Buy-to-let platform Getground has launched a property investment service designed to cut down on costs and time for new and experienced landlords.
It says its GetProperty hub combines a mix of data-led technology with property specialists to guide landlords throughout the buying process.
The platform, founded in 2020, says it uses its network of 1,300 businesses to match properties in a landlord’s preferred location, valuation bracket and target tenant demographic.
It also provides a range of service providers for BTL owners to select from, including conveyancers, brokers, letting managers and furniture suppliers while “ensuring all parties communicate openly”.
The platform says its system reduces costs, delays and cuts down on the risk of a transaction collapsing. It says in pilot tests the hub reduced spending by as much as 60%.
The firm says its GetProperty package includes pre-approved mortgages up to 80% loan to value, conveyancing as well as tenant, furniture sourcing and property management services. It also includes the setting up of limited companies, business accounts and tax returns.
The property tech firm says its packages have three levels of service.
A Self Starter entry-level package that is free to use and provides users with tips, advice and access to experienced service providers.
A Helping Hand mid-level package that brings together pre-approved mortgages, conveyancing and property management, which costs £1,588.
And a Peace of Mind premium package that expands on the services in the other levels to include mortgage broker and tenanting fees, as well as discounts on furniture, which costs £5,888.
The platform says a poll it carried out last month 77% of landlords said that the torturous process of buying a property eats into their appetite to buy, while 78% of them reported that at least one of their buy-to-let transactions had fallen through. Another 88% of BTL owners said cutting down on the time taken to complete a purchase is key to improving the buying process.
GetGround chief executive Moubin Faizullah Khan says: “Buying an investment property is a convoluted process made up of disconnected parts. It costs too much, takes too much time and comes with too high a risk of failure.
“It’s a failed system that’s hurting not just landlords and investors but the millions of people who rely on our private rented sector to be healthy, buoyant and active.
“GetProperty solves this. Whether a customer requires the education and confidence to invest, or signs up for our market-first packages of lending, conveyancing, incorporation and property management services, we’ll be there to make the experience better.
“In the last two years we’ve established a strong, loyal and expansive partnership network spanning more than 1,300 partners across the whole of the property investment market. GetProperty is a natural next step in GetGround’s development.”
GetGround says a survey of several hundred property buyers was conducted on its behalf in August.