Property self-management soars during COVID lockdown.
Known as the ‘AirBNB of long term rentals,’ the innovative PropTech app, Instarent, has seen exponential growth during the COVID -19 lockdown, reporting a 400 per cent increase in users during March/April 2020.
These figures indicate that the financial strains of the global pandemic have caused Australia’s property investors and landlords to investigate new ways to cut costs and streamline the management of their investment properties, with many turning to self-management.
Self-management is not a new concept, in fact, 32 per cent of the Australian property market is self-managed – that’s more than 1.2 million properties. Designed specifically for this market segment, Instarent’s unique technology is becoming more and more popular as landlords understand the benefits of self-managing their property, with the support of Instarent.
“During the first COVID-19 lockdown in Australia, we identified a significant increase in landlords looking for alternative options to manage their properties, outside of the traditional ‘real estate agency’ method,” says AJ Chand, CEO and Founder of Instarent.
“From our research, we discovered that this shift was largely based on landlords’ urgent need to reduce overhead costs and boost their cash flow. Second to this, we found that landlords were also hoping to ensure vacancy rates were lowered by utilising additional services outside of the traditional leasing options.”
Launched in 2018, Instarent is already one of Australia’s fastest growing PropTech companies, and is the first fully integrated online solution for property owners to manage their own investment properties. It is a ‘set and forget’ end-to-end solution that manages and facilitates the entire property management ecosystem by automating the process for tenants, agents, landlords and tradespeople.
Landlords can control all of their finances from one place and rent and manage their properties without a property manager; tenants can search for properties and communicate swiftly and easily with their landlords. The app also makes for seamless communication between landlords, tenants and even tradies.
Instarent is designed as the solution to all of landlord’s ‘pain points’, including selecting the right tenant, conducting background checks, listing properties and creating tenancy agreements – all for a minimal monthly fee. In fact, in response to the struggles landlords have been facing due to COVID-19 and retaining tenants, Instarent products and services are currently free of charge to landlords who are looking for tenants.