Specialist adviser to the private rented sector. Freelance Property writer TV property commentator Regular on GB News Civil & Commercial mediator
The Renters Reform Bill will soon be Law, it is not only the biggest shake-up of housing law in 30 years, it is also the biggest impact to letting agents' income streams in as many years For letting agents, however, this translates into a substantial disruption of their traditional revenue model. The most significant financial impact on letting agents arises from the ending of fixed-term tenancies. https://lnkd.in/eZiwW5gW
Stanley Strategic Consultancy LLP
4moI agree #JulieFord Agents service offerings have to change. I have a blog article coming out tomorrow on how the digitisation of the court system can also encourage agents to make a change. Instead of annual renewal of tenancy agreement fees I expect there will need to be annual review of the monthly rental charged as any increase will need to be 'evidenced' at the time of the increase in case the tenant disagrees and makes an application for a review to the first tier tribunal. Educating landlords and tenants on that legal process will of itself be required. We often found in practice that landlords needed to be educated on the full reasons why the monthly rent should be increased beyond his view of our charging rate for the new tenancy agreement created. As it is proposed at present the tenancy agreement can be amended with any new 'terms' so it is important for agents to review the tenancy as a whole at least once a year.