The company, which aims to speed up the letting process, reduce void periods, and improve agent profitability, says it has seen revenues and headcounts increase sharply during the pandemic, including doubling its workforce in the past 12 months. It is also looking to boost its ranks in the Scottish capital.
Let Tech Solutions added that with some areas north of the Border seeing rental prices soar at a faster rate than anywhere else in the UK, letting agents across the country have turned to digital tools and applications to allow them to continue to run their businesses and survive lockdown.
The firm, which now works with more than half of all property-managers in Scotland, and has more than 1,000 letting agent customers throughout the UK, added that to drive further product innovation and support expansion into the English market, it has invested “heavily” in creating digital tools and solutions since March 2020.
Let Tech Solutions operates Lettingweb.com, which is billed as Scotland’s largest independent marketplace for properties to rent, while it also said clients of its River Letting Process Management (LPM) platform, for example, “have reported a significant reduction in cost and time to let a property, accompanied by improved efficiency, and enhanced communication between tenants, agency staff, and landlords – all while reducing the environmental impact”.
River’s sister product MyRentalCV “has also witnessed large gains in the past year, with sign-ups tripling during the past nine months alone”.
The proptech firm also said that if the UK property sector were to move away from multiple in-person viewings and meetings to a more digital process, the industry could remove as many as 410 million miles of travel – equating to the carbon dioxide output of 11,800 homes.
Let Tech Solutions founder Alex Watts said the firm is “excited” to be expanding into England. “Attacking the letting process and questioning the status quo has really challenged us to reimagine what the sector could look like and help make improvements to the benefit of both renters and agents... there are some really exciting innovations in the pipeline.”