Letting Agents Should View the Renters’ Rights Bill as an ‘Opportunity’ – TNT

Letting agents should view the new Renters’ Rights Bill as an opportunity to strengthen their businesses rather than a threat, according to Sally Lawson, managing director and founder of training organisation Agent Rainmaker.

Lawson’s comments come as the Bill, due to return to the House of Commons in the autumn, has sparked fresh fears in the private rented sector over its potential impact. However, Lawson, a long-standing advocate for adaptation in the industry, believes the sector will not only survive but thrive if it embraces the changes.

“We all thought everything was over when the Tenant Fee Ban came in over a decade ago. That we’d lose 20 to 30% of our profit margins. That it was the end of the industry as we knew it. That it was going to cripple our businesses. It was all doom and gloom, just as it sometimes feels now, but we survived it. And many agents emerged even stronger,” Lawson said.

“We need to think of legislation as our friend – something I’ve been banging the drum about for over ten years. Because increased legislation means landlords will need letting agents more now than ever.”

Lawson argues that the Renters’ Rights Bill, by increasing the complexity of the legal landscape for landlords, will make professional support from letting agents more valuable. “Landlords will need help navigating the complexities of the changing legal landscape – and that’s where letting agents can prove themselves invaluable,” she said.

She pointed to figures showing that 82% of landlords are not using agencies for fully managed services. “There are 19,000 letting agents in the UK battling to win over just 18% of landlords who are using fully managed services. And when we consider there being 4.4 million properties available, 1.1 million landlords, and 19,000 agents in the UK, that’s a crying shame.”

Lawson called on agents to rethink their offer to landlords – especially those not currently engaging with full management services. “The services that are being offered to landlords – particularly those in the 82% group – are simply irrelevant. They don’t consider all of the areas they might need support with, which is why we need to embrace change. We need to carefully think about all of the different types of landlords there are and what stage in the journey they’re in – and we need to have solutions – or services – for them at every stage.”

She added: “I personally believe that agencies should be offering at least 16 different services ranging from tenant referencing and rent collection, to property maintenance and compliance support, and everything in between.

“Just like the Tenant Fee Ban, we need to see the Renters’ Rights Bill as an opportunity, not an obstacle. And we need to embrace change to navigate the challenges, in order to come out stronger.”