Landlords and letting agents are a ‘perfect match’

Landlords who are concerned over upcoming regulations should consider using letting agents, one firm says.

The automated rental payment service Payprop says using letting agents is an ‘obvious solution’ for landlords.

The organisation also warns that legislative changes will cause a big shake-up in the private rented sector – and landlords may need a helping hand.

‘Obvious solution for landlords who can’t commit to managing their properties full-time’

Neil Cobbold, the managing director of Payprop UK, said: “Landlords are going to need support complying with an ever-growing range of new measures.

“Using professional letting agents who routinely ensure compliance across their fully managed portfolio is the obvious solution for landlords who can’t commit to managing their rental properties full time.

“The risk from non-compliance is great, ranging from hefty fines to banning orders.”

Removal of Section 21

Upcoming legislation including the Renters’ Reform Bill is set to shake up the PRS.

The bill is set to contain the removal of Section 21 (so-called ‘no fault’) evictions, improved grounds for possession under Section 8, the change from assured shorthold tenancies to open-ended tenancies and the creation of a property ombudsman – to which every landlord will have to be signed up.

Alongside the bill, upcoming legislation on EPCs is also set to affect the PRS.

Though the plans have not yet been made into law, ministers have previously proposed that by April 2025, newly rented properties in England and Wales will need to meet a minimum EPC rating of C – tougher than the current E standard.

‘Letting agents and landlords make a perfect match’

Mr Cobbold said now is the perfect time for landlords to form new partnerships.

He explains: “Increasing regulation in the PRS is nothing new, but the volume of upcoming changes means there has never been a better time for landlords to seek out partnerships to help them navigate the new landscape.

“Letting agents and landlords make a perfect match.

“The agents have the professional and managerial expertise to get the optimal return from the landlords’ valuable assets, ensure their tenants have a great rental experience and protect them from the penalties of non-compliance.”