2019 has not been that straightforward as far as the PRS is concerned, yet most letting agents & property managers have held their nerve, with clear business objectives and focus.
The start of the year was filled with apprehension about what the Tenant Fees Act 2019 would look like; how would business plans and models change? How would the legislation impact the bottom line? Would businesses thrive and survive or flounder? The key elements that came out of the guidance put in place a “transitionary period” that allowed fees to be charged for pre-existing tenancies until 31st May 2020, ensuring the holding deposit is enshrined in law, removing references to “professional” cleaning of any kind and gardening, caps on deposits and therefore the need to refund surplus amounts. Not only did agencies need to consider the financial elements, there was also process to fact into these changes. Ensuring that the law is implemented correctly sits with the agent, this has been done with a great deal of professionalism and expertise.