Welcome to the first edition of Ben's Vents, our blog series dedicated to revealing the unprofessional, unethical, and ineffective practices that plague the lettings and property management industry in the UK. As a letting and property management company ourselves, we are frustrated with the lack of transparency and accountability in the industry, and we believe it's time for a change.
In this first instalment, we'll be discussing a common issue that many landlords face when leaving their letting agent: the failure to return client funds. According to IBISWorld, there are approximately 10,000 letting agents in the UK, and we believe that very few of them make an effort to return money to clients once they have removed their properties from their books. In many cases, there may be £200 to £400 held per property, which can add up to a significant amount of money when multiplied by the number of properties each agent manages.
We believe that only those agents regulated by RICS are making any effort to return money to clients. If this is true, it means that there could be as much as £50 million of pounds in old balances being held by agents who do not make an effort to return the money. As industry thought leader Phil Spencer stated, "It's shocking that so much money is left unclaimed, and it highlights the need for better regulation and accountability in the industry."
So, if you've recently left your letting agent, we recommend sending them an email like the one below to ensure that all funds held have been returned to you:
Dear X,
Property addresses
We were a client, and you provided lettings and management services for the above properties. We no longer use your services, so we would be grateful for confirmation that all funds held have been returned to us and for you to provide us with a final statement.
Best,
Your name
We hope that our first edition of Ben's Vents has been enlightening, and we look forward to exposing more unprofessional, unethical, and ineffective practices in the industry in the future. If you have any questions or want to learn more about our services, please don't hesitate to get in touch.
