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  • The Property Ombudsman introduce new rules for letting agents.

    The words Compliance, Rules, Regulations and Guidelines on colorful arrow road signs directing you to comply wih important laws or standards

    The Property Ombudsman have introduced new rules for letting agents.  The sight of these new rules is hopefully a way forward to full regulation of the industry.

    Commission Fees:

    Over the years nearly all letting agents have charged landlord and tenant fees.  The Property Ombudsman has now introduced a new ruling regarding these fees.  As of 1st October 2016, an agent must declare to the landlord any fees derived from the tenant.

    I have spoken to a couple of our local agents for their thought on this and reasons for this decision.  Landlords being made aware of fees charged tenants can aid them in making an informed decision on choosing an agency.

    As an agent, I hear the same statement from prospective tenants. “I found a really nice property that suits us but I won’t use so and so agents down the road as the admin fees are way too much”.

    My thoughts at this stage was always with the landlord as that property could have been let.  It was the agencies administration and referencing fees prevented this.

    Inspections by Letting Agents:

    When it comes to those inspections on properties, we have all been guilty of the same thing over the years.  Sending notification of inspections, stating you are attending the property on a certain day at a certain time.  Some letters also have included that the tenant does not need to be present as we have a set of management keys to enter the property.

    With the new rules put in place by The Property Ombudsman, should see this reduce and stop.  This states, the tenants Permission is expressed and not implied nor by default. 

    New regulations are need to combat rogue agents and some of the under handed methods used by them.  In the future, many agents and landlords are hoping to see the lettings industry more regulated and monitored more closely to avoid constant issues.

    Will this be the solution to a better process? comment below