Only one in three letting agents say they are ready for the Renters’ Rights Act when it comes into force next year, it has been claimed.

With the Act due to be implemented from 1 May, less than six months away, many agents have not taken any concrete steps to prepare.

A survey of more than 700 agents by lettings platform Goodlord reveals the shocking situation.

This leaves a huge swathe of the market on the back foot.”

“This leaves a huge swathe of the market on the back foot,” Goodlord says.

The majority of agents are though positive that their agency will be ready by May, with 84% of agents saying this.

However, 16% of agents – or one in six – aren’t confident they will meet the deadline.

Hefty fines

Agents must ensure all processes, paperwork and policies adhere to the new legislation. And failure to do so could lead to hefty fines, or investigations by the Ombudsman.

Nearly half (45%) of all agents surveyed said that tenants or prospective tenants have already asked questions relating to the Act since it was passed last month.

And additional research by Goodlord, conducted as part of its annual State of the Letting Industry survey, found that almost half of landlords (40%) doubted letting agents could handle upcoming legislative changes.

Agents shouldn’t leave it any longer – time is not on their side and the penalties for inaction could be crippling.”

William Reeve, CEO of Goodlord (main picture), says: “Our research shows that too many agents are far from Renters’ Rights ready.

“Given the volume of changes that are happening – from the end of fixed-term tenancies and the ban on over-bidding, to the scrapping of Section 21 and the introduction of new rules around pets – there’s a vast amount for letting professionals to get their heads around,” he says.

“Agents shouldn’t leave it any longer – time is not on their side and the penalties for inaction could be crippling.”

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