A third of estate agents (31%) have said that they were concerned about “making ends meet”, a new survey has found.
According to lettings platform Good Lords, it found that more than half (53%) of estate agents said they were concerned about the potential introduction to rent control legislation.
With the remainder concerned about the fallout from the tenant fees ban, electrical safety standards as well as the new mandatory qualifications being proposed.
Some 40% of estate agents also stated that they either felt “pessimistic” or “very pessimistic” about the future compared with 34% saying they felt “somewhat optimistic” or “very optimistic”.
Estate agents also showed a decline in confidence, with 23% of respondents highlighting they felt either “pessimistic” or “very pessimistic” about the future of the agencies they worked for, compared to only 5% six months prior.
The report also stated that 13% of survey respondents said that they would “definitely” consider selling their agency if the opportunity presented itself, up from 5% six months ago, with a further 26% saying they “probably” would consider selling their agency, up from 10%.
William Reeve, CEO of Good Lord said: “The past six months have seen seismic change across the lettings industry. Property professionals sought to mitigate the impact of the Tenant Fees Act, while the announcement of the Renters’ Reform Bill at the end of 2020 made it clear that the legislative change would continue apace.
“It’s not surprising, then, that negative sentiment towards the future of the industry has increased since our first survey in Summer 2019, as property professionals brace for more upheaval.”
He added: “But we remain positive for the industry’s future, in spite of the changes ahead: changes that will mean saving time, reducing admin, managing compliance, and generating new revenue streams are more crucial than ever.”