The UK property sector is bracing for a wave of change under the Renters’ Rights Bill. However, a recent survey shows that many letting agents are far from ready. With the bill set to transform how landlords and tenants interact, industry experts warn that agents who fail to prepare risk being left behind.
Letting Agents in the Dark
A new poll by mydeposits revealed that 25% of letting agents are not aware of the reforms, while a further 24% admit they are only partially prepared. Even more concerning, 43% of agents know about the changes but have not taken any steps to prepare.
This lack of preparedness is striking given the scale of reform. The Renters’ Rights Bill is a huge change to the private rental sector aiming to improve tenant security and streamline landlord obligations. Yet, as these figures show, awareness and action among professionals remain patchy.
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The Impact on Fees and Services
The survey also uncovered how agents might respond financially to the new rules. Nearly 10% of letting agents said they plan to increase management fees once the legislation comes into effect. Meanwhile, over half are still undecidedon whether to adjust their fees or services, suggesting that the actual financial impact of the bill remains unclear.
This uncertainty could lead to a fragmented market, with some agencies absorbing costs while others pass them directly to landlords. For landlords, it is more critical to compare management services carefully to ensure they receive value for money in a changing regulatory environment.
Legislative Timeline: A Race Against the Clock
The bill was introduced to the House of Commons just before summer recess, leaving just 27 sitting days to gain Royal Assent before the Labour Party Conference on 28 September. This tight timeline highlights the urgency for letting agents to act now rather than wait for final guidance.
While delays are possible, the momentum behind renters’ rights reform is strong. With housing high on the political agenda, agents cannot afford to adopt a “wait-and-see” approach.
Agents Call for Clearer Guidance
One of the biggest challenges is uncertainty. According to the poll, 63% of agents want clear written guidance from the government on what the final legislation will require. A further 16% call for template documents, such as updated tenancy agreements and notice letters, to support them through the transition.
Eddie Hooker, CEO of mydeposits, summed up the situation:
“These early survey results clearly show where the lettings industry currently stands with the Renters’ Rights Bill, which is quite concerning.”
His comments reflect a wider feeling across the industry that, without more transparent communication, confusion and inconsistency will dominate the implementation phase.
Why Letting Agents Should Be Prepared
For letting agents, being prepared isn’t just about ticking legal boxes – it’s about building trust. Landlords and tenants are looking for clear guidance and reassurance. Agents who get ready early will find it easier to calm worries, set the right expectations, and adjust their services to stay ahead.
Ignoring the new bill could damage your reputation, lead to fines, and even push landlords to find agents who take compliance seriously. In such a competitive market, failing to act now could mean losing ground to others who step up and show they’re the experts.
What Letting Agents Should Do Now
- Educate themselves and their teams – Review the key provisions of the Renters’ Rights Bill and attend industry webinars or training sessions.
- Communicate with landlords – Keep clients updated on the coming changes and provide reassurance that compliance will be in place.
- Review fee structures – Consider whether changes in service or compliance requirements will affect costs, and clearly state this information.
- Prepare documents and processes – Update tenancy agreements, notice templates, and internal checklists to be in line with the expected reforms.
- Seek professional advice – Get in touch with legal advisors and rental associations to ensure all interpretations are correct.
Final Thoughts
The Bill is a pivotal time for the private rental sector. Whilst the aim is to create a fairer system for tenants, it also incurs new responsibilities for landlords and letting agents. The survey results reveal a worrying lack of readiness but highlight an opportunity.
Letting agents who prepare, educate, and support their clients, not only comply with the law, but also stand out as trusted advisors in an uncertain market. The message is clear: don’t wait for the government to hand down instructions – be proactive, be prepared, and be the agent that landlords and tenants can rely on.
