Reducing operating costs for Landlords & Letting Agents
The Tenant Fees Ban has had its second reading in the House of Lords, and raises the fundamental question about how providers can demonstrate value in a globalised world, which is becoming increasingly digitised?
Start Planning Now
The ban is likely to result in loss of over 20% in revenue for agents, which for some could be literally the difference between staying in business, closing up shop. We would urge providers to act NOW and engage with our solution and not wait several months before the ban is in place.
My Backyard is a FREE global property listings platform, powered by blockchain. Launching in October, our platform will automate the due diligence process and add immediate value to all stakeholders especially private landlords and agents. Later, as we rollout Smart Contracts and Cryptocurrency, our solution will include paperless contracts and frictionless borderless payments.
How Does It Work?
To quote the digital strategist Accenture:
“Applied intelligence, working with blockchain, creates unprecedented opportunities to reduce the effort and complexity of doing business together. The result? Greater value for everyone.”
Banks like Credit Suisse have developed blockchain solutions specifically around the reference data management. Similarly, My Backyard is digitising the due diligence process to do away with the need for referencing costs and unnecessary delays.
Digitising Due Diligence
Digital Fingerprint – Blockchain has the ability to create a system that can capture all relevant information about a tenant providing them with their own digital fingerprint, such as ID, residence and employment history, bank details and adverse credit checks can all be recorded digitally.
Digital Passport – Blockchain has the ability to create a system where every property has its own digital passport, with all the information about this specific asset, such as title registration with recent owners, sales, prices, transaction dates, lease contracts, loans, maintenance contracts, and even the origin of the building materials and their condition recorded digitally.
Blockchain creates an ultra-secure environment for providers and consumers to transact.
Cost Effective Solutions
We want to see greater transparency in the market, to add value to providers, particularly through working with suppliers, to showcase products that can improve the day-to-day management of their property portfolios. My Backyard will be working with a wide range of suppliers including British Landlord Association to promote their products on our platform which will be accessed for FREE. The key area where My Backyard will reduce costs for providers is with the marketing of properties and networking.
Advertise Properties FREE of Charge
My Backyard is allowing all providers to upload their own listings directly, FREE of charge, using social media tools and instantly connect via our messaging, forums and because our platform is global there is potential to generate leads anywhere in the world. We believe that this is a huge upside from what currently exists in the market where web-portals can take days to result in a first viewing and listings are usually limited to in-country.
The Tenant Fee Ban is an opportunity for savvy providers willing to embrace new solutions and My Backyard can make a real a difference by reducing marketing costs. Our solution is the future way to advertise properties globally and for providers to find reliable buyers and tenants within real-time, 24/7. We are days away from going live and would urge all providers, especially private landlords and agents to trial of solution FREE of charge by registering now as an early adopter at: