There are many things that your agency can do to prepare for the changes that have been introduced under the Renters Reform Bill.
1. Familiarise yourself with all the changes
The first step to ensure that your agency is prepared for the rental reforms is to read about the Renters Reform Bill. This is important as it will enable you to answer any questions that property owners may have. Property owners will be turning to letting agents for support particularly during this time due to the many complex rental changes.
2. Provide reassurance to property owners
After doing your reading about the expected changes because of the Renters Reform Bill, you will be able to provide some reassurance to your property owners and support them with any challenges that they may face.
One significant change that property owners can expect to see is that there will no longer be Section 21 ‘no fault’ evictions. Instead, property owners may have to go through very long court processes and section 8. This means that there would be higher costs if a property owner needs to evict a tenant. If your agency can offer rent protection which covers court-related fees, this can provide property owners with some reassurance especially at a time when more property owners are deciding to leave the sector.
3. Consider letting process automation
To ensure you have enough time to speak to all your property owners, you should consider automating the lettings process. An example of this is using a rent collection service in which it automatically sends tenants reminders.
The information in this post is valid to the best of our knowledge on the date of posting. It is advised that you seek independent advice based on your individual circumstances.
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