being an independent agent we offer good value and adhere to all legislation issued, we of course will adhere to tenant fee ban, as we don’t charge much in the first place it will not effect affect our business greatly,
having spent over 10 years with a corporate agency and knowing that over 20% of their lettings income comes from tenants fees, how will they cope?
most corporates have scaled back and restructured, and others are doing the same in preparation, I am aware of a corporate who is either flying in the wind or has had a great idea.
Their plan is to get tenants to obtain a letting/ reference certificate from a third party to be able to proceed with a tenancy with said corporate.
My understanding is that no fees could be charged relating to the application and production of tenancy agreement, inventory etc, this would include referring people to a third party for a letting / referencing certificate.
I’m not sure how it work for them or even if this is allowed, but again it will not allow agents to play on a level playing field, I’m sure tenants will be savvy enough to see what is happening and most likely report this agent or come to honest independents like ours.
with corporates trying to obtain fees from a third party will only bring more eyes to the industry and again more restrictions due to the greed of a small few.