The Tenant Fee Ban comes in to effect on 1st June 2019 and it’s estimated the change will cost the lettings industry £570 million in lost revenue – a loss that will force agencies to close if they fail to take immediate action.
If the bulk of your business is tenant find or let only, you still have time to restructure your agency to fill the financial black hole, despite the ban being just months away. Adapting to offer property management is the smart, logical way to keep income flowing as it’s the area where fees are still allowed.
Think about it. The average rent now stands at £921* and property management fees are usually in the region of 10% of the monthly rent. ARPM offers outsourced property management with excellent margins so agents can cover management costs and still make a profit. What’s more, we can set up your property management division in a matter of days so you can start earning now. Contact us and be prepared for 1st June.
*HomeLet’s December 2018 Rental Index
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