Impact of the Tenant Fees Act 2019
The ban from the tenant fees act has hit letting agents hard since its enforcement in June 2019, and finding ways to fill the revenue gap is proving difficult.
Read on to find out how providing value-added property services to landlords will help drive new revenue streams for your agency.
Why choose property licensing?
Providing property licensing services to your landlords’ rental portfolio allows agents to replace lost revenue from the tenant fees act, as well as avoid fines from councils. Property licence compliance not only protects landlords and agents from fines, but it also ensures the safety of properties rented to tenants. Keeping agents and landlords up to date with the latest legislation can be complex as each region of the UK and each council can introduce different schemes with different legislative requirements.
Always ensure the status of licenses on rental properties is known before they are let. Protect vulnerable tenants and also help to maintain a professional reputation at the same time.
Is it easy to offer property licensing as a service?
Yes. Managing licensing for your landlords allows you to earn extra revenue for monitoring their property portfolio, as well as by administering the licence applications on their behalf. Equally, ensuring compliance to the latest requirements now, could help prevent lengthy and costly void periods in the future.
Property licences run on 5-year cycles, and this service will allow agents to retain landlords for that period, as well as develop a further means to communicate and build rapport. Further protecting your future revenue.
Any licence application completed by an agent is non-transferable, offering agents longevity. If a landlord decides to leave their current estate agent after 12 months but they completed the licence for 5 years the landlord needs to apply for a whole new licence. So working with Kamma (formerly GetRentr) helps you to retain your landlords.
How to get started
Simply register your property portfolio with us or ask for a demo. Kamma will notify you of every property with every licence determination and its current status, UK wide.
What fee can be charged?
The fee to landlords for monitoring their property licenses and notifying them of status changes, is a valuable service. It prevents hefty prosecution from councils and peace of mind for continuous yield. Fees can be at your discretion dependent on areas covered, and time taken with certain councils, through to the volume of properties by landlord. But hundreds of pounds per property, per application is the ballpark figure.
Additional fees for a complete licence application service direct to the relevant council is particularly helpful to overseas landlords. This may also result in an agent overseeing the work that needs to take place to update the property for a license to be granted; this again adds value to the agent services provided.
Find out more today by calling 0203 872 2940 or email hello@kammadata.com with your enquiry.
