Every year, more and more people are entering the private rented sector. Whether through choice or through need on the part of tenants, the fact is the industry has mushroomed at an astonishing rate.
Whenever a new ‘trend’ emerges, there are always going to be those that are already working in that field, who by chance are fortunate enough to be in the right place at the right time to benefit from a sudden upturn.
Then there are those who are quick to recognise an emerging market and jump straight in, and finally there are those that follow up the rear, either letting the dust settle to plan their strategy or perhaps forced into such a position through circumstance.
This is true of both letting agents and landlords. Both are in a position to make money from the growing demand for rented accommodation.
Many agents saw the market grow and seized the opportunity, some without much thought or consideration for what was involved. Others were impacted by the poor performing sales market and had no choice. Agents expanded their services to stay in business.
‘Accidental landlords’, who couldn’t sell, decided to let their properties. They were all in the same boat, and sadly in some cases, it has been a case of the blind leading the blind.
However, while there has been much talk of the regulation of letting agents, for which I am in full agreement of ‘weeding out’ the cowboys, what about landlords?
Last week a programme on BBC1 highlighted several landlord scenarios, where no letting agents were mentioned good or bad that I could see, and it came to me that actually, perhaps landlords should be licensed!
Everyone rants about letting agents, but it is fairly obvious from this programme and the many stories we hear in the press, the sector seems to be peopled by greedy landlords with needy tenants, and naïve landlords with streetwise tenants.
Too many tenants live in terrible conditions but equally too many responsible landlords and professional property managers are undercut in the market by slum landlords who give all landlords a bad name, provide a shoddy service and put tenants at risk.
Then there are those landlords who are confused or unaware of what their obligations are, and with nothing governing them, they are forced to be led by example.
It would seem to me that there is a need for professional intervention in the industry. The letting of a property is probably the most highly complicated agreement any person is likely to enter into. The raft of legislation, a lot of it poorly drafted so open to many interpretations, hides behind what seems to be a simple agreement between two parties.
A reform would protect good and law-abiding landlords and provide tenants with choice. If they opt for a landlord that isn’t licensed then they risk facing the consequences.
* With over 30 years’ experience in the industry, Sarah Rushbrook specialises in residential property management. She set up Rushbrook and Rathbone in 1988 to manage properties for corporate and private clients as well as providing a support service for letting agents
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