A ban on letting agent fees charged to tenants will result in a loss of income of £85,000 for a single-office business and over £850,000 for a multi-branch network, it has been claimed.
Agents representing firms from across the country discussed the proposed ban at a round table debate hosted by software provider Eurolink.
The agents also forecast redundancies.
Round table guests suggested that lobbying MPs and bodies such as ARLA and Shelter would be more effective than relying on a single industry voice to take on the Government ahead of its consultation, which is expected to be launched by the end of April.
Nigel Poole, managing director at Eurolink, said: “The Government’s lack of clarification around what the ban will entail is making it incredibly difficult for letting agents to plan for the year ahead and work out how best to position their businesses to offset any negative impact.
“Perhaps the best solution is for agents to focus on the opportunities that a ban will create.
“Using their own client data to generate substantial new revenue streams from third party providers is a case in point – an approach that we have been working on with many of our clients for some time.”