Agents are being invited to have their say on industry matters in a new survey.
The annual Fixflo lettings report is now in its sixth year, when the repairs software provider calls on industry input into the state of the ‘lettings nation’.
Last year’s report uncovered some alarming findings in the private rental sector.
Of the 400+ letting agents surveyed, nearly 70% estimated that the tenant fees ban would cost them up to 20% loss in revenue, while 48% said that they have to consider whether or not to continue operating their businesses.
Are there signs of consolidation in the agents in your area? Three months after the ban was implemented, how has it affected your business?
Do you have concerns about the regulation of all property agents and mandatory qualifications, both on the horizon?
Agents are urged to take part in the survey, which is open until September 27.
Comments (6)
Shadow Chancellor John McDonnell says a Labour government would bring in a Margaret Thatcher-style ‘right to buy’ scheme for private tenants.
In an interview over the weekend with the Financial Times, McDonnell said he also wanted to burden landlords further with unspecified taxes as the party gears up for a possible snap election prior to the UK leaving the EU on October 31st.
Labour’s plans for a private rental market Right to Buy scheme would see tenants able to buy their rented homes at a below-market value set by the government.
Please switch the light off on the way out!
Well, getting a 6 month contract from a “let only” landlord just got harder. I was refused unless I wanted to take 12 months.
Hmmm! The Law of Unintended Consequences!
As a landlord who self manages I have to say it has made it much more difficult for those tenants in a poorer positions. I now will only do a viewing once I am happy the prospective tenant is likely to be suitable. I send out a much more intrusive and comprehensive application form to initially assess the likelihood of tenants passing referencing prior to applyiing for references; which causes a slight delay. It also gives me more information to assess if a prospective tenant is lying thus helping determine if I can recover my costs. If they don’t pass or I can’t take insurance then there is no way I will consider them. Previously I would have been a little more lax giving perhaps some of the more marginal applicants a chance. Now I paying the costs I do not want to have to change tenants might not be quite upto scratch. I have increased rents a little as well to try and cover the costs. Has it helped anyone? only made me sharpen up my approach and it eliminates poorer tenants. Well done Shelter keep working against the people you allege you help!
Never been so good…tenants are staying put so less work required. Management fees are up 2%, rents are up 3% (and we get 12% of that too). I now charge for everything I can from the Landlord who will either wise up and increase their rent or leave. The shortage in stock will again increase the rent.
That sounds a bit glib. The last thing we need is landlords leaving – so whilst fee increases are on the table, and rents are definitely on the increase, for myself – I’m still waiting to see how it all pans out. Brexit is still unsettling everything, so there are too many factors in play at the moment. I don’t think we’ll be able to draw any conclusions till the new year.
We’re letting more properties now, but the cash flow is delayed until move in which is a pain. There’s been an increase in application withdrawals – we hardly had any before. At least with Lettings we get paid immediately, unlike Sales with some Conveyancers who still insist on paying by cheque! Tenants expectations seems to have increased also with plenty of self entitlement. (bless em). Has the good will towards tenants disappeared? Some local agents have sold up, been acquired, but no one is expanding otherwise. There’s no new jobs being created. Landlords are paying more, (with some selling up), but despite radically cost cutting beforehand, and the extra revenue currently being charged, it doesn’t cover the loss from the TFB. I’m £6k a month down and it’s hurting. Time to close a branch? Maybe. Consolidation instead of expansion in order to survive.