The Tenant Fees Act: Deposits and Holding Deposits
The Tenant Fees Act has a number of provisions around tenancy deposits and holding deposits. These are very important as they will bring substantial change to the way many landlords and agents to business. Due to the transition provisions they may also require specific actions on tenancies as they are renewed.
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Businesses go through transitions caused by trends, the Economy, changes in the customer expectations and needs, which means that businesses, large and small have to evolve. Our last blog dealt with Strategic Change, but deep down what sits at the heart of your business and makes your company stand out from the crowd? Ask yourself the following questions:-
Which kind of Strategy suits your Letting Agency?
Whether you run a Corporate or a Start-Up, it is important for management, owners & directors to know exactly which kind of strategy suits the vision and direction the business hopes to go in. With the advent of the Fee Ban, no one can really anticipate what the Private Rented Sector will look like in 12 months time, let alone 5 years time. Letting Agents are attempting to navigate the unknown - business plans have to be altered as do business models - is a fee increase to landlords warranted or should Agents hold fire just to wait and see how the land lies?
31 Days to go until the Tenant Fees Act 2019 becomes Law
Anticipating change or the next episode of Game of Thrones can be quite traumatic. Since Phillip Hammond’s announcement in his Autumn Statement which feels light years away, there has been a lot of deliberation over what can and cannot be charged , the impact on the Private Rented Sector, the impact on not only SMEs but all agency types and most important of all the impact on tenants.