Industry figures have declared the Renters Rights Act to be an opportunity for good agents to come to the fore.
The Act took effect from the start of this week with implementation dates for different measures yet to be announced by government – but there’s a widespread view that the controversial legislation is an opportunity for agents, not a threat.
Isobel Thomson, chief executive of safeagent – the UK’s largest not-for-profit accreditation scheme for lettings and management agents – says: “Landlords will inevitably be concerned about the implementation of the Renters’ Rights Act and the effect the reforms will have on their property portfolios.
“As long as landlords engage the support and services of a professional agent who is fully up to speed with compliance and processes, they will be well supported through the implementation phase. There is a lot of detail still to come as well as a clear timeline for the introduction of the measures contained in the Act. Landlords can be assured that in using an agent they will guided by professionals who know what they are doing and can advise accordingly.
“As far as agents are concerned, we would advise focusing on the actual detail when it is issued by Government, including timeframes for implementation.”
And Neil Cobbold, commercial director of Reapit, takes a similar line, saying: “Letting agents finally have certainty on what will change, but also tremendous opportunity to prove their value to landlords and tenants.
“The latest English Private Landlord Survey shows that only 4% of landlords are engaged in that role full-time, while around 45% own just one rental property. What that tells you is that many landlords are small-scale, part-time or self-managing. They will need professional support from agents more than ever to adapt to what is the biggest change to the private rented sector in decades.
“Reapit’s message to agents is simple: the value you bring will only rise with the compliance and knowledge burden the Act places on managing rentals. Those part-time landlords who make up the majority of the sector will struggle to cope alone as the regulatory demands increase, so agents who can position themselves as trusted and strategic advisers will become the partners of choice for landlords across England.”
