Tenant Moves:
The lettings industry (letting agents) should do more to
raise awareness of reducing moving stress for tenants and landlords, that’s according
to Tenant Shop, a company that takes care of all the administration process around
tenant moves.
There’s a lot of advice available for home buyers and
sellers about how to deal with the moving process, but relatively little in
comparison for landlords and tenants in the private rental sector (PRS) says
Tenant Shop MD, Glenn Seddington.
“Considering the rapid growth of the PRS – which now
accounts for approximately 20% of all households and represents the largest
housing tenure in London – more needs to be done to make the moving process
smoother for landlords and tenants,” says Glenn Seddington.
“It’s also crucial that advice and guidance is readily
available for these stakeholders as the PRS becomes more widely regulated and
the lettings process is subsequently more complex.”
Here are some of the main “moving pain points” for landlords
and tenants according to Mr Seddington:
- It’s crucial that landlords understand how key
legislation such as the Tenant Fees Act, deposit protection and the Right to
Rent scheme work in order to stay on the right side of the law and protect
their investment.
- It’s also important for tenants to be fully
aware of their rights and obligations when it comes to renting a property and
have the ability to showcase their value as a good tenant to a potential
landlord.
- If both sides of the transaction are aware of
what is required of them from the outset, this can help to make things run more
smoothly and speed up the moving process.
- Landlords will also want to make sure that as a
new tenancy starts, the previous one is tied up and signed off, paving the way
for a smooth changeover with no unpaid bills or charges outstanding.
- The majority of moving pain for tenants,
meanwhile, is likely to relate to financial issues, with finding a deposit for
a new property before receiving their existing deposit back being one of the
main challenges.
- Once a tenant moves into a property, they will
be eager to get everything sorted quickly so they can start to enjoy their new
home. This can range from organising bills and council tax to managing
utilities, and getting the TV up and running so they can get started on their
next boxset.
- Another moving stress for renters is packing and
creating a precariously constructed Jenga tower of their belongings in their
van or car. Any advice tenants can receive on these matters could also help
them greatly when it comes to moving day.”
What can letting agents do to reduce moving stress in the
PRS?
- A lack of understanding and awareness is one of
the key drivers of stress among landlords and renters during tenancy
changeovers, according to Tenant Shop.
- As the rental process becomes more professional,
letting agents need to be on hand to provide consumers with the guidance and
advice they need to feel at ease during the moving process.
- Providing a first-class customer service has
always been a vital part of maintaining long-term relationships with landlords,
while impressive customer relations will not go unnoticed with tenants, who
could go on to become future sellers or landlords.
- Agents can also help to minimise stress for
tenants by providing them with access to innovative products such as deposit
replacement schemes and new referencing options, which could reduce the financial
pressure on their move.
- It’s also important to have the technology and
systems in place to manage changeovers efficiently.
All of this not only will this reduce the chance of human
error and provide consumers with a more succinct service, but it will also
allow letting agents to spend more time growing other parts of their
business,” Mr Seddington says.
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