Message to landlords - use letting agents if it’s all too much
A PropTech entrepreneur is advising landlords worried about red tape to use letting agents.
Proposals to introduce new rules and regulations cover everything from energy efficiency to tax returns to anti-money laundering measures.
“Inevitably, landlords are going to need support complying with an ever-growing range of new measures. Using professional letting agents who routinely ensure compliance across their fully-managed portfolio is the obvious solution for landlords who can’t commit to managing their rental properties full time. The risk from non-compliance is great, ranging from hefty fines to banning orders.“
The long-awaited Renters’ Reform Bill is due to be introduced in Parliament later this year and government leaks suggest it will confirm the removal of Section 21 eviction powers, improved grounds for possession under Section 8, a change from assured shorthold tenancies and the creation of a Property Ombudsman to which every landlord will have to be signed up.
Meanwhile Minimum Energy Efficiency Standards - or MEES - are also to be introduced by the Department of Business, Energy and Industrial Strategy. Currently, all rental properties have to achieve an Energy Performance Certificate rating of at least Band E but there are new proposals are for this to be upgraded to a C.
Letting agents and landlords make a perfect match. The agents have the professional and managerial expertise to get the optimal return from the landlords’ valuable assets, ensure their tenants have a great rental experience and protect them from the penalties of non-compliance.
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