The latest news from the lettings industry

Rent is probably one of the largest transactions that your tenants make each month - and the recurring way that it's paid is equivalent to a very expensive subscription. Like all subscriptions, you want to receive the right amount on time and to be able to easily track when it has been paid.

The rights and responsibilities of letting and estate agents, landlords, and tenants in the private rented sector across England, Scotland, and Wales vary as they can be decided at the level of each devolved government - and therefore the legislation and regulations differ too across Great Britain. So what should your agency consider when renting out your landlords' properties?

Property management is a relationship. When it’s done right, everyone benefits. The tenant has a good experience and so will want to stay in the property for longer; your landlords know that they’ll have less hassle and shorter void periods; and your agency can earn more and attract new landlords through that professional profile.

A guest blog by Tara Sparrow, Sales Director of Reapit.

The lettings industry was forced into significant turmoil at the outset of the Covid-19 pandemic in early 2020. With lockdown and the forced closure or restricted operations of business across the spectrum, many renters were faced with a reduction or even a complete loss of their income. The impact was twofold: firstly, many tenants struggled to pay their rent; and secondly, landlords subsequently faced substantial rent arrears of which many are struggling to recoup today - but there are some positive trends on the horizon.

The government wants to raise the minimum energy efficiency standards to EPC Band C by 2025 for new tenancies in private rented homes and by 2028 for all tenancies to improve the overall energy performance of the private rented sector in England and Wales, through the Minimum Energy Performance of Buildings bill which will be introduced in the Houses of Parliament in the week commencing 19 June 2021. The consultation on the proposals ran until 8 January 2021.

In England, there's a new right to rent checking process for EU, EEA, and Swiss citizens, which has been mandatory since 1 July 2021. After months of waiting to hear what the new process would be, it's good to now have a definitive answer. It makes the checks less subjective for agents and will hopefully give agents more confidence with the simple yes or no response.

As the UK summer heats up, so does a letting agent’s diary, and the traditional spike in lettings can make or break the profitability for some agencies. With the stamp duty holiday over or starting to wind down in England, Scotland, and Wales, many agents around the UK will have more time to turn their attention to the lettings side of the business, where we're seeing heightened demand.

"Our agency has been in Cambridge for over 100 years and so has a strong
understanding of the market - and how it's changed over the years," says Alex Bloxham, Partner and Head of Residential Lettings at Bidwells. "It's important that we know what's current and topical and plan ahead."

Referencing solutions provider Vouch and lettings platform Goodlord have announced that their technology and services are now fully integrated, meaning customers of either platform can benefit from a pooled range of lettings software and services.