As of sprint next year, letting agents will no longer be able to charge tenants administration fees. Unfortunately, this will mean the end of many let-only agents as we know them. The majority of let-only agents were set up by residential agencies in the wake of the 2008 housing market crash. With little or no experience of offering a fully managed letting service, these letting agents were forced to advertise on price alone. In order to be successful the agencies are run on tight margins and now the ban on tenant fees will force many of these agencies under.
Adapting to the Market
In order to prepare for this significant market change, letting agents must start to offer a fully managed letting service. By offering a valuable fully managed letting service, agencies will be able to remove the headaches from their current let-only landlords, while simultaneously recouping their lost tenant fees. This shift in the market will see letting agents no longer just compete on price but also on knowledge and experience of working within a local area.
Agencies will have to offer a more premium fully managed letting service while satisfying both their landlord’s and their tenants. For the landlords, a fully managed letting service would manage the property, take care of rent collection, and do inspections on the landlords behalf. For the tenants, a fully managed letting agent might include certain necessities in the property and bills included amenities such as gas, electric and Wi-Fi.
How we can help!
Landlord Broadband offers the unique service of providing high quality Wi-Fi for letting agents and the properties they manage. What’s more we pride ourselves on offering a 24/7/365 customer support directly to your tenants, meaning if they have any issues they deal directly with us. Unlike other internet providers, we are able to offer a single portfolio bill for all the properties you have with us. What’s more we provide commercial grade internet in every room of the property you manage. This allows us to fulfill certain guarantees for the Wi-Fi provided including no Wi-Fi deadzone within the property and an equal share of bandwidth to all devices.
As well as making the properties you manage more attractive to potential tenants with our hi-spec Wi-Fi for letting agents, you can earn commission for every property you refer that becomes a Landlord Broadband connection as part of our Letting Agent Partnership Programme.
If you are a letting agent and wish to find out more about how Landlord Broadband can help you property stand out click here, or if you wish to join Letting Agent Partnership Programme, click here for a free portfolio assessment.