Over the last 10 to 15 years, letting agents have faced ongoing changes to legislation, new regulations and red tape. The latest proposed change, the tenant fee ban, has caused quite a stir in the industry and those who had hoped it may fall by the wayside will have been disappointed to see it outlined in the Queen’s speech on 21st June.
It has been estimated that between 10 to 25% of letting agents income could become wiped out if the bill was to be introduced, with ARLA’s Capital Economics Report ‘Letting the market down?’ unveiling that tenant fees currently make up around a fifth of an agent’s income.
So what does it mean for you as a letting agent? We have spoken to fellow letting agents, landlords and industry insiders from across the country, on how they are preparing for the proposed changes and suggestions for sourcing new ways of income. Here’s 5 of our top picks: