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Posted by Let Alliance on July 16, 2015
More regulation is the last thing the letting agent market place needs
The new ARLA President suggests to improve the matters of reputational management in the industry it requires the introduction of full regulation however Andy Halstead, Founder & CEO at Let Alliance disagrees.
“Regulation rarely, if ever delivers its aims, the unintended consequences are often serious”.
When considering the banking industry, regulation could not be more onerous and still we learn of new scandals on an almost weekly basis. Regulation always results in additional cost, onerous administration and tick box exercises that do not help the consumer. The large corporate organisations in our sector will call for more regulation, this is done in the full knowledge that smaller, independent firms will struggle with the additional costs and administration and become unable to compete.
The financial services, as well as the Utilities sector are great examples of how regulation has failed the consumer. The result has been lack of choice, consolidation, expensive products and poor customer service provided through a small number of corporates. It is unsurprising that many agencies consider new regulation one of the biggest threats to their business.
If the current legislation is enforced the results will be very positive. Enforcing of the law and giving landlords and tenants the information they need to make decisions will deliver choice, competition and much better outcomes leading to rogues disappearing from the market as they will not attract many customers.
Here at Let Alliance we champion the letting agents cause, believing that every landlord in the UK should appoint a professional letting agent, we also believe in the independent firms who deliver exceptional service to landlords and tenants along with managing and reducing the risks that they face.