Prop247: What London Landlords Need to Know About This New Online Lettings Platform

A New Player in Lettings: Understanding Prop247’s Offering

Prop247 has entered the London and Edinburgh lettings scene aiming to shake up traditional agency models. By charging a flat 7.5% management fee—significantly lower than many high street agents—and leveraging technology such as 24/7 tenant booking and real-time maintenance tracking, it promises greater transparency and efficiency.

For landlords, this means potentially reducing overheads while gaining instant notifications and automated coordination of property management tasks. The platform’s emphasis on tech-driven service could suit landlords who value speed and digital convenience.

Why This Matters to Different Landlord Profiles

• Single-unit landlords may appreciate cost savings and reduced time spent coordinating viewings and maintenance.
• HMO operators should consider how Prop247’s automated maintenance tracking can help meet stricter health and safety compliance requirements.
• Portfolio landlords might benefit from streamlined management dashboards but should assess whether the platform can scale to their diverse property types and tenant needs.
• Accidental landlords looking for hands-off management could find the 24/7 tenant booking and instant updates particularly useful.

Compliance Remains the Landlord’s Responsibility

While Prop247 offers automated coordination, landlords must remember their legal obligations under tenancy laws remain unchanged. This includes:

• Ensuring all safety certificates (gas, electrical, fire alarms) are in place and up to date.
• Responding promptly to repair requests, even if routed through a platform.
• Maintaining clear records to demonstrate compliance.

Landlords should carefully review Prop247’s terms and service levels to ensure these responsibilities are supported adequately by the platform.

Practical Steps to Take Now

1. Review the Terms: Obtain and scrutinise Prop247’s full terms and conditions, focusing on compliance support, data security, and liability clauses.
2. Trial the Platform: Where possible, pilot Prop247 with one or two properties to assess usability, tenant response, and operational impact.
3. Compare Fees and Services: Benchmark the 7.5% management fee against your current agent’s fees and services, including hidden costs.
4. Check Regulatory Alignment: Confirm with your local council or property compliance advisers that Prop247’s processes align with regional tenancy regulations.
5. Prepare for Change Management: If transitioning, plan tenant communications and internal workflows to accommodate the new platform’s features.

Looking Ahead

Prop247 currently operates in London and Edinburgh, with plans to expand. Landlords should monitor its geographic growth and additional features, such as integration with inventory providers or enhanced tenant screening.

How Rentals & Sales Can Help

Our team offers tailored portfolio reviews and compliance audits to help you evaluate whether Prop247 or similar platforms fit your landlord strategy. We can assist with pricing strategy comparisons and operational workflow redesign to maximise efficiency and compliance.

Compliance note: This article provides general information and should not replace legal advice. Landlords should consult qualified professionals regarding regulatory obligations and platform-specific risks.