Many lettings agents 'unprepared for renting reforms'

A surprising number of lettings agents are in the dark about the reforms set to transform the sector under the Renters’ Rights Bill.

This has been revealed by a poll that shows 25% aren’t aware of the changes and need help understanding what to do, while 24% are only partially prepared.

Another 43% are aware of the changes but have done nothing yet to prepare.

“These early survey results paint a clear picture of where the lettings industry currently stands with the Renters Rights Bill, and it is quite concerning,” says Eddie Hooker, CEO of mydeposits (pictured).

The Bill was passed to the House of Commons just before it broke for summer recess earlier this week, so there are only a handful of days available to get Royal Assent before the Labour Conference starts on the 28th September.

However, reforms are imminent, and the survey highlights the lack of agent readiness. Only 4% are fully prepared and have a plan in place for their business, with 50% admitting that they haven’t taken any steps yet.

Upcoming changes

Hooker says it’s heartening that 33% have already been in touch with landlords and/or tenants about the upcoming changes while another 32% plan to do so – but that still leaves more than a third who haven’t acted or have no plans.

The poll found that nearly 10% of agents plan to increase management fees when the changes come in, while at least half are still evaluating their options around fees and service offerings.

And nearly two-thirds of those who responded said they'd like clear written guidance on the final legislation, with 16% hoping to be provided with template documents such as tenancy agreements and notice letters to help them with the transition.

Horizon

This reform has been on the horizon for some time, yet over a quarter of agents still do not fully understand what is required, and nearly half have yet to take any action,” adds Hooker.

“That signals a real need for urgency. While it’s understandable that some are waiting for the final details of the legislation, we know the majority of changes and agents should be preparing now to avoid being caught out.

“There is a clear opportunity for the sector to come together, close the knowledge gap, and support agents and landlords with the practical guidance they need to raise standards across the board.”