Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property Industry Eye. Read the original article for full details.
More Landlords Turn to Letting Agents Amid Renters’ Rights Act Changes
A new survey of National Residential Landlords Association (NRLA) members has found that 66% now use a letting agent in some capacity. This is the highest proportion recorded for at least two years, according to the NRLA.
The research, conducted by Pegasus Insight, comes as landlords prepare for further changes under the Renters’ Rights Act. The NRLA says the increasing complexity of regulation in the private rented sector is driving more landlords to seek support from letting agents.
The NRLA has highlighted the need for minimum education and training standards for letting agents. The association has warned about agents who may lack sufficient knowledge of their legal and regulatory responsibilities. Official figures cited by the NRLA show that 59% of tenants in fully agent-managed properties reported satisfaction with repairs, compared to 73% of tenants whose properties are managed directly by their landlord.
The NRLA is calling on the government to accelerate plans for minimum education and training requirements for agency staff. Ministers have so far committed to consulting on the issue next year.
The NRLA states that as the rental market becomes more complex, reliance on letting agents is likely to continue growing. The association argues that reforms to the agency sector should accompany wider changes to the rental market.
Source: Property Industry Eye