Falling property prices and difficulty in obtaining mortgages have sparked a prolonged rentals boom in the Northern Ireland housing market.
The latest survey from the Royal Institute of Chartered Surveyors (RCIS) show that prices in Northern Ireland are still falling, this coupled with buyers struggling to get banks to lend to them and vendors unable to sell, and more and more people are instead turning their attention to the property rental market.
Traditionally spring sees a spike in new applications and enquiries from potential tenants looking for rentals, and this has lead to one Warrenpoint software development company seeing a rise of 58% in its number of managed properties since this time last year.
K-Point Internet Solutions has developed an online property management system called RentPro which helps busy professionals and private owners manage portfolios effectively as it drastically saves them time and money.
Co-Director, Brian Murphy says, “The reason for the increase is in part because the product significantly cuts the amount of admin time agents have to spend on each property by on average 80-90 per cent by automatically flagging which tenants are in arrears, tenancies that are due to expire and safety checks that are due”
The rental property software also speeds up the marketing process for vacant properties by generating property brochures and automatically uploading the properties to popular online portals, such as Property News, and the agency’s own website.
Letting agents across the UK and Ireland have already seen RentPro slash hours of work off some of their most labour-intensive tasks, enabling them to keep up with the fast-paced market.
Eamonn McGlinchey of Midas in Derry said, “I started my Letting Agency 4 years ago and like many start up businesses I stored my information somewhere between spread sheets, word documents and filling cabinets. Initially it worked well however as my company started to grow this system just wasn’t practical. That’s when I found RentPro and it all changed. RentPro manages my admin, accounting and reporting within one application, I can now dedicate my time to what’s most important - keeping my clients happy.”