SCOTLAND’s leading PropTech group, Let Tech Solutions, is building upon its recent growth witnessed over the last year and is expanding into England for the first time.
The company, which now works with more than half of all property managers in Scotland, has seen revenues and headcounts increase sharply during the pandemic, including doubling its number of employees in the past year. With some areas in Scotland seeing rental prices soar at a faster rate than anywhere else in the UK[1], letting agents across the country have turned to digital tools and applications to allow them to continue to run their businesses and survive lockdown.
To drive further product innovation and support expansion into the English market, Let Tech has invested heavily in creating digital tools and solutions during the pandemic and has offered a vital digital lifeline to letting agents, who have had to battle with reduced staff and restricted operations for the past 18 months.
These innovations not only support letting agents but greatly improve the whole letting process for renters. Clients of its River Letting Process Management (LPM) platform, for example, have reported a significant reduction in cost and time to let a property, accompanied by improved efficiency, and enhanced communication between tenants, agency staff, and landlords – all while reducing the environmental impact. River’s sister product MyRentalCV has also witnessed large gains in the past year, with sign-ups tripling during the past nine months alone.
Looking to expand operations across England, Let Tech highlights that if the UK property sector were to move away from multiple in person viewings and meetings to a more digital process using platforms such as River LPM, the industry could remove as many as 410 million miles of travel to and from meetings[2], reducing greenhouse emissions by 95.3k tonnes per year – the equivalent CO2 output of 11,800 homes.
Alex Watts, founder at Let Tech Solutions, said: “It has been an intense 18 months for us as we’ve been working around the clock to develop and improve technical solutions in record time to help clients quickly adapt to the “new normal”. I’m tremendously proud of what the Let Tech Solutions team has achieved and we’re excited to be expanding into England for the very first time. The impact of River’s digital tools on letting businesses across Scotland is immediate and the positive feedback from our clients has really kept the team motivated and focused on making letting better. There’s no reason why we can’t replicate this success south of the border.
“The development process has been iterative and collaborative, working closely with our clients to understand what works and what needs refined. Attacking the letting process and questioning the status quo has really challenged us to reimagine what the sector could look like and help make improvements to the benefit of both renters and agents. We continually look at how we can improve River LPM and are now at a point where we feel the product and time is right to share it with the rest of the UK industry. There is always more to be done, but much has been achieved and there are some really exciting innovations in the pipeline.”
To enable further product innovation and to seize the opportunity of new markets, Let Tech is looking to further add to its team, recruiting for roles in its software and sales teams based in Edinburgh. Candidates who think they can help on the exciting journey of digitizing an entire industry are invited to apply for jobs via the company’s website (https://www.lettechsolutions.com/work-for-us) with the business looking to take on successful candidates for an immediate start.
[1] Property data from ECA International (ECA): https://www.scottishhousingnews.com/article/glasgow-sees-uk-s-highest-rental-increase-as-prices-soar-by-73-per-month
[2] Data from Pupil: https://propertyindustryeye.com/virtul-viewing-will-help-save-the-planet/
