small letting agency

Tenant fees ban and extra red tape will cause ‘bonfire of the small letting agents’

Before you read on, if you haven’t signed the petition against the ban, SIGN HERE! It needs just a few more signatures for it to become a question that the House of Commons must examine. The lettings sector is to see many smaller agencies exit the market as increased regulation and next year’s tenant fees ban began to bite, it has been claimed. Franchised lettings giant Belvoir has revealed in its latest trading update that the group expects to help its franchisees ‘mop up’ as increasing numbers of smaller local rivals shut down over the next year or more. Belvoir also says it is doing well, despite its failed attempt to merge with rival The Property Franchise Group – owner of Martin & Co – in October last year. Fees from franchisees increased by 22% and overall group revenue increased by 13% to £9.9 million, both figures boosted by its first full-year contributions from Northwood, which it bought in June 2016, and the recruitment of six new franchise owners. Belvoir also says it is helping its franchisees expand as much through rental portfolio buy-ups as franchised branch openings. The latest results show that its network hoovered up 23 such portfolios,…

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