Letting agents are still playing a high-risk game by failing to publish letting fees
Publishing fees has been mandatory for letting agents since May 2015, but many agents are still taking a huge gamble by failing to display them.
With fines of up to £5,000, is it a risk worth taking?
Agents who take this gamble are now more at risk of landing in hot water than ever before.
With the impending Tenant Fee Ban and Landlords quitting and selling up in droves, the fight for business is now ferocious.
Competition is so stiff within the industry, it has significantly increased the probability that it won’t be customers reporting agents to Trading Standards, but more likely to be competitors.
The law is clear: Customers should be made aware that you intend to charge them as soon as they walk into your office or visit your website.
Putting fees in hard to find places will not wash with Trading Standards. They must be easy to spot and if customers have to ask where they are, you’re doing it wrong and could still be fined.
Saying that you “didn’t know” won’t wash either, especially as any leniency period 3 years ago has long since passed.
A huge fine and bad publicity could be the final nail in the coffin for the many letting agents who don’t comply.
If you haven’t published your fees, do it NOW!
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