The landscape of property licensing in the UK’s private residential sector continues to evolve this year, presenting both challenges and opportunities for letting agents and landlords.
The reality that one in four properties require a licence and the law changing every eight days underscores the need for a streamlined, automated approach. Manual checks are prone to human error, and with Rent Payment Orders becoming stricter, the stakes are higher than ever. Property licensing issues are not diminishing; they remain a headache of the letting industry and require attention and strategic action.
At Kamma, property licensing is what we know best. Here’s what you need to know on how to navigate property licensing and turn it into a powerful tool for your business:
Be Proactive in Managing Risks:
The Rogue Landlord Tracker revealed a nearly 20% increase in total fines across 2023, with total fines projected to hit £10 million in the next few months. With councils facing a £4bn funding gap, as reported by the LGA, vigilance in maintaining up-to-date licensing is more crucial than ever.
Ensuring you’re landlord’s are fully compliant will save you lost time and money, but for many this task is not as simple as it sounds
Understanding the Evolving Landscape:
Navigating the complexities of property licensing is becoming increasingly challenging. With 16 new schemes set to be implemented by April, staying informed is key. For instance, the Tower Hamlets additional scheme, due for renewal in April 2024 and expanding borough-wide was buried in public notices rather than clearly presented and explained on the council’s additional licensing page.
Leverage Automated Licensing Solutions:
In this intricate landscape, automating your licensing ensures compliance, peace of mind, and allows you to focus on growth and nurturing client relationships.
With Goodlord reporting that 80% of agents anticipate a decrease in their landlords’ portfolio sizes over the next 12 months, and the Renters Reform Bill introducing stronger legislation, automated licensing solutions can be a significant reassurance for landlords concerned about the rental market.
Conclusion:
As we navigate these challenges, it’s essential to remember that property licensing, when managed effectively, can be a significant asset for your agency. It’s not just about compliance; it’s about demonstrating your commitment to professionalism and reliability, qualities that are invaluable in today’s competitive market.
To delve deeper into these insights and learn more about how to make property licensing work for you, listen to our CEO’s discussion on Goodlord’s podcast.
Contact us or book a demo now to understand how Kamma can solve property licensing for you.
