We’ll make Fees Ban work for us, says ambitious agency acquiring rivals

An agency in the north of England is continuing its strategy of acquisitions in a bid to offset the effects of the tenant fees ban.

Let Leeds has completed the takeover of local rival Parklands Estate Agents, its latest acquisition in a scheme to join forces with other independents to reduce overheads and safeguard staff retention. 

Parklands Estate Agents is the fourth in a series of acquisitions made by Let Leeds; earlier this year it snapped up Milnes Walker.

Celebrating a decade in business this year, Let Leeds says its strategy is already paying off. “In the three months following the tenant fee ban, we have not only offset the loss of tenant fees, but have increased turnover by 38 per cent compared to the same quarter last year” says managing director Luke Gidney. 

“We’ve managed this through a combination of acquisition and new alternative income streams, proving there is still plenty of opportunity for independent agents in the private rental system” he continues.

“Part of it is understanding what today’s renters are looking for and adapting accordingly”.

Let Leeds is stepping up their all-inclusive offering, called ‘Let Inc’, which combines the rent with utilities, broadband, Sky TV and even contents insurance into one simple monthly payment for tenants. 

The agency says it is also exploring further avenues to grow its portfolio and would like to hear from other independent agents in Leeds regarding a potential merger. 

“Many business owners I speak with are concerned about reduction in new landlords entering the market, pressure on income and increased regulation. As the industry continues to consolidate at a frantic pace, joining forces with other independents presents exciting new opportunities” suggests Gidney.