The Tenant Fee Ban is finally here and in a post-fees market, it will inevitably be letting agencies who take a traditional approach with a focus on high customer service, using modern streamlined technology that will be of huge value to landlords.
The introduction of the Tenant Fees Act is the most significant change to the private rental sector in recent years and landlords will need full service letting agents they can rely on. Landlords and agents can no longer charge tenants any fees up front for renting a property and whilst we expected this to be splashed all over the news on 1st June, it went pretty much unnoticed due to the fact that Donald Trump flew into the UK that morning!
Comprehensive, knowledgeable and personal service at a time of huge industry change when people need reassurance and expert advice will be key. The right tenant referencing, as well as sound contractual and operational systems have become even more important, as will remaining compliant with the new legislation.
With tenants no longer paying upfront fees, ensuring that all aspects of the move-in/move-out process (including notifying local councils and utility companies about tenancy changeovers and dealing with stray bills) are handled professionally and efficiently will be imperative and this is where elliswinters&co can help.
It is of course early days with regards to the true impact the tenant fee ban will have on both lettings agents and landlords although as predicted by ARLA when they were advising the Government on the effect of the Tenant Fee Ban, it is almost inevitable that rents will rise to cover any losses incurred. It is just a shame that the Government did not have the foresight to see this before the Ban was introduced.
If you have any questions regarding any aspect of letting your property, please contact any member of the Lettings team who will be happy to be of assistance.
