Letting agents fighting the crunch
News Category: Industry News
Published: 15-Dec-2008
This article was brought to you by Rentman the premium rent management software.
One businessman's plight in the economic downturn could be an inspiration for letting agents struggling in the current economic downturn.
Martin Bennett, owner of Crown Estate and Letting Agency, in Preston New Road, Blackburn, has resumed his business in the north-west despite having being declared bankrupt in November, reports the Lancashire Telegraph.
He said that other east Lancashire estate agents are on the verge of fundamental changes as they look to tackle the effects of the credit crunch.
Letting agents might consider residential lettings software to ensure that the future of their businesses are not threatened by the housing market slump in the UK.
Mr Bennett received legal approval to resume trading under the same business name, the article noted.
Britons are increasingly switching to rental accommodation despite the house price slump, because of the lack of mortgage finance.
Rent collection software could help letting agents and landlords with large portfolios manage their financial income.
Average monthly rent in the UK increased from £529 in October to £621 in November, according to Rentright's residential rent price index.
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