Inadequate or insufficient insurance cover may result in serious financial loss and can affect organisations of any size. Underinsurance can have potentially serious consequences for a business when they make a claim. Gallagher, Propertymark’s official insurance broking partner, offers advice on the potential impacts and how to avoid them.

When a tenant reports an issue at a rental property, the response of letting agents is vital for maintaining positive relationships between everyone involved. Quick and effective handling of these problems not only keeps tenants happy, but also helps prevent possible deposit disputes, which can cause stress and delays at the end of the tenancy. Here, the Tenancy Deposit Scheme provides guidance on how to manage tenant-reported issues at the property, fostering good relationships and avoiding deposit disputes over repairs.

The ongoing cost of living crisis and challenging economic environment have significantly increased the demand for guarantor services, as many tenants face financial uncertainty. This growing market underscores the importance of partnering with a reliable guarantor service which provides the necessary security for landlords and letting agents to continue renting properties with confidence, even in uncertain times.

In the last year, there has been a notable rise in demand for deposit alternatives with both tenants and landlords. Deposit specialists flatfair have seen a 30% increase in No Deposit plans compared to the same time last year, and 56% of tenants are selecting deposit alternative products over a traditional deposit.

Managing tenant deposits is a crucial part of any letting agent’s responsibilities. Ensuring compliance with regulations and safeguarding both landlord and tenant interests requires meticulous attention to detail and a thorough understanding of the deposit protection process. The Letting Partnership, a Propertymark Industry Supplier, specialises in client accounting for letting agents throughout the UK and understands what is required to keep compliant. This guide delves into key practices and considerations for handling tenant deposits effectively.

KPR offers a LRA report within their inspection and repairs software to record the test results and help fulfil the owner’s legal obligations, as well as generating an additional income source for managing agents by allowing them to conduct this assessment as part of their service. The software is simple and convenient to use, with pre-set template questions ensuring nothing is overlooked. KPR also supply a full Legionella test kit, allowing anyone in the agency can conduct the report, and presents the result as a clear and professional report.

To remain competitive in today’s market it’s important to provide exceptional service beyond the basic tasks of property management. Adding extra value for landlords and tenants enables an agency to stand out, and one way to achieve this is by making insurance products an integrated part of the service offered to clients.

Letting agents have access to a wide array of industry tools to elevate their business operations, including CRM platforms, marketing software, referencing providers, accounting tools, and deposit services. Integrating suppliers is a straightforward method to maximise the utility of existing resources, streamline operations, prevent fraud, and improve the experience for both tenants and landlords.

Lettings agents must protect the interests of landlords, tenants, and their agencies, so understanding the basics of deposit protection is key and knowing the do’s and don’ts will help minimise disputes and reduce the risk of costly penalties.

Being a letting agent or an estate agent with a letting portfolio demands juggling numerous responsibilities, from property management and tenant relations to day-to-day operations, plus the perpetual quest for new business. However, amidst these demands, being on top of client accounting is paramount.

The UK Government is currently consulting on the implementation of Awaab’s Law, which was passed in response to the tragic death of two-year-old Awaab Ishak in December 2020 from exposure to serious mould in his parents’ social rented home.

A rental property is provided as a home for tenants and must be fit for human habitation (FFHH) throughout the tenancy. As the weather changes, it’s vital for agents to stay on top of property maintenance and make sure issues are put right for their tenants as soon as possible.

Insurance broker and risk management partner Gallagher provides coverage against damage to properties and students with personal belongings insurance.

The unique partnership has seen client account health checks and accountants' reports waived for letting agent members who use PayProp’s client accounting platform.

Proptech offers many valuable benefits to property managers who are prepared to evolve their own habits too. Tech tools aren’t designed to replace the human element, but they can help agents be more efficient, compliant and effective in what they do. It’s important to remember its success is down to a team effort – even the very best proptech still relies on the expertise of inventory clerks, letting agents and landlords to make it work optimally.

As inflation continues to be high, some people's financial situations have become increasingly challenging, and the squeeze on the cost of living could leave tenants struggling to pay, however, rent guarantee insurance can help to protect rental income if tenant defaults on rent.