Check price or service changes from your letting agent
Many letting agents may still be analysing the effects of the Tenant Fees Bill, but most have been aware of the ban on tenant fees for some time.
If you use a letting agency for services, it may be prudent to have a conversation with them to establish if their charging structure is going to change, or if they intend to amend the services they supply.
It is worth asking how new technology might change the relationship, as several agencies are looking to deploy software to streamline their services and save costs. However, is that going to suit you as a landlord and will you receive the same level of service you have become accustomed to?
The bottom line for most landlords is going to be whether agents make up any shortfall in revenues, as a result of not being able to charge tenants, by adding costs to landlord services.
It is worth fully investigating whether you are going to face higher costs – and just to clarify, you might also want to speak with a tax specialist to understand which agent costs are tax deductible. This might in the long run save you having to hike rents, particularly if you are keen to keep your existing tenants.