We can help you grow despite the Tenant Fee Ban - and will show you how to make your business more profitable - without Tenant Fees !
We will show you how to :
Earn Better Fees
Thrive without Tenant Fees
Increase Your Managed Income
Increase mark up income
Run a tigher renewals department
Retain more of your Managed Portfolio by reducing Attrition
Achieve a broader base of income
Sucessfully identify and execute on aquisition targets - acquisition can be the fastest route to growth in your lettings portfolio.
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Is
your business ready for The Renters Reform Bill ?
Can your lettings business take a revenue hit?
With the advent of periodic tenancies, under the
Renters (Reform) Bill proposals, renewals will be a thing of the past.
That may mean a hole in your bottom line - but we can help you patch it.
The government introduced the English Renters (Reform) Bill in parliament in May 2023. The wide-ranging reforms set out in the Bill are undoubtedly the biggest shake-up of the private rented sector in 30 years.
The changes proposed will impact Landlords, Tenants and also Letting Agents, which is where we come in. Perhaps most importantly for Letting Agents is that the Bill will see the end of Fixed Term Tenancies in England along with the ability of a Landlord to serve a Sec. 21 Notice to recover possession.
Are these changes the end of the world, or of life as we know it for a Letting Agent?
In short – No.
But and crucially they will require that Letting Agents change their thinking and modify their business model if they are to continue to thrive and to grown in the Post Renters Reform Bill world.
Below is a summary of some of the more important changes that are set out in the Bill.
No longer any Fixed Term for a Tenancy
Consequently there will be no fees for renewals
Agents will need to rethink their charges to Landlords
Agents and probably Landlords will be required to join a new Ombudsman Scheme
New Property Portal which will evidence property and safety compliance matters for property
New Rent Review Mechanism
Greater rights for Tenants around Pets
Changes to Section 8 Rights for Landlords
Changes around Student Lets aside from purpose-built
Future proposed changes for the private rented sector
At a later date the Government intends to go further. The following additional changes have been set out.
Applying the Decent Home Standard to the Private Rented Sector
Prohibition of refusal to rent to families with children and to those on benefits
What is missing from the Bill ?
A lot in our view.
Having guided many businesses in Scotland through broadly comparable changes back in 2017 when the Scottish PRT was introduced, it seems clear that there are many areas that will need to be clarified before the English Renters (Reform) Bill can be enacted.
Our opinion is that the final form of the eventual Act will be quite a lot different from the outline Bill, hopefully as a result of the Government having listened to the input from Agents and having taken full account of what has basically been a successful model in Scotland.
Ending Section 21 will give renters greater security but we do not believe this will fundamentally change the relationship between the vast majority of landlords and their tenants.
Other than on the basis of Grounds such as rent arrears the number of times landlords choose to evict tenants is incredibly small, so in practice little will change.
One big thing that is currently missing but that we think will be part of the final Act is Landlord Registration. We don’t believe the Portal will be of any use but Landlord Registration would be.
What should you do to ensure your business is prepared?
Talk to us now. Don’t leave it until the Bill is about to become law.
+44 (0) 203 927 2670
enqiries@dhca.co.uk