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Helping letting agents get ahead in 2020 with David Cox, ARLA Propertymark

The private rental sector is seeing some of its biggest changes in recent years, and the pressure is on for letting agents to adapt and keep aware of the future changes.

2020 will see tenant fees banned on all current tenancy agreements, not just new ones, so now is the time to prepare to offset lost income. Automated admin solutions, additional services charged to landlords and, in some areas, increasing rents can make up for these losses.

Mortgage Interest Relief (MIR) on rental properties will see its final phasing out and be cut to 0% from next tax year, meaning some landlords may sell up, raise rent or neglect maintenance duties to reduce costs. While we at ARLA continue to argue the benefits of MIR, agents can support and advise their landlords to ensure their properties remain viable sources of income and offer services that will prevent landlords leaving the market.

The Regulation of Property Agents (RoPA), rogue landlords and letting agents database, minimum EPC ratings, fire safety and electrical checks continue to be top priorities for the future too, agents need to ensure that their landlords are prepared for changes coming to the sector.

More than ever, the lettings industry is under scrutiny, but prepared agents will see their business flourish as they can prove their worth to their landlord.

To read more about the RoPA proposals, click here to hear from Mark Hayward at NAEA Propertymark.

You can find these insights and more in the 2019/20 edition of the Little Blue Book, available online here.

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