Complying with new regulations, suggested by the Regulation of Property Agents (RoPA) working group, could have a significant impact on the workload of letting agents.
Roby.ai, an Artificial Intelligence (AI) assistant, says agencies need to consider how they can factor in the additional responsibilities alongside their existing obligations and the needs of their business.
Proposed regulations include a new industry regulator, stricter licensing, a Code of Practice and mandatory qualifications.
“These new requirements will benefit the industry in the long-term, discouraging rogue operators and contributing towards raising the public perception of agents,” says Tom Reiss, CEO and co-founder of Roby.ai. “In the short term there will be additional work involved, some agents will feel under pressure to comply in time, not to mention additional costs.”
The new rules will benefit the industry by discouraging rogue operators and raising the public’s perception of agents.
Agents can use automation to save time on administration which will give them more time to understand the new regulatory framework set out by RoPA, improve customer service and target new landlord business.
“So many parts of the lettings process can now be automated, reducing repetitive tasks staff have to carry out and the scope for human error,” says Reiss. “Using AI to automate large parts of the lettings process can help agents to stay on top of day-to-day business, prepare to comply with the new regulations and stay up-to-date with existing legislation.”