Ahead of the Tenant Fee Ban coming into force on 1st June, we've updated our core product to ensure our clients remain compliant in the face of the new regulations. We're also announcing new services to help agents cut costs and increase revenues as the industry evolves.
From 1st June, Goodlord will ensure each tenancy transaction is compliant with the new regulations. This includes the removal of applicable fees when selecting an AST or Licence tenancy and auto-generation of holding and security deposits which will be capped at the appropriate amount. Also from June 1st, tenants will be shown a draft copy of their AST agreement automatically via the platform, with Goodlord Tenancy Guides updated to confirm tenants have reviewed the document.
Goodlord will also calculate deposits at the renewal of any tenancy from 1st June onwards and alert agents if refunds are due.
These changes will all be automated for clients using Goodlord. This will help reduce human error and ensure lettings teams are on top of the new rules without increasing their admin burden.
Our team have also made necessary updates and rolled out Tenant Fee Ban compliant Goodlord documents to all customers, and ARLA contracts to those with the association.
New products are designed to help streamline costs and introduce new revenue streams including Goodlord Switch, which provides a void management service for both agents and landlords. Through the service, clients can automate the management of the void period between tenancies and cover any void utility costs. Additional revenue can be earned from each individual property that uses the Goodlord Switch feature and the service will also secure an affordable and green tariff for each property.
Additionally, agents using Goodlord can now minimise time spent on assessing the eligibility of prospective tenants. Going forward, applicants will be automatically asked to fill in their details and provide key information when applying for a tenancy before it’s sent directly to agents to assess eligibility, reducing time spent on vetting possible tenants.
Such services, which focus on reducing both admin and costs, stand alongside Goodlord’s insurance products for landlords and tenants. These include Rent Protection Insurance, Deposit Replacement Insurance, and Tenants Contents and Liability Insurance, and are designed to boost customer satisfaction and retention.
Tom Mundy, COO at Goodlord, commented: “There’s a lot that agents must do to prepare for the Tenant Fee Ban. The absolute priority is ensuring compliance, as they’ll be no scope to get this wrong. We’ve therefore updated all Goodlord services to make it as easy as possible for clients to stay on the right side of new regulation. As much as possible will be automated, providing agents with peace of mind and reducing their admin burden.
“The second challenge for agents is to reduce costs and seek out new revenue streams to ensure their businesses remain viable after the ban. Through new features such as our automated alerts, along with existing provisions including Goodlord Switch, agents can stay on the right side of the regulations and streamline their costs, all while providing a better customer experience.”
New features in the Goodlord platform and revenue boosting products are available now. View details of the changes and learn more right here.
Oh Goodlord Limited is an Appointed Representative of Goodlord Protect Limited for general insurance products and credit broking. Goodlord Protect Limited is directly authorised by the Financial Conduct Authority, registration number 836727. You can check this information on the Financial Services Register by visiting www.fca.org.uk/register or by telephoning 0800 111 6768 (Freephone) or 0300 500 8082 from the UK. The FCA is the independent watchdog that regulates financial services.