Letting agents must show their worth by educating landlords about industry regulation.

That’s the assertion from esteemed mentor Sally Lawson – who started her own agency more than 30 years ago.
“The fundamental problem is that many landlords have no idea how complex it is to properly manage a property,” she explains.

“Up to 60% are now choosing let only options rather than fully managed – I believe we can reverse this trend, but only though education.

“With over 170 pieces of legislation they need to abide by, it’d be incredibly difficult to fully comprehend all of these as a single or small portfolio landlord.
“They often start to realise the enormity of industry regulation when we start asking them how they’re going to comply with the Housing Deregulation Act, Housing Fitness Standard, Housing Health and Safety Rating System, Electricity and Gas Regulations and so on.
“And it’s not just about compliance to ensure their properties are habitable, and attract and retain good renters, there are huge risks associated with falling foul of the rules: rent repayment orders, fines, prosecutions and banning orders.”

So, how do agents go about this process of education to ensure more landlords opt for their fully managed service? Sally and her team suggest running webinars on specific topics, producing educational booklets or guides, and setting up a YouTube channel so you can upload videos on legislative updates and other key topics.

Sally also advises focusing on the legislative complexities of the industry when talking directly to landlords – rather than trying to win over landlords by talking about reviews, qualified staff and years of experience. Focusing on your understanding of legislation shows them just how valuable your expertise is, and how it can vastly reduce their risk of a financial and reputational crisis.