One in five landlords don’t trust letting agents
The latest research by The Letting Partnership has found that almost one in five landlords do not trust letting agents to correctly handle rental income and tenancy deposits, whilst a lack of visibility around compliance standards is preventing many agents from building greater confidence with their clients.
The Letting Partnership surveyed 890 landlords across England to understand attitudes towards trust, compliance and professional standards within the lettings sector.
The research found that 19% of landlords do not trust letting agents to handle rental income and tenancy deposits correctly.
Whilst the majority of landlords retain confidence in their agent, the findings suggest there remains a significant trust gap when it comes to the handling of client money, particularly given the increasingly important role agents play in managing rental income, deposits and compliance responsibilities on behalf of landlords.
One potential factor behind this trust gap is the way compliance standards are communicated. Whilst 66% of landlords believe their letting agent is clear when communicating their compliance credentials and professional standards, more than a third (34%) do not.
The research also found that awareness of independent compliance reviews remains low. Three quarters of landlords (76%) were unaware that some letting agents voluntarily undergo independent reviews of their client accounting and operational processes, with just 24% aware that such reviews exist.
However, the findings suggest that greater visibility around compliance standards could play a significant role in improving trust. An overwhelming 99% of landlords stated that an independently verified compliance review would increase their confidence in a letting agent.
The findings indicate that whilst many landlords already trust their agent, there is a clear appetite for greater transparency and independent verification when it comes to how client money is handled and how compliance standards are maintained.
Chris Mason, COO of The Letting Partnership, commented:
“Trust is one of the most valuable assets any letting agent can have, particularly when landlords are entrusting them with rental income, tenancy deposits and increasingly complex compliance obligations.
What our research shows is that whilst most landlords trust their letting agent, there is still a sizeable minority who remain unconvinced. More importantly, there appears to be a significant lack of awareness around the independent reviews and compliance standards that many agents already undertake to demonstrate they are operating above board.
The fact that almost every landlord surveyed said an independently verified compliance review would increase their confidence demonstrates that transparency matters. It’s not enough to be compliant; increasingly, landlords want evidence that the right controls, processes and safeguards are actually in place.
For agents, that presents a real opportunity. Those who can clearly demonstrate how they manage client money, maintain compliance standards and independently verify their processes will be best placed to build trust and differentiate themselves in an increasingly competitive market.”
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