From 1st June, Goodlord’s platform will ensure each tenancy transaction is compliant with the new regulations. This includes the removal of applicable fees when selecting an AST or Licence tenancy and auto-generation of holding and security deposits which will be capped at the appropriate amount. Also from June 1st, tenants will be shown a draft copy of their AST agreement automatically via the platform, with Goodlord Tenancy Guides updated to confirm tenants have reviewed the document.
The platform will also calculate deposits at the renewal of any tenancy from 1st June onwards and alert agents if refunds are due.
New Goodlord products designed to help streamline costs and introduce new revenue streams have also been launched, including a void management service for agents and landlords and a faster application process which will reduce vetting times.
Tom Mundy, chief operating officer at Goodlord, commented:
“There’s a lot that agents must do to prepare for the Tenant Fee Ban. The absolute priority is ensuring compliance, as they’ll be no scope to get this wrong. We’ve therefore updated all Goodlord services to make it as easy as possible for clients to stay on the right side of new regulation. As much as possible will be automated, providing agents with peace of mind and reducing their admin burden.
“The second challenge for agents is to reduce costs and seek out new revenue streams to ensure their businesses remain viable after the ban. Through new features such as our automated alerts, along with existing provisions including Goodlord Switch, agents can stay on the right side of the regulations and streamline their costs, all while providing a better customer experience.”
