Rent Smart Wales
If you’re a Welsh letting agent, you’ll need to be prepared for the Rent Smart bill.
Coming this autumn, its aim is to improve letting and management standards for those in the private rental sector.
It’s a huge step for Wales, becoming the first country in the UK where landlords and agents will need to undertake training to make sure that they’re aware of their rights and responsibilities.
All private landlords will be required to register both themselves and their properties with Rent Smart Wales.
If a landlord wants to manage the property themselves, they must demonstrate they are ‘fit and proper’ to hold a licence, and undertake training.
If they don’t want to do this, they will be allowed to appoint a licensed agent to manage the property on their behalf.
Mark Isherwood, the Conservative Shadow Housing Minister, unsurprisingly slammed the scheme, claiming that: "This flawed scheme is far from smart, because Labour ministers refused to listen to the sector and empower vulnerable tenants. Simply waving a stick won’t work and I fear good landlords will continue to be penalised."
However, Housing Minister Lesley Griffiths said: “We know approximately 184,000 homes in Wales – around one in seven – are now privately rented. With so many people renting, a strong sector with good working practices is absolutely essential.
“The new legislation we are introducing will not only improve the situation for tenants – informing them of their rights and responsibilities – it will also help good landlords by improving the sector’s reputation.
“When Rent Smart Wales is introduced this autumn, it will provide a simple way for landlords to register and for them and their agents to become licensed. Ahead of the changes, I encourage landlords and agents to subscribe to register their interest and to receive useful news and updates.”
You can find out more about the scheme on the Government website.
This new legislation may sound like a bit of a headache for Welsh letting agents, but could be a blessing in disguise. Landlords could find that managing their property themselves becomes less appealing, and be more likely to use a letting agent to fully manage it.
If your agency isn’t offering property management yet, the time couldn’t be better to start. And, with AgentPro, you can manage your sales, lettings and property management all in one place – so you won’t even have to change your software!
