PropTech repairs service Fixflo has published its latest annual report on the industry, based on information from over 400 lettings professionals around the UK.
The report - the fifth of its kind, and this time published in conjunction with ARLA Propertymark - includes a landlords survey for the first time.
Details of how to get the whole report are below but for letting agents, Fixflo issues a warning early on in its report that the industry is changing around agents “causing business models to be reviewed and, in some cases, rebuilt from the ground up.”
It says the ban on tenant fees is expected to have a significant effect on almost every letting agency in the UK “meaning that greater operational efficiencies are required.”
It adds that, based on its responses, the average full-time property manager is responsible for 140 properties, but there is a clear divide in capacity within the industry.
“Property managers working for companies that utilise technology manage on average 39 per cent more properties than those who don’t” it says, before asking: “Could technology help to preserve profit margins when revenues are squeezed?”
It says that the need for a professionally-managed lettings sector is no longer a ‘nice to have’ but has become ‘a must have.’
The report also covers losses agents estimate they will incur when the Tenant Fees Bill is passed, the effect of recent industry developments on agents’ ability and desire to trade, and the growing use of technology to increase capacity and capability within the private rental sector.
Rajeev Nayyar, chief executive of Fixflo, says in the document that he wants a more consolidated approach to regulation and standards in the private rented sector.
“The current patchwork of rules doesn’t help any market participant. Laws should be stable, clear and prospective so that people bound by them understand their rights and obligations. Sadly, our current situation falls far short of this standard” he says.
The findings of the Fixflo Report are available to read for free, although you have to register first - you can download the report here.