If you are a letting agent who has begun to question your worth, stop. The value of property management is rising every time the Government introduces a new hoop to jump through, and no one will be feeling the pressure more than landlords.
Self managing in a compliant fashion will become virtually impossible for all those bar full time property investors who have perhaps worked in the lettings industry. For Average Joe who is trying to top up his pension or for the accidental landlord, keeping on top of and implementing regulations will become virtually impossible.
Despite an unnerving feeling that the Government is trying to rid the Private Rented Sector (PRS) of small-time landlords, there is still a robust future in buy-to-let. In fact, figures released from ARLA over the past six months suggest there’s been an increase in rental properties available to rent and the number of registered tenants per branch.
The likes of Winkworth, Foxtons and Savills also claim their lettings income is propping up a stagnating sales department.
Landlords need letting agent support
Now is the time for property management to rebrand. It needs to become a specialism rather than a mere service. Of course, all the cornerstones of property management remain pertinent – the handling of maintenance, property visits, rent collection and tenancy administration – but compliance is now an equally as important (perhaps even more so) point when speaking to property investors.
Look at what self managing landlords are up against: confusion over Right to Rent checks; the Homes (Fitness for Human Habitation) Act 2018 and its threat of tenants being able to sue; a likely ban on ‘no DSS’ in adverts; the obligation to have a minimum EPC rating of E or above by 1st April 2020; the scrapping of Section 21 notices and reform of Section 8s; mandatory use of deposit protection schemes and the banning of tenant fees. These are all relatively new rules with reams of red tape – and all introduced against a backdrop of existing compliance surrounding gas, electricity, fire and water safety.
Surely compiling a checklist of every landlord’s legal obligation - with the penalties highlighted besides - is all that’s needed to convince landlords they need a full property management service? The value would be plain to see and fees would be tangibly justified, without much explanation.
If the checklist of rules, regulations and compliance looks as scary to you as much as it does to landlords, choose ARPM. We will legally and compliantly manage every one of your let properties under our partnership service – white-labelled, if you wish. We’re already following every Government announcement and swiftly implementing every new regulation on behalf of letting agents across the country. Why not join them and gain peace-of-mind for your landlords, and reassurance for yourself that you’re worth it?