The Renters’ Rights Bill has sparked a wave of criticism from across the property sector with both industry leaders and letting agents expressing concerns about the potential impacts of the Bill, fearing it will create challenges for landlords and agents alike.
But Toby Martin (main picture), a seasoned lettings professional and industry consultant, is urging agents to take a different view.
Rather than seeing the Bill as a threat, Martin believes it represents an opportunity for forward-thinking agents to differentiate themselves, innovate, and thrive.
He says: “There’s been a lot of hand-wringing over the Renters’ Rights Bill, and for good reason.”
UNCOMFORTABLE TRUTH
But he adds: “But agents need to face an uncomfortable truth: just like the Tenant Fees Act in 2019, those who adapt quickly and strategically will actually find ways to capitalise on these changes. It’s time to stop lamenting and start planning – don’t look a gift horse in the mouth!”
Martin highlights several opportunities the Bill presents for proactive agents.
Stronger Landlord Relationships
With longer tenancies becoming the norm, Martin suggests introducing innovative annual tenancy reviews to help agents justify new service fees to replace lost tenancy renewal fees.
Increased Referral Fees
The Bill’s limitations on advance rent payments may drive more landlords to take out rent protection insurance, and more tenants will require professional rent guarantor services, creating opportunities for agents to earn referral income.
Marketing Opportunities
Nervous landlords will be looking for guidance and information over the months ahead. Those agents who successfully position themselves as educators and trusted experts in their local communities may see a sharp rise in business opportunities.
Conversion to Managed Services
Self-managing landlords will need support to understand the new laws. This is a prime opportunity for agents to convert “let-only” landlords into full-service clients by building knowledge hubs or hosting educational events.
Market Consolidation
Drawing parallels with the post-Tenant Fees Act landscape, Martin predicts that landlords exiting the market may lead some agencies to follow suit, leaving acquisition and prospecting opportunities for those who stand out with excellent service.
PROBLEM-SOLVERS
Martin says: “Agents who can position themselves as educators and problem-solvers for landlords will thrive in this new environment.
“We may disagree with much of the Bill’s content, but we are potentially a few short months from it becoming a reality.
“The time has come to start planning how to use this as a springboard to grow your business.”
