Redstones Lettings

Changes for the property management sector in 2016

Professionals working in the property management sector have always had constant changes, challenges or ‘obstacles’ to face in terms of business operations.

For example, in lettings, our team at Redstones need to keep abreast of all forthcoming legislation that will impact tenants and landlords, as well as buyers and sellers.

New legislation that came into force in October 2015 made it compulsory for all landlords to fit smoke alarms and carbon monoxide detectors into their rented properties and failure to comply can lead to a penalty charge of up to £5000.

Lettings agents are also required to be more vigilant about the risk of money laundering and in February 2016, the Right to Rent scheme went nationwide. Rent to Rent gives landlords the responsibility of checking the identification of everyone who is over 18 and expected to occupy their property, although this responsibility is transferred to agents such as Redstones, who have a thorough understanding of exactly how the checks must be conducted. All Right to Rent checks last for a minimum of 12 months and there are different checks required for tenants, depending on whether they have permanent or time limited rights to rent.

The property management sector in 2016 promises even more change, with schemes such as Help to Buy and Help to Buy ISAs and the recent increase in stamp duty on second homes to 3%.

At Redstones, we are accustomed to moving with the times, changing our processes and introducing simple systems that help our staff and clients manage change in the property management sector. Crucially, we also play a vital role in communicating the changes that occur and ensuring that our clients understand the impact on them.

We offer a valuable service that takes the hassle out of lettings, covering digital inventories, arranging annual gas safety certificates, managing inspections, credit control and much more, including staying on top of the legislative changes introduced in 2016 and beyond.

Find out more about property management services at Redstones.