Philip Stuart our Letting Consultant gives his view on the current state of play in the property industry.
The property industry is going through a transition period right now, which will take anything from 18-36 months to complete. Within this time, you will see the industry turn from that of an industry to an actual ‘profession’. Gone are the days of Joe Bloggs, off the street, opening a shopfront without a clue. Thank God!
I can see that within this transition compulsory licencing will be introduced, not only for Agents, but for Landlords themselves. I am expecting it to be almost financially impossible for landlords to be able to manage their own properties. The likelihood is that there will be regular exams, GDP points and qualifications required in order to deal with your own let and management. However, with £30,000 penalty fines (without court cases) being handed out like confetti and potential imprisonment for the more extreme cases, I think it is now time to say goodbye to self-management.
The classic Tenant Find service will also be lost. Estate Agents out there - you must be insane to offer this service. Not only is it incredibly unprofessional to offer such a service to the stereotypical landlord, but you’re doing yourself an injustice. Handing over the important responsibilities of being a landlord to a complete novice is shameful. Maybe you should rethink offering this service?!
The number of Landlords I have had to help with evictions and other legislative requirements is endless. All because they thought they could manage their own property. They clearly haven’t been educated enough from the Agent (which is the Agent’s professional responsibility) on what is really involved.
Now with the tenant fee ban in place, you must ask yourself why any tenant would be looking to rent a property anywhere else but through professional regulated agent. So, if you are a self-managed landlord, now is the time to speak to an agent.
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Note: Opinions of Philip Stuart, Letting Consultant.