14^th February 2020

Growing despite the tenant fees ban

A recent report has suggested that the tenant fees ban has led to difficult trading conditions for many letting agents across the UK. It was feared that agents would inevitably see a drop in revenue, and the report indicates that around one in three letting agents have indeed seen a decline of between 10% and 20%, while an additional third have lost up to 10%. Additionally, 17% of those that responded claimed to have shed between 21% and 30% of their turnover. As a result, only 15% of agents have successfully found new sources of revenue since the fees ban has been implemented.

Andrew Ward, owner of Award Property Management, argues that the tenant fees ban has actually been a positive move which has not necessarily been detrimental to all letting agents. ‘As letting agents in Cambridge we’re acutely aware of how competitive the market is and of how you need to adapt to changes in regulation if you’re to survive and prosper,’ comments Andrew. ‘As a result, we’re committed not only to providing a top-quality service to our landlords and tenants at an affordable price, but also to staying abreast of all the changes that have been introduced and that will arise in the coming months. By giving value for money, we’ve managed to buck the trend and generate strong growth, which has enabled us to increase our turnover by 20% without implementing substantial fee increases. Above all, we pride ourselves on building long-term relationships with our landlords as we believe that that’s the way to deliver mutually beneficial results.’

Award Property Management are letting agents in Cambridge, so if you’re looking for help and advice with protecting your tenants’ deposits, why not get in touch? We’d love to hear from you.