Prior to the global pandemic which has, and will have, severe economic consequences, the property industry was taking strain. The Urban Real Estate Research Unit, based at the University of Cape Town, had concluded that the vacancy costs for a landlord had increased from 6 months of lost income to 18 months by the beginning of January 2020. This, together with rising operating costs and increased rates and taxes, has meant that landlords need to find more efficient ways of filling their vacancies, together with reducing the cost in doing so. Fears are mounting that the impact of Covid-19 could potentially result in thousands of job losses with businesses closing and vacancy rates spiking sharply. However, these changes are cyclical and structural and as some businesses close, other new industries are created. It is anticipated that the Covid-19 pandemic may just have accelerated the disruptor effect and that certain technology changes and shifts in behavioural patterns may occur sooner. This may well be the case for remote learning, online shopping etc., but it will still be important for humans to socialise, party, attend shows and other recreational activities.
The need to save costs and fill vacancies, albeit with post pandemic businesses, will be of paramount importance to landlords. Potential tenants who have become accustomed to utilizing online technology will immediately see the benefit of utilising technology to view new spaces and make online offers.
Quoin Online has been developing technology over the last three years which will assist landlords by reducing costs with an automated online transactional platform that is tailored to their brand. This web based system is designed to market the sale and rental of properties. It allows online offers to be made to landlords through the site and increases the efficiencies of landlords and brokers. The time taken to market new vacancies is greatly reduced as the vacancies are updated in real time. Offers are submitted online reducing time and allowing potential tenants the ease and efficiency of finding and negotiating premises from the comfort of their devices and within their own time.
Users are verified through an internal, automated, FICA app and credit checks are carried out online. Integration with the landlords’ property management system results in seamless data population with reduced time and efficiencies.
In a market where supply is going to outstrip demand, the ability to be first to market, have reduced costs in marketing and commissions and allow potential tenants ease of access, will be the difference between success and failure.
See our transactional website: https://www.quoinonline.co.za/
