A PropTech engineer has suggested that Landlords seek guidance from letting agents to navigate the complexities of the rental market.
The constantly evolving regulations and policies can create confusion for Landlords, which is why letting agents can be a valuable resource for ensuring their properties are protected and compliant with the latest changes.
PayProp UK’s Managing Director, Neil Cobbold, said, “No matter which party wins the next election, reforming the private rental sector will be high on their agenda. Proposals to reform the PRS and introduce new rules and regulations cover everything from energy efficiency to tax returns to anti-money laundering measures."
What changes can I expect in the next few years?
The Renters Reform Bill will be a catalyst for some significant changes that will affect Landlords over the coming years. It proposes the removal of section 21 evictions, which means Landlords will need to provide a valid reason for evicting tenants, such as rent arrears or antisocial behaviour.
Furthermore, the Renters Reform Bill proposes the abolition of letting fees and the introduction of a new lifetime deposit scheme. These changes will improve transparency and affordability for renters but will also require Landlords to manage deposits and rental payments more effectively.
In addition, new regulations are being implemented to ensure the safety and energy efficiency of rental properties. Landlords must stay up-to-date with the latest laws to avoid hefty penalties for non-compliance.
Working with letting agents will ease these concerns and provide Landlords with the assurance that their properties are compliant with new laws. Cobbold said, "Letting agents and Landlords make a perfect match. The agents have the professional and managerial expertise to get the optimal return from the Landlords’ valuable assets, ensure their tenants have a great rental experience, and protect them from the penalties of non-compliance."
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