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SURVIVING THE TENANT FEE BAN
carly-jermyn • Jan 30, 2019
Our view on how agents will survive the tenant fee ban
What is the predicted outcome of the ban?
There are 2 potential outcomes: -
1. Lettings agents absorb the costs of the administrative tasks for which they can no longer charge a fee which in turn could make the business less profitable; or
2. Agents pass the fees onto Landlords who either a) increase the rent; or b) absorb the cost.
Whilst the legislation has huge implications for the industry with the raft of legislation and continual challenge to possession in the courts, a top quality agent has never been more essential. Letting and managing a property and meeting all of the legal requirements is no mean feat. It’s a tough job for agents but an even tougher job for the “non-professional” landlord. Landlords must either be fully prepped on all of their legal obligations and stay on top of them through to conclusion of the tenancy or they must instruct a quality agent to do the job for them.
So how can agents adjust their business model and remain profitable and compliant in this new era?
There are 5 areas to look at:
1. Charges for existing services:
Consider whether there is scope to increase fees payable by landlords. In our view this can and should be done, but only if the level of service provided justifies the increased cost.
Management fees have long been driven down in a very competitive market. Perhaps now is the time for the top quality agents to be bold, realise their worth and charge a little more for a top level of service.
By top level service we mean:
- Properly drafted documentation that is continually reviewed
- Well considered internal processes to make sure all legal obligations are met and can be evidenced to have been met. The standard needs to be maintained from finding a tenant, setting up the tenancy, management of the tenancy until the tenants have vacated and the deposit dealt with.
- Training - make sure staff know and understand the law. This in turn ensures they understand the purposes of the processes in place. Make use of training facilities and legal helplines
- High levels of professional and personal service delivered by property managers. This usually reduces the risk of problems with tenants and if they do arise they can be more effectively dealt with. Communication is key!
This in turn may also support a competitive increase in rent. Tenants may well be more inclined to pay a higher rent for a well maintained property dealt with by professional agents.
2. Investment in IT : this is likely to reduce the amount of time spent on administrative tasks and will no doubt improve service delivery. IT also plays a crucial role in ensuring legal obligations are met and that agents are able to demonstrate that they have been met.
3. Outsourcing: consider the benefits of outsourcing basic administrative tasks and specialised services.
One clear example is the service of notices and the issuing of possession proceedings. This is a highly specialised and constantly changing area of law. We often see agents carrying out the work for free, which is not only outside of their contractual obligations and expertise, but also exposes the agent to a claim if something goes wrong. It takes up time which would be better spent elsewhere.
There is nothing to stop fees being charged for assisting solicitors with legal services for example preparing the documentation and evidence for proceedings, physical service of notices prepared by third party solicitors etc.
4. Merging with other agents to make use of economies of scale and increasing client base.
5. Reducing office costs : whilst a virtual office may not be the solution can office sizes be reduced or branch numbers balanced?
6. Expand services on offer: Considers whether there are any services that can be added to make a landlord’s life easier or improve their income. Examples include:
a. Portfolio advice
b. Access to approved trade networks
c. Sales of insurance products
d. Offering management services instead of let only
7. Increase sales: whilst this is the obvious solution how can it best be achieved?
a. Continue investment in marketing and demonstration of high level of service and industry knowledge.
b. Streamlining IT to deal with larger portfolio
c. Review local market and look to purchase lettings books from agents who are no longer able to trade
d. Assisting existing landlords to increase their portfolio
Practical steps to take before 1 June 2019
1. Review your business model
2. Review your precedent documentation. Tenancy agreements and holding deposit agreements will need to be amended
3. Understand the law and train your staff. This includes property managers and accounts teams.
How can we help?
At Woodstock we are firmly of the view that agents need to be bold and realise the importance of their role. We certainly know the difficulties landlords can get into if the agent isn’t on top of their game. We are fortunate at Woodstock to work with a large number of top quality agents and look forward to helping them deal with these new changes.
We specialise in residential landlord and tenant law acting for landlords across the whole of England and Wales which allows us to keep our finger on the pulse and stay abreast of any changes in the law and any issues that may be bubbling across the judicial network.
What services can you benefit from?
1. We offer in house and external training . If you have a large team we are happy to come to you and deliver bespoke and enjoyable training. Alternatively, we can invite you to a group session held at various locations around the country.
2. Sign up to our helpline service. You can call or email the team and one of use will come back to you within 24 hours.
3. Make use of our properly drafted and updated precedent documents which, if required, can be tailored to your business. new precedents will be drafted to comply with the Tenant Fees Bill!
4. We offer process reviews which can be conducted.
5. We offer fixed fees for notice drafting , possession proceedings and debt recovery .
If you want to know any more please email us at contact@woodstockpropertylaw.com and one of the team will contact you.
2. Investment in IT : this is likely to reduce the amount of time spent on administrative tasks and will no doubt improve service delivery. IT also plays a crucial role in ensuring legal obligations are met and that agents are able to demonstrate that they have been met.
3. Outsourcing: consider the benefits of outsourcing basic administrative tasks and specialised services.
One clear example is the service of notices and the issuing of possession proceedings. This is a highly specialised and constantly changing area of law. We often see agents carrying out the work for free, which is not only outside of their contractual obligations and expertise, but also exposes the agent to a claim if something goes wrong. It takes up time which would be better spent elsewhere.
There is nothing to stop fees being charged for assisting solicitors with legal services for example preparing the documentation and evidence for proceedings, physical service of notices prepared by third party solicitors etc.
4. Merging with other agents to make use of economies of scale and increasing client base.
5. Reducing office costs : whilst a virtual office may not be the solution can office sizes be reduced or branch numbers balanced?
6. Expand services on offer: Considers whether there are any services that can be added to make a landlord’s life easier or improve their income. Examples include:
a. Portfolio advice
b. Access to approved trade networks
c. Sales of insurance products
d. Offering management services instead of let only
7. Increase sales: whilst this is the obvious solution how can it best be achieved?
a. Continue investment in marketing and demonstration of high level of service and industry knowledge.
b. Streamlining IT to deal with larger portfolio
c. Review local market and look to purchase lettings books from agents who are no longer able to trade
d. Assisting existing landlords to increase their portfolio
Practical steps to take before 1 June 2019
1. Review your business model
2. Review your precedent documentation. Tenancy agreements and holding deposit agreements will need to be amended
3. Understand the law and train your staff. This includes property managers and accounts teams.
How can we help?
At Woodstock we are firmly of the view that agents need to be bold and realise the importance of their role. We certainly know the difficulties landlords can get into if the agent isn’t on top of their game. We are fortunate at Woodstock to work with a large number of top quality agents and look forward to helping them deal with these new changes.
We specialise in residential landlord and tenant law acting for landlords across the whole of England and Wales which allows us to keep our finger on the pulse and stay abreast of any changes in the law and any issues that may be bubbling across the judicial network.
What services can you benefit from?
1. We offer in house and external training . If you have a large team we are happy to come to you and deliver bespoke and enjoyable training. Alternatively, we can invite you to a group session held at various locations around the country.
2. Sign up to our helpline service. You can call or email the team and one of use will come back to you within 24 hours.
3. Make use of our properly drafted and updated precedent documents which, if required, can be tailored to your business. new precedents will be drafted to comply with the Tenant Fees Bill!
4. We offer process reviews which can be conducted.
5. We offer fixed fees for notice drafting , possession proceedings and debt recovery .
If you want to know any more please email us at contact@woodstockpropertylaw.com and one of the team will contact you.
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0330 088 5792
11 Haven Road, Canford Cliffs, Poole, Dorset, BH13 7LE
