In today’s fast moving environment it is vital that lettings businesses are both fully compliant with the myriad of legislation affecting the sector and are maximising the commercial opportunities available, particularly as commercial pressures and legislation are impacting significantly.
Tenant Fee Ban
Research shows that letting agents will, on average, see around 15% of revenues disappear when the tenant fee ban comes into operation on June 1st 2019. This is clearly significant and potentially devastating. Replacing revenues, cutting costs, developing new propositions is vital. Change is always challenging to manage and takes time - so don't delay - get on the case now - the Lettings Health Check will identify strengths, weaknesses, opportunities and threats for you to action.
Client Money Protection
It will be mandatory from April 1st 2019 to have CMP (Client Money Protection) in place for all lettings businesses.
Failure to comply with lettings legislation could have a devastating effect on a business and its owner(s) with failures in some areas carrying significant penalties including fines and imprisonment. In addition, shortcomings could result in compensation payments and awards being levied through the courts or redress schemes or an inability to enforce terms of business and secure fees.
Good business practice is vital but does not exclude ensuring that the business maximises the commercial opportunities that exist from a well-delivered portfolio of services and products.
If you are operating a lettings business you need to ensure compliance and good business practice whilst not missing out on fee earning opportunities and that is where The Lettings Health Check comes in.
The Lettings Health Check is a detailed audit of your lettings business concentrating on compliance and commerciality.
The Lettings Health Check can be offered as two separate sections - compliance or commerciality - or at a reduced collective cost, the full report.
Dependent upon location and diary commitments, The Lettings Health Check will be undertaken by Charlotte Taylor MARLA or Michael Day MBA FRICS FNAEA FARLA
Charlotte Taylor MARLA has worked in the legal and property industry since 1989 and is an experienced training and development coach.
With considerable experience across both private and corporate sectors, Charlotte is a qualified member of the Association of Residential Letting Agents (ARLA)
Charlotte has been a Judge at the Women in Property Awards for the Innovative Property Show & the LFS Conveyancing Awards.
We will undertake an audit of a selection of property files as well as a review of the overall lettings operation to ensure compliance with legislation, regulation and codes of conduct. This will involve a detailed site visit as well as desktop research.
We will also undertake a review of current products and services, fees and commissions and highlight areas where practical opportunities exist to increase revenues, reduce costs and increase margins.
We engaged Michael Day of Integra Property Services to carry out a Lettings Health Check of our business and this was undertaken in August 2018.
Michael attended our offices and spent a full working day interviewing staff, auditing files and company procedures. He also undertook some desktop research and looked at much of our documentation and reviewed our website. In addition, he looked at our current commercial arrangements in regards supplier agreements, and the fees and charges, revenue and profit from ancillary income streams.
We subsequently received a very detailed but easy to digest report from Michael that highlighted his findings and made 112 recommendations and provided a template business plan for future action.
The recommendations ranged from a couple of essential compliance matters to a number of commercial business opportunities and we have subsequently reviewed and put in place a programme of improvement. As well as helping us “de-risk” our business and ensure compliance with the myriad of legislation, we believe we are much better placed to generate greater volumes of business and greater revenues which, given the impending tenant fee ban, will be essential.
My business partner Darren, myself and all the staff were delighted with the positive and solution conscious approach taken by Michael and feel that our business is in a much stronger position as a result of having invested in an independent review – the Lettings Health Check.
Each Lettings Health Check will result in a detailed report and draft business plan that the business can use as a template for improvement.
The Lettings Health Check could be the best investment you make in your lettings business - to discuss further or to book a Lettings Health Check – please call or email us at firstname.lastname@example.org.
We look forward to being of assistance to you.