As well as 4,000 back-room admin jobs, many negotiators will exit the industry as they face more work for the same pay, says Property Personnel.
The lettings fees ban will lead to an exodus from the industry on top of the thousands of backroom jobs that will have to go when the new Tenant’ Fees Bill becomes law next year.
So says one of the UK’s longest-established estate agent recruiters, Staines-based company Property Personnel.
Established in 1988, one of its directors says the lettings fees ban will have a much more “wide-ranging” effect on the number of people employed within the industry than previous thought.
“Some people in the industry are already talking about these new rules resulting in a loss of 4,000 jobs.”
Following the ban the administration work done by these backroom staff will be transferred to front-line negotiators.
Because they will be doing more work for the same money and longer hours, this will lead to an exodus of staff and make it harder to recruit.
“The same number of transactions will be around after the bill becomes law – so references will still have to be taken, credit checks carried out, and immigration status investigated.”