Many letting agents are considering raising their fees due to the additional workload introduced by the Renters’ Rights Act, as revealed by new research.
However, this could be the “last straw” for some landlords, prompting them to either self-manage their properties or exit the Private Rented Sector (PRS).
Discontent Among Landlords
Lettings technology company Goodlord surveyed 2,650 agents, landlords, and tenants, uncovering significant frustration among landlords.
The survey shows that high fees and a lack of perceived value are the primary complaints (59%), with only 6% of landlords feeling very satisfied with the value for money they receive.
Though agents may increase their fees, the data indicates that they haven’t built sufficient goodwill with landlords to make such a rise justifiable.
A fee hike, on top of existing frustrations, could drive landlords to self-manage, switch agencies, or even leave the sector altogether — a scenario agents can least afford given the already high levels of churn.
Agents Overwhelmed by Administrative Pressure
Three-quarters (76%) of agents report facing an “admin avalanche” in their day-to-day operations.
This pressure, according to Goodlord, is far from invisible and directly affects key areas, especially those that matter most to tenants.
Tenant Frustration with Maintenance
When it comes to tenant satisfaction, 52% of tenants cited prompt repairs as their primary need for improvement, and 46% expressed strong frustration with slow responses to maintenance requests.
Real Challenges in a Stressed Market
Tom Goodman, MD B2B at Goodlord, commented: “The issues outlined in this report aren’t just theoretical. They reflect the daily struggles of agents, landlords, and tenants who are navigating one of the most stressed rental markets in recent memory.”
