[ad_1]
One in three agents admit they have not prepared at all for the Renters’ Rights Act, despite the sweeping changes it will bring to evictions, rent increases and landlord obligations — prompting warnings that the sector could face major disruption when the new rules take effect.
A survey of more than 700 letting agents by Goodlord found that 31% have not yet begun preparations for the significant overhaul the Act will introduce.
While 69% of agents say they have already taken steps to get ready, a sizeable proportion of the market remains on the back foot – with less than six months to go before the new legislation comes into force in May.
Between now and the 2026 deadline, which was announced last week, agents must ensure all processes, paperwork and policies adhere to the new legislative frameworks.
Agents will also need to train staff to accurately handle any questions from landlords and tenants about the new rules. Nearly half (45%) of all agents surveyed said that tenants or prospective tenants have already asked questions or raised queries relating to the Renters’ Rights Act since it was passed last month.
Despite the lack of preparedness from a significant number of agents so far, the majority are positive that their agency will be ready by May – with 84% of agents saying they expect to be ready by then. However, 16% of agents – one in six – are not confident they will be ready by the implementation deadline.
Additional research conducted by Goodlord this autumn, conducted as part of its annual State of the Letting Industry survey, found that almost half of landlords (40%) doubted letting agents could handle upcoming legislative changes, including the Renters’ Rights Act – highlighting the pressures facing agents to get their house in order.
William Reeve, CEO of Goodlord, said: “Our research shows that too many agents are far from Renters’ Rights ready. Given the volume of changes that are happening – from the end of fixed-term tenancies and the ban on over-bidding, to the scrapping of Section 21 and the introduction of new rules around pets – there’s a vast amount for letting professionals to get their heads around.
“Not only is there a lot of knowledge building to be done across teams, but also a huge number of processes, paperwork and systems that need updating. It’s disconcerting to see that such a significant number of agents haven’t yet got into gear. Agents shouldn’t leave it any longer – time is not on their side and the penalties for inaction could be crippling.”
A third of agents still unprepared for Renters’ Rights Act rollout
[ad_2]
Source link
