Should landlords and letting agents be making the most of the time left before the upcoming Tenant Fees Bill?
There has been a major focus on the possible negative outcomes, due to the changes it will be imposing, but Frances Burkinshaw, expert letting agent and experienced independent trainer, believes it is time to focus on making preparations.
Burkinshaw has stated in a recent article for the Negotiator: “Agents should be forward thinking about how they will run their businesses.”
There are certain factors that she has highlighted to be worthwhile considerations. First of all, there’s the potential for extra income. Agents could convert any ‘Let Only’ properties to ‘Full Management’, to try and combat the lack of control they would otherwise have. Consider the future renewal, Section 21 notices, maintenance issues, re-letting of the property and opposition from other agents.
Those applying for tenancies may also choose to go for a fully managed property, due to a preference to keep interactions with the landlord at a minimum. This can stem from bad experiences whilst renting as a student, with nightmare landlords entering the property without notice, failing to put deposits in a protection scheme, and not returning the deposit at the end of the tenancy.
Burkinshaw goes on to point out how fully managed lets can also be a positive idea, for those who have invested in their local area. If a landlord is involved with managing the property personally, and the tenants become aware that they are close by, they may find themselves being constantly contacted for the slightest issue, at any time of day, or even at weekends.
By choosing your agent wisely, you could end up in an efficient situation, with a well-managed portfolio. If the tenants are kept happy, this can lead to longer tenancies and a reduction in costly void periods. Also, knowing that your agent will be performing regular inspections means that you can rest assured that there will be regular maintenance updates.