New PRS regulations: What can agents do?

06.09.21 10:26 AM Comment(s)

Guest Blog: Kamma

The lettings market has seen some fantastic growth this summer with rents even reaching record highs in some areas. Now that we are reaching the end of lockdown restrictions and with a fresh influx of students starting university this month, the rental market, in particular the HMO segment, is likely to remain buoyant throughout the Autumn months. 

This marks a truly fantastic recovery of the lettings market following the global Covid-19 pandemic with many superb opportunities for growth opening up again for agents. 

Kamma Guest Blog: PRS Regulations
However, the UK Government’s desire to reform and better regulate the Private Rented Sector (PRS) has not slowed down either. With a significant tightening of Minimum Energy Efficiency Standards on its way and local authorities continuing to introduce property licensing schemes here, there, and everywhere… agents and landlords, as always, will have their work cut out to ensure they remain on top of changing regulations and stay compliant.

For agents, staying on top of licensing requirements and changes to the law has never been more important. Not only to avoid such fines themselves but also to help remove risk for their landlords and give them the assurance and safety of mind they are looking for.

Thanks to Kamma’s latest integration with Dezrez’ estate agency software, users of Rezi will now be able to access Kamma Reporter directly from the platform and generate beautiful, customisable reports for any UK property. This helps agents to stand out from the crowd and demonstrate expertise, providing clear advice on rental yields, local licensing regulations and energy efficiency improvements – all from within their sales & lettings agency software.               

Winning more instructions in a challenging lettings market

Whilst the market is growing, it’s still competitive. Multiple agencies operating at the same high-street make it difficult for agents to differentiate. Landlords are cost-driven, often demanding great service for a small fee from competing agents. Yet agents can’t rely on cost cutting to help them grow. To win more instructions they need an offer that makes them stand out. 

Landlords are also increasingly depending on agents to provide guidance and support about new regulations and compliance obligations in the lettings market. With fines of up to £30,000 for breaching licensing regulations, agents need to find new ways to help landlords navigate the market and stay ahead of the wave of incoming regulations. It may seem obvious that all agents should focus on compliance but ensuring compliance with local regulations can be a great differentiator for agents. 
Rental Lettings Property Industry

Andrews Property Group is one example of an agency that is using compliance to stand out from the crowd and display expertise to win more instructions. They use Kamma to help them stay on top of any property licensing regulations that affect their properties, keeping themselves and their landlords informed and protected.

As Ellie Donaghy, Head of Lettings, explained: “Kamma has helped us stand out from other agencies because we’ve been able to be more prepared and that means that we can make our landlords more prepared. We’ve been able to stand out purely by being the best at compliance in our area.”

New MEES regulations 

Earlier this year, we saw BEIS propose an interim target: to increase the Minimum Energy Efficiency Standard (MEES) of rental properties from a rating of E to a C in England and Wales. With the first reading of the bill passed through parliament earlier this summer, it is now more important than ever that agents support their landlords to comply with both licensing regulations and energy efficiency regulations. 

Having proper discussions about energy efficiency cannot happen soon enough, as the earlier landlords prepare for these changes the better. Using property reports that highlight where improvements can be made is a great way to keep your landlords informed and demonstrate your commitment in helping them maximise their returns in the rental market over the long-term.

Maximising your growth in a highly regulated market

Do you want to see the same results as Andrews Property Group? Kamma has partnered with Dezrez to provide up-to-date property licensing, EPC and live market data to all Rezi’s letting agency software users via our Kamma Reporter integration.

Watch: How does Kamma work in Rezi?