Advice On the Tenant Fee Ban...
Updated: Aug 22, 2019
1. Make sure you understand. It may seem simple, but do your research into the ban so you are certain you know the laws on what you can and can’t charge tenants. This will also save any possible disagreements with tenants once the legislation comes into play. You can find below a few of the fees on the banned list:
- Charging for a guarantor form
- Initial letting fee
- Credit checks
- Professional cleaning
- Admin charges
2. Bear in mind the ban applies to Landlords as well as agents!
3. Work out what fees are exempt. Again, please see a few below:
- Landlords can charge for allowing a tenant to vacate early
- Damage charges to tenants
- Company lets
- Non assured tenancies
4. Think about commercial partnerships. This will help with recognition in your community and expanding your business, ultimately leading to more income.
5. Make the most of social media. Advertising and marketing online is a great way to gain new business and get your name heard. Twitter, Linkedin and Instagram are all great ways of advertising with no costs.
6. Finally, most importantly, don’t panic! With patience and strategy your agency will survive the change- just don’t give up.