Goodlord has enhanced one of its products in preparation for the Renters’ Rights Bill, which is expected to become law in the near future.
The updates to the PRO Referencing service include an ID Upgrade, designed to streamline Right to Rent checks and minimise fraud. The provider states: “[This] ensures agents and their landlords can benefit from UK government-accredited Right to Rent checks and offer International ID Checks with biometric facial recognition, providing an additional layer of assurance.”
Another key update is the enhancement of Automated Sanctions Checks. From 14th May this year, letting agents will be required to verify whether prospective tenants appear on the UK’s national financial sanctions list and report any matches or concerns to the Office of Financial Sanctions Implementation (OFSI). Goodlord asserts that its update will remove the need for manual checks, enabling agents and landlords to meet these stringent new requirements efficiently.
Previously, such checks were only mandated for monthly rents exceeding €10,000. Under the new regulations, they will apply to all tenants, and failure to comply could result in substantial fines.
The Director of Referencing at Goodlord comments: “The lettings industry is experiencing a significant regulatory shift with the introduction of the Renters’ Rights Bill. These new financial sanctions regulations add further complexity. At Goodlord, we are dedicated to making compliance as seamless as possible. We provide agents with the necessary tools to stay ahead of these regulatory changes, reduce risk for themselves and their landlords, ensure compliance, and eliminate an additional operational burden.”
(source https://www.lettingagenttoday.co.uk)
Who are Goodlord
Goodlord has positioned itself as a forward-thinking and reliable provider of lettings and property management technology. Its commitment to streamlining compliance processes and reducing administrative burdens for agents and landlords is evident in its latest updates.
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One of Goodlord’s standout features is its PRO Referencing service, which includes biometric ID verification and government-accredited Right to Rent checks. These features enhance security and mitigate fraud risks, offering peace of mind to letting professionals. The recent implementation of Automated Sanctions Checks is another positive step, ensuring agents remain compliant with evolving regulations without the hassle of manual verification.
Users appreciate Goodlord’s user-friendly interface, simplifying traditionally complex processes such as tenancy agreements, referencing, and rent collection. The platform integrates well with existing property management systems, making it an efficient solution for busy professionals.
However, some users have reported occasional delays in referencing results, which can be a concern in a fast-paced rental market. While Goodlord continuously refines its services, improvements in processing times and customer support responsiveness would further solidify its reputation.
Overall, Goodlord is an invaluable tool for letting agents and landlords navigate an increasingly regulated market. Its proactive approach to compliance, coupled with its innovative technology, makes it a highly recommended solution for those seeking efficiency and reliability in the rental sector.
