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Xperience and Lettingsearch join FastTrak

publication date: Oct 25, 2010
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xperienceCompanies from across the lettings industry are coming together as they identify new business opportunities in the social housing sector. The movement represents a clear departure from the dismissive views of old as companies and landlords recognise the benefits that tenants from this sector can offer.

FastTrak developed the first solution that qualifies social tenants and provides protection to participating landlords.

Now, Xperience, the estate agency franchisor and lettings portal have confirmed arrangements with FastTrak.

Claire Kingsford, Field Manager at Xperience says, “The property market isn’t moving quite as we’d all hoped. But we’ve come to realise that there is a real business opportunity in placing social housing tenants in empty properties.”

Seventy-nine per cent of social housing tenants take tenancies of more than three years, whilst 60 per cent take more than five years; an attractive proposition. “The longer term tenancies are certainly a draw for our landlords, as are the enhanced rent values. Now landlords are coming to us for social tenants solely on this basis.”

Before joining FastTrak, their branches were reluctant to venture into this area as the process is often fraught with obstacles such as the means tested Local Housing Allowance. However, these obstacles are being addressed.

LDamon Thomas, MD of FastTrak, with approximately 300,000 unique users a month, will power the search function on FastTrak’s site, generating more leads not only from social housing tenants but also the increasing number of private tenants visiting FastTrak.

Martyn Sellick, Commercial Director at said, “By expanding our offering, we are allowing landlords to market their properties more widely with the assurance that they would have the same experience as with any other tenant.”

Damon Thomas, MD of FastTrak said, “We are delighted to be working with Xperience and Many agents are now surviving on their lettings business and it is even more imperative that they investigate alternative schemes.