Simplify landlord life with fintech solutions

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A proud partner brand to The Mortgage Works, Nationwide’s Buy to Let lender, with over 30 years of experience, The Landlord Works has recently launched its free portfolio management tool to help landlords.

Most landlords seek to invest in property for long term financial security or extra income and some landlords simply fall into property management.

Regardless of the situation, most landlords wouldn’t turn down the offer of life being a little more simple where their landlord duties are concerned.

It’s looking like 2022 could be a busy and potentially challenging year for landlords. The government has announced the highlights of their plans to significantly reform the Private Rental Sector – we’re all eagerly awaiting the finer detail.

And, there is likely to be increased expenditure for landlords with older properties in the form of upcoming EPC changes.

Is it a coincidence that the latest landlord insights highlight an increase in landlords planning to sell property in the next 12 months (24%, up from 19% in the previous quarter)?

During a period where landlords are likely to experience the biggest changes for a generation, The Landlord Works believe all landlords can benefit from technology that manages property portfolio information in an easy manner and supports a clear and easy understanding of the profit and loss of properties individually and as a whole.

Keeping a grip on the finances

Managing the finances of a property portfolio isn’t an easy task. Most landlords seek to make 30% after operating expenses and of course, need to account for potential maintenance and repair costs. There are tax-deductible elements to owning and renting out a property, albeit not as beneficial as they used to be, despite this, these elements still require robust record keeping.

Access to a tool 24/7, that puts landlords in charge of their property portfolio through a simple dashboard can perpetuate confidence. Being informed about the financial performance and status of, often significant investments, is key to success and peace of mind.

Research also highlights the volume of financial decisions landlords are likely to take in the next 12 months:

• 68% plan to use a BTL mortgage to fund their next purchase
• 52% intend to purchase their next BTL property within a LTD company, and;
• 33% of BTL borrowers intend to remortgage in the next 12 months

Having access in real time to a portfolio status allows landlords to move at pace taking advantage of opportunities as they arise and mitigating losses before they grow to an unsustainable level.

Embracing fintech to simplify things

Open banking or open finance securely links specific financial information, like the transactional information for a current account to a trusted company via an Application Programme Interface (API). This allows trusted companies to present relevant and unique information for landlords regarding their finance – delivering an accurate, real-time picture of portfolio performance.

For landlords this type of technology has benefits extending far beyond viewing finances, it can deliver automation for a whole range of traditionally paper-based tasks and save money on costly accountancy fees.

Landlords aren’t traditionally early adopters of new technology, however, research shows that with a trusted brand and regulatory backing landlords feel safe to embrace new fintech developments and make their lives a little more simple.

Author bio: Paul Wootton is the Director of The Landlord Works – landlordworks.co.uk

It utilises a company called Moneyhub to deliver their open finance process. Moneyhub is an FCA registered company.

Research source: BVA BDRC Landlord Panel research Q4 2021.

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