A third of letting agents say they haven’t taken any concrete steps to prepare for Renters’ Rights Act implementation.
Industry supplier Goodlord, which conducted the survey producing the figure, describes this as “shocking”.
Its survey of over 700 letting agents shows that 31% are yet to start preparing for the changes that the Act will bring.
Despite 69% of agents saying they have taken concrete steps to prepare their agency for the changes, Goodlord says “this leaves a huge swathe of the market on the back foot with less than six months to go until May 1” when much of the Act is implemented.
Between now and the 2026 deadline agents must ensure all processes, paperwork and policies adhere to the new legislative frameworks. Failure to do so could result in mistakes that lead to hefty fines or investigations by the Ombudsman, the supplier suggests.
Agents will also need to train staff to accurately handle any questions from landlords and tenants about the new rules. Nearly half (45%) of all agents surveyed said that tenants or prospective tenants have already asked questions or raised queries relating to the Renters Rights Act since it was passed last month.
Despite the lack of preparedness from a significant number of agents so far, the majority are positive that their agency will be ready by May – with 84% saying they expect to be ready by then. However, 16% of agents – that’s one in six – aren’t confident they will be ready by the implementation deadline.
Additional research conducted by Goodlord this autumn found that almost half of landlords (40%) doubted letting agents could handle upcoming legislative changes, including the Renters’ Rights Act – highlighting the pressures facing agents to get their house in order.
Chief executive William Reeve, comments:“Given the volume of changes that are happening – from the end of fixed-term tenancies and the ban on over-bidding, to the scrapping of Section 21 and the introduction of new rules around pets – there’s a vast amount for letting professionals to get their heads around.
“Not only is there a lot of knowledge building to be done across teams, but also a huge number of processes, paperwork and systems that need updating.
“It’s disconcerting to see that such a significant number of agents haven’t yet got into gear. Agents shouldn’t leave it any longer – time is not on their side and the penalties for inaction could be crippling.”
