The 24 year old head of an online lettings platform called Bunk says it’s up to letting agents to show they “still hold some value in a world where technology and innovation will undoubtedly render them obsolete.”
Tom Woollard, co-founder and chief executive of Bristol-based Bunk, has issued a statement packed with accusations about traditional agents.
He says: “For far too long letting agents have essentially been writing their own rules when it comes to the fees they charge tenants for all manner of things, and as a result, it has left a very sour taste in the mouths of many in the rental sector.
“The ban on tenant fees is undoubtedly a step in the right direction as we now have a clear piece of legislation that letting agents, landlords and tenants can all adhere to with a good level of accountability when this isn’t the case.
“Until this point, the majority of letting agents have essentially been taking extra money above and beyond any justified fees for no additional work and so the thought that they might try and recoup this ‘lost’ revenue through rental hikes or any other means is quite laughable.
“Only time will tell if this does happen and there will no doubt be a knee-jerk reaction of some sort by the industry.
“Hopefully it will act as a catalyst for the sector to stand up and show it can provide a good service for a reasonable fee, and that letting agents still hold some value in a world where technology and innovation will undoubtedly render them obsolete.”
Founded by three university graduates and based in Bristol the platform claims it will “help landlords minimise costs, which they can no longer recoup through fees, whilst making the whole process simple and affordable for renters.”
“Unlike most agents, we don’t need to increase landlord fees. As other agents go down that route, we are passing real savings onto our customers across the UK” pledges Woollard.