The Renters’ Rights Bill is an opportunity rather than an obstacle for thousands of letting agents, according to Sally Lawson, managing director and founder of Agent Rainmaker.
She reckons the legislation will result in more landlords using agents to navigate the complexities of the new regulations.
The bill will see the elimination of Section 21 ‘no fault’ evictions, new rules on pet ownership, compliance with a Decent Homes Standard, and the introduction of assured shorthold tenancies.
Lawson said: “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.
“We need to think of legislation as our friend – something I’ve been banging the drum about for over 10 years. Because increased legislation means landlords will need letting agents more now than ever.”
She argued that agents should offer services ranging from tenant referencing and rent collection, to property maintenance and compliance support, to ensure they are providing a valuable service to landlords.
As it stands 82% of landlords don’t use letting agents.