Why use a Regulated Agent? – Understanding ARLA Propertymark
You may be surprised to know that there is no mandatory regulation of estate or letting agents. Unlike the financial services sector, agents do not currently have to be qualified. The idea that 'anyone can become a property agent' is not far from the truth but as proud Propertymark Protected agents, Mundys will offer peace of mind & protection.
What is Propertymark Protection?
Propertymark Protection is a consumer protection scheme that provides independent redress scheme and a code of practice for consumers who use the services of their members. It ensures that we as members adhere to high standards of professionalism and ethical behaviour and gives consumers peace of mind when dealing with Propertymark members.
5 Reasons to use a Propertymark member;
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, meaning your money is safe.
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.
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.
4. Your agency has all the required registrations
Registration is confirmed 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 & HMRC for Anti-Money Laundering supervision.
5. Your 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.
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.
As a proud member of ARLA Propertymark, Mundys Estate Agents are required to operate in a transparent way, providing services which are subject to independent scrutiny. This mitigates the chance of any issues arising.
If you would like to find our more information, please call the lettings team on 01522 556099.