Professional supplier to the lettings industry, ARPM, has created a 12-step plan to help estate and letting agents beat the Tenant Fee Ban.
In the run up to 1st June, when the ban on charging tenant fees will come into force, the outsourced property management and lettings administration provider is recommending lettings businesses prepare.
They have put together a series of tools, guides and advice documents that will help agents to analyse their current business costs and income streams, review services and operational processes, and understand their options and opportunities moving forward.
Simon Duce, Managing Director of ARPM, commented:
“Lettings agents are expected to lose a significant proportion of their income as soon as the Tenant Fee Ban is introduced in less than 12 weeks, but we do know that many agents are still burying their heads in the sand.
“We have been supporting our lettings partners to review and restructure their businesses since the ban was first announced and have pulled together all of this information into a simple and easy to follow 12-step plan for other agents.
“Even if you’re feeling completely prepared, the information provided will hopefully support and reaffirm your findings, but also provide fresh ideas around options and opportunities.”
What’s included to help you beat the Tenant Fee Ban?
Designed to require just a couple of hours each, the 12-step plan includes tools for analysing business income and expenditure, staff costs and calculating return on time. There are also tips for increasing your fees and income, cutting costs and ways to find and reach more landlords.
The launch of the 12-step plan follows the success of a series of events held by ARPM back in October. More than 130 decision professionals from the lettings industry attended their ‘Restructuring Your Lettings Business’ workshops in conjunction with Michael Day and Peter Chapman.
Feedback revealed that 88% of letting agents who attended said the information they received would help them overcome their challenges in the new market. The two actions most letting agents plan to take following the event is to review their costs and business plan and over 60% were considering outsourcing their tenancy administration and property management services in a bid to save costs and increase efficiency.
You can sign up to the 12-step plan to Beat the Ban here.
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