PlanetRent from Ringley Group looks to reduce the time and money letting agents spend on administrative and governance tasks.

Agents and landlords can face fines of up to £20,000 due to incorrect governance practices such as incomplete documentation, but automating these aspects can ensure that tenants receive the five documents required by law, and that safety certificates are up to date, among other measures.

Real-time reporting keeps buy-to-let landlords and build-to-rent institutional investors update on the performance of their portfolio.

The new platform connects landlords, agents, tenants, contractors, accountants and site staff by allowing access to a centralised portal, which houses legal documents, floorplans, property photography and other relevant resources.

This will allow landlords and agents to transact from the comfort of their own home, which could useful in the case of a potential second wave and lockdown in the UK.

In addition, PlanetRent can be integrated with existing accounting software, such as Sage and Xero, as well as being able to act as an outsourced accountant in itself, which can help agents save even more money.

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“Institutional investment is rewriting the rules of the rental market while consumers are demanding landlords provide more than simply a flat but genuine customer service too,” said Mary-Anne Bowring, group managing director at Ringley and creator of PlanetRent.

“For agents to remain competitive, they have to be on the top of their game and focusing on what really matters, which is driving deal flow, managing sub-agents and all the pieces in the process to deliver an enriched but simplified, seamless tenant journey.

“PlanetRent standardises, automates and simplifies the lettings process so backroom tasks can be automated as well as key areas like marketing, the tenant journey, distribution of information and reports, and compliance, allowing even smaller agents to become like a mini-Foxtons with a centralised admin department allowing staff to focus on revenue-generating activity.”

The latest residential market survey from the Royal Institution of Chartered Surveyors (RICS) showed renewed confidence in the rental market, with lettings agents reporting higher tenant demand and more buy-to-let landlords advertising properties.