THINKING ahead and eliminating add-on fees for landlords and tenants has left Northamptonshire agency Jackson-Stops and its clients with little to worry about in light of the new Tenant Fees Act.
Teresa Moores, Residential Lettings Manager at Jackson-Stops in Northampton introduced a policy of no additional fees when she joined the company four years ago. Now, with lettings agents having to adapt to new rules that came into force on 1 June this year, and with many seeking to recoup lost revenue through higher commissions, or by passing costs on to the landlord rather than the tenant, at Jackson-Stops it’s business as usual.
Teresa said: “I previously worked in Scotland, where this has been the law for some time and my approach when I moved to England was to carry on this policy and not charge tenants fees. Landlords pay commission of around 10 per cent, and that’s pretty much it.
“The new law will see some agents raising their commission rates to cover the lost fees, or they’ll charge the landlord instead, but our clients – tenants and landlords – don’t need to worry, nothing will change.”
The Tenant Fees Act bans most letting fees and caps tenancy deposits paid by tenants in the private rented sector in England. The aim of the Act is to reduce the costs that tenants can face at the outset, and throughout, a tenancy. Tenants will be able to see, at a glance, what a given property will cost them in the advertised rent with no hidden costs.
Jackson-Stops markets a wide range of properties from contemporary studio apartments for single professionals through to substantial family homes in rural locations. The agency generally takes quality over quantity approach to the properties on its books, making it ideal for young professionals or growing families looking for a home to rent.
The team makes the rental process as simple as possible, handling all aspects of placing tenants in properties to let, ensuring the requirements of both landlord and tenant are met up to the tenant moving in, and, where required, beyond that point with a full property management service.
Teresa added: “The rental sector is an important part of the property market but is not without its pitfalls, so we make sure we are ahead of the game, aware of any changes in legislation to ensure the process is as straightforward as possible for everyone.”
Contact Jackson-Stops in Northampton on 01604 632991 or visit www.jackson-stops.co.uk