Vouch, the low-cost refencing app, has saved letting agents and landlords an estimated £1,000,000 on tenant reference checks, within 10 months of launching the platform. The firm has also experienced a surge in letting agents and landlords using the platform, with recent new client wins including multiple branches of Belvoir and Northwood, Morgan Randall, Regal Lettings, Lenwell and Sotheby’s Realty.
Vouch automates much of the referencing process and estimates savings of up to 85% against the cost of a typical reference. Vouch also has a built-in capacity for income generation from utilities and broadband, providing a valuable service to tenants by helping them get moved in quicker and providing agents with an additional revenue stream.
Vouch was developed by a successful, family-run letting agent, to help manage and simplify the tenant application process within their lettings business, based in South West Sheffield.
Simon Tillyer, Director of Vouch comments: “We are delighted with this early success and feedback from agents and landlords has been very positive. Our research shows that many agents are seeing our referencing platform, together with our insurance and utility packages, as a financial solution to the upcoming ban on letting agent fees.
“For agencies like mine, the fee ban poses a serious threat to our viability. Industry experts have estimated it could lead to up to 4,000 jobs being lost from the industry. Higher costs may end up being passed onto tenants through higher rents and in the worst-case scenario, others could be forced out of the business, deepening the housing crisis.
“However, we believe there is another way. Other industries have been much quicker to take up new technology as a means of streamlining processes, cutting overheads and delivering smarter services to their customers and the property industry is catching up.
“Vouch offers agents and landlords a fully automated, web-based system delivering significant cost savings, via a comprehensive, time-saving solution. Technology and applicants perform the tasks, meaning that agents simply monitor progress. Vouch creates efficiency in the tenant application process and improves business-wide productivity and profitability.
“In addition, Vouch can also help agents and landlords supplement their revenue by providing them with commission on a range of media and utility packages, offered to all tenants signing new leases. We designed Vouch to simplify the tenant application process and help agents and landlords save money and benefit from a passive income stream.”
Stephanie Hilditch, Head of Property Management & Compliance at Julian Wadden Property Management comments: “We have been using Vouch for a good few months now and we are really pleased with how easy the platform is to use for both us and our tenants, which helps to speed up the process.
“In addition to improving efficiency and the speed in which we can move tenants into a property, the cost savings in our referencing expenses across the business have been a massive factor for us, alongside the added commission earned from various different income streams. The dashboard makes it really easy to see where the application is up to and the team at Vouch have been great to deal with.”
Vouch costs just £5 per full reference, no set up costs, no contract, no risk. Vouch is approved and accredited by ARLA.