Jul

What’s the catch? Platform offers to pay tenants’ annual rent in advance to landlords

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Upfront rental platform Wectory is looking to link up with more letting agents as a way to address the shortage in rental properties.

With growing numbers of landlords quitting the sector, it believes offering up to a year’s rent in advance is one way to encourage them to stay put.

Head of sales Jamie Osborne (main image) tells LandlordZONE: “We already work with thousands of single and multiple property portfolio landlords and are now looking for more letting agent partners who have already done their due diligence such as anti-money laundering checks on tenants.”

Increased rent, record inflation and the basic cost of living crisis are all set to cause a potentially damaging loss of earnings for letting agents and landlords, driving suitable accommodation further out of the reach of many, says Osborne.

Landlords

“Our aim is to provide agents with something new, easy and free to use to protect their stock. We can help our partners attract new landlords, increase stock and provide a new timely service to existing clients.”

Its partners often see landlords renewing their tenancy agreements ahead of schedule to secure a larger advance, he explains. “This in turn means more security for the tenant, more fluidity for the landlord and their ability to increase their portfolio and more properties for the agent to manage and let on their behalf.”

Wectory also offers reward schemes for partner agents using its services as well as the option of providing management fees upfront to improve cash flow.

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