PROPERTY MANAGEMENT REGULATION
Labour’s planned management rethink has come under attack for leaving private landlords who manage their own properties out of the new scheme.
“If the quality of property management is going to be improved it has to include private landlords,” says David Pearse, Residential Property Managers’ Association president. “The days of DIY landlording are over.”
Under the government’s plans property managers are likely to need a licence, establish a trust account, hold insurance, undergo 20 hours of professional development, and comply with an independent disciplinary and complaints resolution scheme.
Property management company Propertyscouts says it marks a long overdue turning point for the industry, which needed to be regulated “yesterday”.
About 59% of the country’s private rental properties are under management. At the beginning of 2020 it stood at 49%, but there has been a significant swing to property management companies by private landlords since government legislation was introduced
