Thank you for visiting the Property Redress Scheme website.
This website is best viewed in internet explorer 10 or later version or in a different browser such as Chrome or Firefox.
Please contact us on 0333 321 9418 for further details.
In our last blog, ‘ Do letting agents face problems or a wake-up call for creativity?’ we concluded that the deluge of changes faced by letting agents requires them to take a step back, reevaluate their business plans and evolve. Sounds straightforward in principle, but how easy is it to put this advice into practice?
One of the key issues which has been identified is the negative perception of our industry, possibly due to the rapid evolution of the sector and a failure on the part of agents to address it. Although agents are bearing the brunt of dealing with an enormous amount of change to regulations and obligations, many have failed to communicate this to their clients. So, why is this a problem?
This is a problem because, although agent’s responsibilities have increased, there remains a perception that agents simply photocopy a few pieces of paper and follow up with a bill. From the point of view of a landlord, particularly one who uses a managed service, they see their fees going up for what they believe to be the same level of service. Wrong!
Did you know there are now 170 pieces of legislation that letting agents have to abide by? But what does this increasingly highly regulated legislative environment mean for agents? The main implication for agents has of course been the major shift when it comes to their liability. Naturally, most agents are concerned about the rapid changes, but some have perhaps failed to keep up with them, seeing them and the increased liability they bring as obstacles to their business. However, as a result of these changes there are new opportunities for agents who are prepared to look for them, as well as alternative ways to increase their margins. After all, knowledge is key – there has been no better time for you to define your services and manage your and your landlords’ liability to win and retain business.
We spoke to Adam Joseph, CEO of the Happy Tenant Company, to outline just a few ways you might define, refine and upsell your services.
Agents, it is your job to change landlords’ perception of what you do and what you can do, to help them to understand THEIR liability and how you can support them in managing it. You need to actively demonstrate your value. Once the tenant fee ban comes into play, landlords will inevitably have to pay for some of the services hitherto paid for by tenants. Opting out of things like referencing and Right to Rent and skimping on inventories could have a detrimental effect not so much on the income of letting agents, but on the protection and liability of landlords.
So, do you see the changes coming in as an obstacle or a stepping stone to make your business great? If you want to change how landlords see you, you need to change your own perception of the evolution of the sector first.
Our quarterly expulsions update offers some insight into what leads up to the PRS’s decision to exp...Read More »
New material information guidance for sales and letting agents was published on Thursday 30 Novembe...Read More »
Property Redress Scheme is approved by Government under the Alternative Dispute Resolution for Consumer Disputes (Competent Authorities and Information) Regulations 2015