Properties are a fantastic investment opportunity and renting is always a viable option for those who cannot afford to buy a property of their own. Managing properties however, can be a pain and although they are a great investment, they can also be very stressful to maintain and organise logistically. This is where Legislate can step in and help, to make the process less stressful and easier for you so you can simply enjoy the benefits.
What are some responsibilities of being a landlord and how can Legislate help?
Being a landlord can be costly and the paperwork can take up a lot of time, which is a common complaint from landlords. Creating tenancy agreements is one of the responsibilities as a landlord and Legislate can help make this process easier. It can be difficult knowing what agreement to use as there are so many different types out there. Additionally, when renting out a property, you will need a number of different contracts for that single property. Instead of keeping track of all the different contracts you need and keeping them updated as legislation changes, you can access lawyer approved templates on the Legislate platform at a reasonable cost, saving you both time and money.
How do knowledge graphs help?
Knowledge graphs can store useful information about the contract such as the start date, end date, completed date, what team the contract is a part of and who is a party of the contract. These facts can be used in calculating contract metrics (which are discussed below) and allows the potential for future projects surrounding contract parties. Knowledge graphs also store the contract field values, which can be used in future features of Legislate. They are a flexible way of storing data, in an interconnected network which allows deeper insights to be formed and allows us to focus on contract specific metrics like those discussed below.
What other insights can Legislate provide you with?
Legislate can also provide you with insights that you may overlook. When you log into the platform and access your team, you will be able to view metrics about your team. At the moment, we currently only have metrics describing contracts in your team. Some of the things that are shown are how long it takes for a contract to be completed, how long it takes until a contract is signed, and how many contracts are in each stage (draft, details saved, signed, completed).
Legislate is currently working on contract specific metrics to show insights about the type of contracts within the team. This means that as a landlord, you will be able to see the total rent of all your properties within a team, and a chart showing the distribution of the rent of the properties within your team, and how many properties fall into each category. Knowledge graphs allow us to form these insights and this is just one of the things we are currently working on- there is potential to do so much more.
What do landlords who have used Legislate have to say about the platform?
Landlords love Legislate because they appreciate how much time Legislate saves them, it also removes the need of having to review contracts every year because Legislate contracts will automatically be updated if legislation changes. The pandemic has also shifted the way people work and has meant a lot of people prefer to do things virtually. Since Legislate is web-based, negotiations and conversations can happen through the platform itself; it has proven to be a great way of sorting tenancies without the process of having to meet tenants in person. Having several rental properties means that Legislate only saves you more time, the platform is also very easy and intuitive to use making it simple to use for both landlords and tenants.