Our view on the Renters’ Rights Act is that most letting agents will push harder to take on more rent collection and/or management stock, so that they’re not exposed to refunds on tenancies which don’t last 12 months. Let me explain what that means.

For starters, on ‘let only’ stock, it’s going to be important for agents to decide their ‘minimum letting fee term’.

Since I started the business ten years ago, average fee levels have not changed and therefore having to rent a property two or three times during a single 12-month period, for the same 12-month letting fee won’t be viable.

Operationally, as always, there will be even stronger compliance workload. Agents will need tighter processes to meet expanded legal obligations.

Tenancy management

With reforms to notice periods and grounds for possession, agents will need to adapt how they manage tenancies day‑to‑day.

This includes adjusting renewal strategies, planning for potential shorter tenancy lengths, and refining communication with both landlords and tenants.

It’s now more important than ever, that tenants are serviced appropriately, efficiently and professionally, agents will need to keep them happy and serviced to ensure longer term tenancies, rather than taking them for granted.

Are most landlords aware of what’s coming? Not enough of them. It’s vital they’re aware of what is on its way, to solidify their understanding of their obligations moving forward, and to avoid any breach of new regulations.

It’s the responsibility of the agents to educate their landlords. What isn’t helpful is that there are still a few grey areas remaining from the act which we’re not yet ready to provide clients clear guidance on.

Flooding social platforms

It seems many agents across the country are flooding their social platforms with quick advice videos that the act is coming in, but that’s not enough.

How many agents are taking the time to physically contact each of their landlords personally, and checking with them about whether they are ready and fully compliant for deadline?

It’s an interesting set of adjustments, but for those long-term investors, nothing changes, it simply requires additional adaptation, something landlords are certainly not unfamiliar with given all the changes we’ve seen within the private rented sector over the past 10 years, and no doubt there will be even more to come.

Nick Kyriacou is a founder director of Mi Homes in North London.