May

Why the best letting agents will take centre stage post-fees ban

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Fees Ban:

Following the introduction of the Tenant Fees Act next
month, landlords and renters will increasingly appreciate the level of service
provided by the country’s best traditional letting agents, according to Tenant
Shop.

The leading utility management service says that due to the
financial pressures the ban on fees will put on letting agents, only the
best-equipped will succeed as we move through the second half of 2019 and into
2020.

The traditional approach is best

In a post-fees market, letting agencies that take a
traditional approach with a focus on high customer service will be of huge
value to landlords.

With tenants no longer paying upfront fees, it will be vital
that agents help landlords to properly vet prospective renters and ensure that
all aspects of the move-in/move-out process – including notifying local
councils and utility companies about tenancy changeovers and dealing with stray
bills – are handled professionally and efficiently.

“The introduction of the Tenant Fees Act is the most
significant change to the private rental sector in recent years and landlords
will need full service traditional letting agents they can rely on,” says
Glenn Seddington, managing director of Tenant Shop, an Inchora company.

“Having the right tenant referencing, contractual and
deposit systems in place will become even more important, as will remaining
compliant with the new legislation.”

“Letting agents can also prove their worth to consumers
by providing a comprehensive, knowledgeable and personal service at a time of
huge industry change when people will need reassurance and expert advice,”
he says.

Building an offering for the future

As many landlords consider their options following
management fee increases brought about by the fees ban, agencies can make their
offering stand out by showing clearly the range of expert services they provide
for their fee.

“It’s this kind of approach with an emphasis on full
service and demonstrating the value for money available to landlords which will
see the very best traditional agents take centre stage once the fees ban
becomes law,” Seddington continues.

He says that while in some cases management fee increases
may be justified, agents don’t necessarily need to hike fees to remain
profitable from June onwards.

“It’s about finding a balance between charging a fair
fee for what you offer while remaining transparent and cost-effective.”

“Many agents have also been looking to build additional
revenue streams to replace lost fee income,” he explains.

“Working with the best suppliers can help agents to
earn referral fees and subsequently keep clients’ costs down.”

“Meanwhile, providing access to leading utilities
services such as Virgin, Sky and Scottish Power can also help to keep tenants
happy, encourage them to stay for longer and therefore reduce void periods for
landlords,” concludes Seddington.

Tenant Shop works with thousands of letting agents across
the UK, reducing workload, increasing profitability and providing additional
routes to revenue. As well as dealing with notifications and stray bills, they
provide services to tenants including media, energy and insurance packages all
from the leading providers.

They have a team of dedicated account managers to provide
comprehensive support and a dedicated technology platform to help agents manage
tenancies.

Tenant Shop has been
working with letting agents for over ten years. They help reduce workload and
improve profitability, providing an award-winning utility management service:
streamlining the notification process, resolving billing queries and offering
referencing and a unique void solution.

https://www.tenantshop.co.uk/

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