Tenant Fees Act Passes Into Law – How It Affects Letting Agents
The long-awaited Tenant Fees Act has finally been passed into law
The legislation banning the majority of tenant fees in England has been on a long journey. Having been announced in the Autumn Statement in November 2016, it was introduced to Parliament last May as the Tenant Fees Bill. On the 12th of February, the Bill was passed by Parliament and has become law under the Tenant Fees Act 2019.
What does this mean for Letting Agents?
The Tenant Fees Act summarises the government’s strategy banning letting fees previously paid by tenants. This applies to the private rented sector and includes the capping of tenancy deposits in England.
The introduction of the Act obviously means that Letting Agents will lose a vital source of revenue. According to The Fixflo Report 2018, 70% of letting agent professionals surveyed reported they estimate to lose up to 20% of their income from the fee ban. Only time will tell what this percentage will actually be once the Act has been implemented for a number of months. In the meantime, Letting Agents are looking for alternative means of generating income.
How WeLoveLettings Can Help?
One Broker’s WeLoveLettings scheme is based on a simple idea. As an insurance broker, we work with Letting Agents who introduce our insurance offering to Tenants and Landlords. By doing this, our Letting Agent partner is rewarded with a commission.
Our scheme is a fair, legitimate way to earn additional income for Letting Agents who we register with the Financial Conduct Authority, as our Introducer Appointed Representatives. All we ask of our Letting Agent partners is to introduce our insurance policies by handing out our leaflets and including a link from their website to ours. There is no sign-up fee and we provide our partners with everything they need, including leaflets, display stands and training.
To find out more about One Broker’s WeLoveLettings scheme, phone Rob Mill on 01223 792262 or visit: www.onebroker.co.uk/welovelettings
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