Helping letting agents stay on top of their growing workload
15 May 2015 4572 Views
The general election result was greeted with a sigh of relief throughout the lettings industry.
Thanks to the Conservatives' victory, the threat of rent controls and a ban on tenant fees no longer looms large over the sector. However, the next five years will still present some challenges for your agency, as the new government has a number of policies in the pipeline that will impact the PRS and lead to a growing workload for letting agents.
A perfect example of this is the Immigration Bill. Currently being trialled in the West Midlands, the regulation makes landlords legally obliged to check that potential tenants have a right to live in the UK. Naturally, many landlords will turn to letting agents to carry out these checks on their behalf.
The trial period is due to end in May and John Stewart, policy manager at the Residential Landlords Association, recently revealed he thinks the regulation will likely then be rolled out across the country in stages.
A survey carried out by Property Let By Us last year revealed nearly all landlords are planning to rely on their letting agent for carrying out immigration checks, with 93 per cent claiming they would not feel confident doing so themselves.
It's clear that letting agents could well see their workloads increase significantly over the course of the next 12 months and your agency will need to be prepared to deal with this increased demand effectively.
Indeed, when you consider the continued expansion of the PRS, the need for letting agents to be able to cope with a growing customer base is even more pressing. Last year, Savills forecast that by 2019, private rented accommodation will account for two-thirds of households where the primary resident is under 35. This would represent growth of more than half a million homes in just five years.
Obviously, the growth of the PRS and increased demand for letting agents' services is great news for the sector. However, it is those agencies that can deal with the higher workload most effectively that will be able to take full advantage.
So, just how can you effectively manage your growing workload? Any job becomes a lot easier when you have the right tools. Utilising a software system that is designed specifically with the needs of the modern letting agency in mind is the best way to ensure you get on top of your work rather than vice-versa.
Whether it's tenant referencing, legislation and legal notices or marketing, having one system that can take care of all these tasks is a key weapon to have in your armoury. You can find out more about the benefits of letting agent software here.
Would property investment be damaged...
The most important ways to...
The most creative ways to...
Are you aware of how...