Reassuring Lettings staff amidst the Renters Reform Bill - or risk losing them.

With the Renters Reform Bill causing uncertainty in the property sector, it's understandable that employees working in lettings may feel anxious about their roles and be considering leaving.

I think Ive probably reached high double figures in the last 2 weeks of candidates telling me they just want to get out of the Lettings Industry and thats from Negs to Heads of Lettings.

If you are a leader responsible for staff in your organisation and you want to retain your staff, the key is to address concerns proactively, highlight opportunities, and reassure them about the future.

I've coupled together some ideas to help with my key advice for retention.

Key advice for retaining your Lettings Team

1. Communicate the changes transparently:

One of the most effective ways to ease anxiety is by maintaining open and transparent communication. Employees might be unclear about how the changes in legislation, such as the removal of Section 21 or the new Decent Homes Standard, will affect their day-to-day roles. Offering workshops or internal briefings explaining the legislation and its implications can help reduce uncertainty.

• Sally Asling of ProFind recommends: Regularly hold team meetings to explain the specific impact of the Renters Reform Bill on the company and its operations. Reassure staff that the company is staying informed and adjusting processes to remain compliant and efficient.Ask for their ideas and hold workshops allowing team input into the changes that the company need to make

2. Highlight opportunities for their professional growth:

The Renters Reform Bill introduces more complex regulations, meaning the need for skilled staff has never been higher. Letting agents and property managers can see this as an opportunity to build expertise in new areas such as compliance, mediation, and property management. By framing the reforms as career development opportunities, businesses can transform concern into ambition.

• Sally Asling from ProFind Recommends: Offer training programmes on the new legislation, enabling staff to gain industry-recognised qualifications like ARLA. Not only will this enhance their expertise, but it will also instill confidence in their job security. Encourage work down time to tune into ARLA's webinairs then hold a post viewing discussion. (Hats off to the webinair by ARLA last week - Valerie B and team were so calm and infomed)

3. Showcase job stability and demand:

With more regulations, landlords will increasingly seek professional support to navigate the complexities, meaning there will be increased demand for skilled property managers. Staff should know that their skills will continue to be in demand as more landlords rely on agencies for compliance with new legislation.

• Sally Asling from ProFind Recommends: Communicate the long-term demand for skilled property managers to staff. Let them know that their experience will be more valuable as the sector becomes more regulated, and reassure them that the business is in a strong position to thrive. Whilst the industry is consumed over Landlords leaving the sector, look at this as an opportunity to attract all the self managed landlords out there to use your service.
• What company promotions are you doing to entice new Landlords from the DIY sector?

4. Create a supportive and collaborative work environment:

Employees are more likely to stay if they feel supported and valued. Creating a culture of appreciation, recognition, and growth opportunities can help maintain morale. Let staff know that they are integral to the company's success and that their well-being is a priority. Include your Property Management teams in creating new processes.

• Sally Asling from ProFind Recommends: Implement recognition programmes to reward employees for excellent performance. Offer additional incentives for strong results in new income generating areas to keep morale high and staff feeling appreciated.

5. Emphasise the importance of their role in the transition:

Employees in the rental sector will play a crucial part in helping landlords and tenants navigate these legislative changes. Make sure staff understand how important their role is in the success of the company during this transitional period.

• Sally Asling from ProFind Recommends: Emphasise that their experience and expertise are crucial to successfully managing the changes, reinforcing their value to the company.

6. Incentivise commitment:

Offering retention bonuses or creating pathways for promotion can be a powerful motivator. If staff are aware that staying with the company will lead to better financial rewards or leadership opportunities, they will be less likely to look for opportunities elsewhere.

• Sally Asling from ProFind Recommends: Introduce performance-based incentives such as bonuses for navigating the compliance requirements successfully or leadership roles in key projects related to the Renters Reform Bill.

7. Reassure Staff about Company Direction:

If the company has a clear plan for how to adapt to the new legislation and thrive under the new conditions, employees are less likely to feel the need to leave. Demonstrating stability and forward planning can reassure staff that the company is prepared and secure.

• Sally Asling from ProFind Recommends: Involve your teams in creating and developing a clear roadmap outlining how the company is adjusting to the Renters Reform Bill and how each department, including theirs, will play a role in the company's growth.

If you or your business need help with recruitment or guidance on retaining top talent during these transitions, feel free to get in touch with me. Together, we can make sure your team feels valued, motivated, and secure in their roles.

??♀? Sally Asling ?? PROFIND PROPERTY RECRUITMENT ??

?? www.profindpropertyrecruitment.co.uk

?? 07760 787026

?? [email protected]

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