Updated: Q&A on the Tenant Fee Ban with ARLA CEO David Cox
David Cox provides detailed answers to questions from letting agents from around the country about the Tenant Fee Ban.
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David Cox provides detailed answers to questions from letting agents from around the country about the Tenant Fee Ban.
The ARLA CEO has reiterated the severe penalties that letting agents will face if they are found to have breached the new legislation from 1st June.
This morning we hosted the third in a series of webinars with ARLA CEO David Cox, focusing on the impact of the Tenant Fee Ban.
How did one lettings and property management agency in the North increase their management fees with almost no objections from their landlords? By offering them even more value for money.
“You need to be able to adapt very quickly to changing market conditions,” says one lettings director, whose agency is exploring new avenues to help them overcome the Tenant Fee Ban.
Tenants are making more enquiries online, outside of standard office hours, and agencies need to be able to respond and qualify them faster, says the founder of a virtual assistant for agents.
“We will never break the contract - we’ll let them stay as long as they want,” says the founder and managing director of a residential property management company.
The ban on tenant fees, coupled with the popularity of deposit replacement schemes, means it could cost renters much less to move home when the Tenant Fees Act comes into effect, and potentially increase the demand for lettings.
Letting agents need to ensure they have a thorough knowledge of legislation in order to provide landlords and tenants with correct and comprehensive advice.