Rogue letting agents have had almost as much bad publicity as rogue landlords in the last few years, but until recently the government has not done much to tackle the problem. Now, though, it looks as if the winds of change could be blowing in the right direction after a government select committee has released a report recommending that letting agents should be forced to meet minimum standards.
Landlords at Risk from Rogue Letting Agents
Landlords are just as likely as tenants to fall foul of rogue letting agents. The majority of landlords in the UK only have one or two properties, so they are very likely to use a letting agent for advertising or managing a property.
The RLA has long campaigned for letting agents to be regulated in the same way as estate agents currently are. Commenting on the topic, Richard Jones, Policy Director at the RLA, said:
“Almost 90 per cent of landlords in the country are either individuals or couples, many of which rely on letting agents to manage their properties properly. For too long these agents have been trusted with landlords’ and tenants’ monies without any robust regulatory system to protect it.”
Potential Ban on Rogue Letting Agents
The government select committee has recommended that agents found to be acting improperly should be banned from working in the sector. Their report also states that letting agents must be more transparent about their costs and fees. One common problem is that a letting agent can shut up shop overnight and disappear with a landlord’s cash. If letting agents are better regulated, landlords and tenants will be much better protected.
