A changing market – outsourcing your compliance management*.
One of the biggest areas that has seen a growing momentum in the private rental sector over the last 10 years is compliance and regulation. Rightly, the government & industry bodies are starting to move forward by enforcing minimum standards to landlords and agents, but with these minimum standards coming in to force alongside the additional costs that are imposed on landlords and agents to meet these, are causing some to exit the market.
To help landlords and agents ease these costs and save time, we are seeing an increased demand for outsourced compliance management and below lists some of the core reasons for outsourcing your compliance management across your business or portfolio.
What does outsourcing your compliance management mean*?
Outsourcing the compliance management of your letting’s portfolio means that rather than employing an individual or ‘Prop tech’ company to be responsible for overseeing the regulatory compliance in your business, you outsource this to an expert in this field who will feel like an extension to your current team. This set up will not only help with overheads but will allow your team to focus on other areas of the business with peace of mind you will always remain compliant whilst offering flexible arrangements and a non-bias view on the facts.
Many agents fall into the trap of leaving compliance management to their least experienced staff or having this included in a set up where they have had to change whole processes to accommodate this. With the large fines that can be imposed for non-compliance, this area is one that should be invested in and reviewed regularly.
Reasons why you should consider outsourcing your compliance management*:
Elite Consultancy Group was founded by two letting agents with a combined 30 years’ experience in the industry who now want to use their knowledge and experience and break the stigma around compliance. If you want to know how Elite Consultancy Groups outsourced compliance manager service can help you ensure compliance with the added benefit of saving both time and money, get in touch today.
*The above are the views of the founders of Elite Consultancy Group and not those of Clear Property Service Company its directors or any of its affiliates.
One of the biggest areas that has seen a growing momentum in the private rental sector over the last 10 years is compliance and regulation. Rightly, the government & industry bodies are starting to move forward by enforcing minimum standards to landlords and agents, but with these minimum standards coming in to force alongside the additional costs that are imposed on landlords and agents to meet these, are causing some to exit the market.
To help landlords and agents ease these costs and save time, we are seeing an increased demand for outsourced compliance management and below lists some of the core reasons for outsourcing your compliance management across your business or portfolio.
What does outsourcing your compliance management mean*?
Outsourcing the compliance management of your letting’s portfolio means that rather than employing an individual or ‘Prop tech’ company to be responsible for overseeing the regulatory compliance in your business, you outsource this to an expert in this field who will feel like an extension to your current team. This set up will not only help with overheads but will allow your team to focus on other areas of the business with peace of mind you will always remain compliant whilst offering flexible arrangements and a non-bias view on the facts.
Many agents fall into the trap of leaving compliance management to their least experienced staff or having this included in a set up where they have had to change whole processes to accommodate this. With the large fines that can be imposed for non-compliance, this area is one that should be invested in and reviewed regularly.
Reasons why you should consider outsourcing your compliance management*:
- Commercial viability: With vast legislation and compliance to adhere to in the private rental sector, the compliance manager roles within a lettings business is a critical one but can also be an expensive one. With salaries ranging from £35,000 - £80,000 per annum for a skilled and experienced compliance expert, outsourcing this area can be a way of ensuring that your business risks for compliance are mitigated, whilst keeping costs low to ensure that the option is commercially viable.
- Move with the times: A common mistake agents make is that ‘we have always done it this way’ but this doesn’t necessarily mean this is the right way. With an outsourced compliance manager, you can rest assured that any changes in legislation are communicated early and action plans are generated with your input to ensure that your business moves with the times and ensures any compliance changes are integrated into your day to day procedures seamlessly.
- Non Bias review and action plan: Current processes and compliance practices reviewed regularly and realigned based on the facts of the business’s current compliance status, ensuring that compliance is maintained regardless of changes that the industry may have/will face, without having to pull a member of staff off of their core tasks to action any changes. With an outsourced option quarterly compliance reports on the key compliance areas are obtained in order for transparency on those subject matters that matter the most
- Ongoing compliance management: Outsourced compliance manager services can include ongoing monitoring of compliance over various trigger points like, new tenancy move ins, existing tenancy renewals, and tenancy ends to ensure that staff are carrying out the works required to stay in line with the law. This will save your head of departments and managers time which in turn will allow them to focus on other areas and support the business where needed.
- Support at the end of the phone: Ongoing remote support on any compliance queries that the business may have allowing an expert, who has worked on the ground in the industry to be on hand to support you and your staff at all times.
Elite Consultancy Group was founded by two letting agents with a combined 30 years’ experience in the industry who now want to use their knowledge and experience and break the stigma around compliance. If you want to know how Elite Consultancy Groups outsourced compliance manager service can help you ensure compliance with the added benefit of saving both time and money, get in touch today.
*The above are the views of the founders of Elite Consultancy Group and not those of Clear Property Service Company its directors or any of its affiliates.