Here at Home County Sales and Lettings we recognise the importance of being ARLA Propertymark Protected as we want our clients to trust us and ensure they’re getting the best possible service and most up to date information. But what does it really mean to be ARLA Propertymark Protected?
So, what is ARLA Propertymark?
ARLA Propertymark is the UK’s foremost professional body that protects and guides consumers, helping tenants and landlords to find and manage their treasured homes.
Agents who belong to the ARLA Propertymark are up to date on the latest legal changes and offer higher levels of protection than are legally required. Plus, they must meet high standards, hold client money separately and have their accounts independently inspected.
ARLA Porpertymark agents must also operate in a transparent way, offering services which are subject to independent scrutiny.
Why use an ARLA Propertymark Protected Agent?
As it stands, anyone can set up a lettings agency – you don’t have to be qualified. It is only an ARLA Propertymark Agent that can offer true protection and peace of mind.
If you’re a landlord, you need professional service and the confidence that your agent will manage your investment in your best interests. As a tenant, you need the reassurance that maintenance issues will be dealt with efficiently and your tenancy will run smoothly.
ARLA regulate ARLA Propertymark agents to ensure they work to a higher standard than legally required and meet the above requirements.
What does using a Propertymark Protected Agent guarantee?
- Backed by Propertymark Client Money Protection
- Agent holds a property management and lettings qualification to at least Level 3
- Agent’s experience is supported by regular continuing professional development and refresher training
- They must belong to one of the three government approved independent redress schemes
- Agent is up to date with complex legislative changes and best practice
- Agent must comply with a nationally recognised Code of Practice
- Agent must hold appropriate Professional Indemnity Insurance
- If they hold client money their accounts are independently inspected regularly
- ARLA Propertymark members are required to undertake training every year, to make sure they’re up to date with best practice and understand legislative changes.
Why is Client Money Protection important?
As it stands there is no requirement for agents to put landlords’ money into a separate bank account or to protect client money.
With a Propertymark Protected agent, your income is backed by Propertymark Client Money Protection – this is a scheme which reimburses landlords and tenants for missing rent or deposits if their agents business fails.
Client Money Protection is compulsory for ARLA members – all protected agents must have their accounts independently audited on an annual basis by chartered accountants to ensure compliance with ARLA’s scheme.
ARLA have campaigned for Client Money Protection to be mandatory for all letting agents since 2017. Finally, last May the Government agreed to adopt the position of mandatory CMP. This will come into act April 2019!