Estate Agency Regulations in Place to Create New Framework for Property Lettings
In the past couple of years, there have been important changes in the real estate industry, ranging from the passing of the Tenants Fee Act this June to the creation of ROPA (Regulation of Property Agents) in 2018.
And it looks like that streak of transformation in the market is about to continue with the release of a report by ROPA, which is suggesting sweeping improvements to the way Estate Agencies regulate their business, while certain staff are expected to meet a high level of qualifications and have the correct licensing, with new and existing customers.
The creation of this framework would be a welcome change in the industry, ensuring a high standard of customer service and the appropriate code of practice in place. Following co-operative discussions with the government, these changes will help to prevent future ‘bad practice’ and ‘drive cultural change within the industry.’
As an online platform to advertise properties – in partnership with the likes of Rightmove and Zoopla – YouRent will follow the necessary procedures to promise the highest level of service.
Below is an outline of the regulations highlighted in the report:
- All agencies operating a residential property business should be licensed and licensing should include a fit and proper person test for company directors.
- All customer-facing staff employed within residential agency business should be licensed and adhere to a Code of Practice.
- All customer-facing staff employed within residential agency business should hold a qualification at Level 3 or above.
- All company directors and management agents should be qualified to a minimum of Level 4.
- A new regulator to be appointed to oversee compliance with an overarching Code of Practice.
If you wish to take a more in-depth look at the report, you can read it on the official government website below: