Letting Agent Regulation
It has long been hot topic of debate with regards to our industry as to whether letting agents should be regulated by legislation. In recent years the Property Ombudsman, Which? consumer group, the Office of Fair Trading, the Royal Institute of Chartered Surveyors and the Association of Residential Letting Agents have all backed such calls. The current Conservative led government have so far however rejected any move to statute, instead with a preference in other areas of business to focus on the removal of unnecessary legislation and ‘red-tape’ that may be stifling growth.
With numerous pop up letting agents appearing in popular rental areas and the high streets of Birmingham, as well as a dramatic increase in online advertisement agencies, it is understandable how the complaints regarding letting agents have risen so drastically in recent years. It can be argued however that through greater informative processes for landlords and tenants with regards to regulatory and licensing bodies, with whom approximately 40% of all agents are associated with, that agencies with good codes of practice and customer service will ultimately prevail. It may also be a question for property powerhouse websites Rightmove and Zoopla who currently do not hold a rating system for agents or demonstrate association with the aforementioned bodies.
Here at Nicholas George we are proud of our affiliation with the National Approved Letting Scheme and hope this offers all our current or potential landlords and tenants peace of mind.