If you are a landlord in the UK (or thinking of becoming one) then you need to be aware of Hammock. It is a technology platform startup that will integrate with your bank account using open banking.
So why should you care about Hammock? Well it will help you with rent collection by monitoring the collection of your rents and it will also help you to manage expenses and track payments. You can also get analytical reporting live so that you can check on every rental property that you own.
Hammock receives £1 Million in Seed Investment
Hammock has recently raised seed investment to the tune of £1 million from Ascension Ventures and Fuel Ventures. It will use this funding to make further developments to its technology platform to provide even more benefits to UK landlords. The aim is to save landlords time and money and provide them with financial clarity.
Soon Hammock will release its current account regulated by the FCA. This will make it the first financial account online driven by the property market. The company has designed its platform specifically for property managers and landlords in the UK.
As the business develops and attracts more property owners it aims to extend its range of lending and financial services. The seed capital that the company raised is the starting point for their business growth.
How Hammock will help Landlords
There will be a balance sheet for every property associated with Hammock. Landlords will be able to save a considerable amount of time and be able to improve their efficiency and reduce uncertainty through the real-time insights provided by Hammock.
The founder and CEO of Hammock, Manoj Varsani, stated that the UK needs the service because there are more and more renters in the country each year. There is currently over £85 billion worth of rent collections every year in the United Kingdom.
He knew from experience that landlords spend a great deal of time and effort managing the finances of multiple properties. Rent collection can be a real headache and so can keeping the books straight for more than one property.
So he came up with the idea of Hammock which uses technology to solve these problems. The Hammock technology will automate many of the mundane tasks associated with property management and will provide landlords with immediate insight into the wellbeing of each of their properties (houses and flats).
Varsani see the Hammock technology as a win-win for the industry. It will help to make landlords more efficient and reduce uncertainty. The end game is to help landlords maximise their profits and save time. Savings can be passed on to tenants as well.
In the last year Hammock has listed over 1,700 properties on the platform and the technology is tracking over £7 million in rent payments. Varsani is committed to providing a service which will be invaluable to the 2.5 million landlords in the UK.
Should you consider Hammock?
If you are a UK landlord with more than one property then the answer is “yes”. Manoj Varsani was a landlord himself and he is well aware of the problems that they face. He used this experience to create the Hammock platform so that landlords can save time and money.
We believe that the platform will be successful as landlords and letting agents will find it very useful. It will work for you if you have a portfolio of properties (including HMO’s) and alert you of payments received and not received. Hammock is certainly worth considering.