Propertymark Booklet

Phil Spencer

There is no mandatory regulation of estate or letting agents Unlike the financial services sector, property agents do not currently have to be qualified. The idea that 'anyone can become a property agent' is not far from the truth but only Propertymark Proteted agents offer true protection and peace of mind. All agents who voluntarily join Propertymark are required to operate in a transparent way, providing services which are subject to independent scrutiny. Any agent who falls below Propertymark’s standards will be subject to disciplinary action. The dangers of no regulation Rogue letting agent Manish Manek was found guilty of 17 counts of theft involving tenants’ deposits and rent owed to landlords — he stole £47,000 before fleeing the UK. A police investigation found that Manek had been putting tenant deposits and rent into his personal account. He was finally arrested and sentenced to jail; however, his victims never saw their money returned.

The regulation of property agents is a work in progress. In the meantime there are membership bodies such as Propertymark who continue to ensure excellent practice, and their member agents absolutely have to have qualifications and adhere to strict codes of conduct. Do look out for them, those are the ones you want to be working with. Using a Propertymark member agent mitigates the chance of issues arising. You can feel more confident about your property agent, knowing they’re part of a professional body designed to meet high standards and service.

Phil Spencer Founder | Move iQ

What is Propertymark Protection? Propertymark Protection is a consumer protection scheme that provides financial protection, an independent redress scheme, and a code of practice for consumers who use the services of our members. It ensures that members adhere to high standards of professionalism and ethical behaviour, and gives consumers peace of mind when dealing with Propertymark members. By using a Propertymark member, consumers can be assured that they are dealing with a professional who is committed to providing a high standard of service, and that they have access to a range of protections and recourse in the event that something goes wrong . 1. You are backed by a Client Money Protection (CMP) scheme Propertymark Protected agencies have to hold client money in a separate client account which is independently inspected every year. In simple terms, CMP is a reimbursement scheme meaning your money is safe should an agent unexpectedly go bust or commit theft.

2. Your agency complies with a nationally recognised Code of Practice To uphold our high standards, all members are obliged to comply with our Conduct and Membership Rules. Disciplinary hearings are arranged when serious breaches occur; a tribunal will consider the case and impose sanctions on the member if they are found to have breached our rules. 3. Your agency has professional indemnity insurance This insurance provides cover for legal costs and expenses in claims resulting from negligence or breach of professional duty. It also covers any damages or costs awarded to consumers as a result of negligence. 4. Your agency has all the required registrations We confirm our members' registration with the Information Commissioner’s Office (ICO) who uphold information rights in the public's interest, their registration with a Government-approved independent redress scheme, and we also check that our members are registered with HMRC for Anti-Money Laundering supervision.

5. The responsible agent holds a relevant property qualification Individual propertymark members are also required to undertake training every year, this helps to ensure they are up to date with best practice and understand legislative changes which regularly alter the playing field.