So why are we here??
With the current economic climate and growing government propensities to ensure the interest of tenants are heavily protected, landlords in the private property rental market face several major challenges in the near future. Stamp Duty increases on second homes, the ‘Tenant Fees Bill’, the introduction of the ‘Fitness for Human Habitation Bill’ and the gradual eradication of tax relief on residential properties all dictate that landlords must make certain they are abiding by current laws whilst simultaneously minimising costs, in order to maximise return on investment.
The Fixflo 2018 Report stated that 70% of letting agencies will lose up to 20% of their revenue as a result of the 2019 Tenant Fee Bill, and that around 50% of agencies are considering whether or not to continue to trade in such an event. In Chester, high street agents are charging 10-16% of monthly rental income for management services (minimum payment also applying). Additional charges are in place for tenant searches. Our experience has found some of these services to be poor value for money.
New Age Management Limited has been formed to provide landlords with a reasonably priced, well managed and fair service, which focuses on quality of service rather than revenue generated.
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