Letting agents worried about losing income when the tenant fees ban goes live next year may have at least one revenue lifeline open to them, if claims by franchised agency brand Belvoir are to be believed.
The company says it expects half of its 56,000 properties under management to be covered by rent guarantee policies by the end of next year, insurance that it will sell to its landlords in partnership with Let Alliance.
This ambitious sales target follows an announcement over the weekend that it has already achieved 10,000 of this target, or some 17% of its properties.
Belvoir, which signed a partnership with Let Alliance 18 months ago, has been endeavouring to find ways for its franchisees to replace lost income from tenants following the fees ban.
The Let Alliance deal enables Belvoir’s franchisees to access several other paid-for products including tenant referencing, a replacement deposit scheme and both landlord and tenant insurance.
“Working with Let Alliance is making a real difference to the service we are able to offer to landlords and tenants,” says Dorian Gonsalves, CEO of Belvoir (pictured, left).
“The lettings market is changing, and together Belvoir and Let Alliance have responded. We are becoming much more tenant centric, and in a world where tenants are exempt from fees, it is crucial that we are able to offer them products and services that they want and value.”
To celebrate the 10,000 property milestone Let Alliance took several of the key Belvoir agents responsible for the rent guarantee sales increase to New York for an all-expenses-paid weekend (pictured, right).
This included franchisees from Lincoln, Milton Keynes, Northwich & Congleton, Peterborough and Warrington.