Why You Need to Rent Through a PropertyLoop LandlordWritten By PropertyLoop October 04, 2021
What Checks Do We Do on Our Landlords?
Recent figures provided by the National Residential Landlords Association have shed light on how widespread rogue landlords could be within the private rental sector, pointing to the government’s own statistics on the matter. Official statistics show that there could be as many as 10,500 rogue landlords within England, yet only a mere 43 landlords have been currently entered into the national database of rogue landlords.
The PropertyLoop platform puts the renter at the heart of everything, we are everything a traditional letting agent has been proven not to be time and time again, above all we want to bring honesty and simplicity to renting and that means ensuring our rental community is safe for everyone.
Is My Security Deposit Protected?
Recent research carried out by Shelter has shown that 19%, or one in five, student renters had their security deposit taken, yet was never entered into a government-approved deposit protection scheme. While full-time students may be somewhat synonymous with tenancy deposit deductions and disputes, unfortunately, they are not the only renters that are subject to landlords not protecting the security deposits.
Typically, renters will be required to pay their landlords around five weeks’ rent before moving in to act as a security deposit. Aside from being a high upfront cost to renting, if the deposit is not protected then there is no guarantee that the tenant will see these amounts returned at the end of the tenancy.
Further to this when disputes arise the deposit protection scheme will act as an intermediary party, and whilst the dispute resolution service will also protect the interest of the landlord alongside the tenant’s, a fair process and ruling is ensured.
With PropertyLoop we remove any chance of your money going unprotected. We take a security deposit on behalf of our private landlords and enter the full amount provided into a government backed deposit protection scheme. Come the end of the tenancy once the amount that will be returned to the tenant has been agreed by both parties, the relevant sums will be refunded within 10 days!
Are There Landlord Identity Checks?
Although practices of offering a rental property that the “landlord” does not have the right to rent is typically found across social media channels or forums, they still affect aspiring renters nonetheless. Our rigorous identity verification process sees multiple forms of landlord identification be scrutinised, bringing complete transparency to the offer process, preventing fake landlords from disappearing with unwitting renter’s deposits and initial rental payments.
When letting a rental opportunity with PropertyLoop tenants can rest easy knowing that the identity of their future landlord has been verified, meaning offers and deposits can be sent in full confidence that the process is being handled professionally.
Stopping False Advertising of Rental Property
Tenants don’t have to look far to see outdated, misleading, and outright false listings. These bait and switch tactics have been standard practice for some landlords and letting agents for years, seeing renters fall prey to deceptive measures in order for agents to pocket their next commission.
When advertising with PropertyLoop owners are prevented from creating multiple listings of the same property, posting false property listings, or advertisements that do not accurately deposit the current state of the rental opportunity, with such listings being removed from the platform in full.
We ensure that tenants are able to confidently proceed into each tenancy, ensuring that every landlord provides their tenants with the appropriate documents they need to be fully informed about the process and their future home for the lifetime of the tenancy. Owners are unable to execute a new tenancy with PropertyLoop unless they have given their future tenants a valid Energy Performance Certificate, Energy installation Condition Report, Gas Safety Certificate, appropriate property Licenses, a correspondence address, details of the head lease, and the Non- Resident Landlord Scheme if applicable.
No Unfair Terms in Tenancy Agreements
Tenancy Agreements with PropertyLoop ensure that both renters and owners are fully protected and compliant with current renting laws and regulations throughout the lifetime of each tenancy. Historically some landlords have implemented unfair, bias or discriminatory clauses within their agreements, leading to sudden rent changes and even evictions. With PropertyLoop these will be completely absent from all agreements, allowing renters to be comfortable and safe in the knowledge they won’t be subject to any unfair conduct.
Does a Landlord Need to Provide Proof of Ownership
We ensure that anyone listing a rental opportunity on our platform is the legal owner of the property. If this is not the case the property will not be advertised with PropertyLoop.
This protects renters, ensuring that they receive a rental that is fully compliant with regulations and that they will have a formal rental agreement, clearly detailing their rights and responsibilities during the tenancy. Moving into a new home should be an exciting journey, so when it transpires the owner of the property doesn’t know you’re there, tenants can expect a turbulent future to their tenancy.
Renters Are Never Alone
The PropertyLoop platform aims to create a transparent renting community, bringing renters and owners closer together than ever before. This means renters don’t have to wait days for a response to their request for essential repair and issues within the tenancy can be resolved seamlessly.
In times where the tenant needs some extra assistance, PropertyLoop will always be on hand. We have created an ecosystem of comprehensive support, allowing all renters to have access to detailed, actionable guidance throughout their entire rental journey. This support is available to tenants 24 hours a day, 365 days a year at no cost; because we believe renting should be easy for everyone.
PropertyLoop is the world’s first commission free lettings platform. Our platform allows landlords to advertise their rental, reference tenants, curate an agreement, register the deposit and collect rent completely for free! There are no hidden charges, upfront fees or any catches.
Built by experienced property investors and landlords, PropertyLoop connects renters with the owners directly. Your property is featured on all major search and comparison portals as well as advertised by PropertyLoop everywhere else on the Internet. You don’t have to worry about finding good renters, that’s the job for the platform. Receive offers straight to your mailbox and select the renters that are right for your property. Need access to the busy London property market? No problem at all! PropertyLoop is a London market specialist with years of experience and unique knowledge. Whatever your needs are, you can always speak to friendly support staff. Renting property is made as simple as one, two, three.