In a recent article in the Telegraph, the rental market was labelled “the property industry’s wild west” as MP’s called for tighter regulation on letting agents.
A lack of transparency and regulation is allowing high street letting agents to charge obscenely high fees for simple services such as providing tenancy contracts, or processing credit and reference checks. Some agents even charge for references for past tenants.
Several regulatory bodies are now looking at ways to curb these abuses of the market. Rentify is firmly behind any effort to include greater transparency in prices. Rentify CEO George Spencer said: “High agent fees are a byproduct of an industry which is suffering from an outdated economic model. The squeeze on letting agents is very similar to the last days of the high street travel agent, when fees rose and quality of service diminished rapidly. Letting agents should absolutely be held to the same standards as estate agents.”
Rentify believes that transparency is key in developing a strong and healthy relationship between landlords and tenants. Unfortunately for tenants and landlords alike, letting agents rarely provide a complete picture of the fees and costs faced when it comes time to begin a tenancy.
With Rentify, you’ll never need to worry about hidden fees or surprise charges. We offer many of the services a letting agent would typically charge for – such as advertising and tenancy contracts – free of charge. We pride ourselves on making any costs associated with letting your property completely transparent so that landlords and tenants both know exactly what to expect.
You can read the Telegraph article here.