Do you know how many different laws a landlord must comply with?
A recent study by the Residential Landlords Association has revealed the number of different laws that create an obligation on landlords in the private rental sector.
Back in 2010, this figure stood at 118, but has since shot up by a staggering 32% to 156.
With many regulations carrying financial or even criminal penalties if a landlord is found to be in breach of them, this is a stark reminder of how difficult it can be for private landlords to keep up with a sector that is becoming increasingly regulated.
With this in mind, it is perhaps unsurprising that Lord Best’s Regulation of Property Agents working group recommended to the government the wholesale regulation of all lettings agents. These measures, which are expected to be implemented in the next couple of years, would require all staff – from the director to the apprentice – to obtain industry qualifications, and for the company to belong to a regulatory body.
At a time when anybody, regardless of their experience or knowledge, can decide to open a lettings agency, thorough regulation seems sensible.
With 156 separate laws to comply with, tenancy management requires in-depth and up to date industry expertise.
Reside already chooses to be regulated through our membership of ARLA Propertymark, the industry’s main regulatory body, and a quarter of our staff are ARLA-qualified. Our clients can be confident in the knowledge that their tenancies are fully compliant, and in safe hands.