A new landlord management platform which pays tenants to find replacements is launching soon.
Online lettings community Mashroom is aiming to change the way tenants find their next home in large cities by rewarding outgoing tenants with up to one week's rent for carrying out viewings and liaising with potential renters.
The platform says that, as well as the 'obvious perks' for renters, Mashroom also has a range of benefits for landlords – in particular ease of use, cheaper fees, reduced void periods and increased communication.
The platform works in the following way. Upon a change in tenancy being confirmed, the landlord can instruct Mashroom – at which point either the landlord or the existing tenant can upload property details and images (which must be approved by the landlord) to the online platform.
Mashroom then advertises the property on the major portals, with the outgoing tenant managing enquiries and viewings with interested parties on the platform. When the landlord has accepted an offer from a new tenant, Mashroom says it makes the necessary checks before the landlord and new tenant sign a tenancy agreement.
Once the new tenant has moved in, the outgoing tenant receives their financial reward and the landlord, in theory, can enjoy a quicker turnaround of tenancies as well as lower ongoing management costs.
“By redistributing platform income to tenants and saving landlords money, Mashroom creates an integrated community that will produce a behavioural shift in the way people find and let their properties in large cities,” Stepan Dobrovolskiy, Mashroom's founder, said.
"The current system of tenancy changeovers can be expensive and slow with a lack of transparency and communication between landlords, tenants and intermediaries. By getting the outgoing tenant involved in the process, and rewarding them for doing so, we feel our lettings community provides a much-needed solution to a long-standing problem."
He added that not only does Mashroom save landlords money while rewarding departing tenants, it also speeds up the rental process for all parties, as well as allowing the incoming tenant to gather key information from someone who has already lived in the property.
Mashroom is launching soon and is currently inviting landlords to help trial its system at no cost before general public availability.