These changes will all be automated for clients using the Goodlord platform, meanwhile the firm has also made necessary updates and rolled out Tenant Fee Ban compliant Goodlord documents to all customers, and ARLA contracts to those with the association.

A new product, Goodlord Switch, provides a void management service for both agents and landlords. Through the service, clients can automate the management of the void period between tenancies and cover any void utility costs. 

Extra revenue can be earned from each individual property that uses the Goodlord Switch feature and the service will also secure an affordable and green tariff for each property.

Additionally, in future all prospective renters will be automatically asked to fill in their details and provide key information when applying for a tenancy before it’s sent directly to agents to assess eligibility, reducing time spent on vetting possible tenants.

Tom Mundy, Goodlord’s chief operating officer, says: “There’s a lot that agents must do to prepare for the Tenant Fee Ban. The absolute priority is ensuring compliance, as they’ll be no scope to get this wrong. The second challenge for agents is to reduce costs and seek out new revenue streams to ensure their businesses remain viable after the ban.”