If you are looking for a letting agent to work with, there are a number of factors that need to be considered. Not only are you going to need to look at the letting agent’s experience and their reputation in the industry but it is also a good idea to ensure that the agent is protected with the ARLA Propertymark. In this blog post, we will reveal exactly what that is and why it is beneficial.
For those that are unaware, ARLA stands for The Association of Residential Letting Agents. This is the foremost regulatory body in the UK for the lettings sector, working to protect consumers and improve standards all of the time. A lot of tenants and landlords do not realise that the lettings industry is not regulated, which means that anyone is able to set up as a letting agency.
However, by becoming an ARLA Propertymark member, it means that the agents need to fulfil a number of different responsibilities, and so this can give you complete peace of mind when choosing a letting agent.
Reasons you should always make sure a Letting Agent is an ARLA Propertymark member
So what are the benefits of going down this route in further detail?
- An ARLA Propertymark member will have Professional Indemnity Insurance.
- An ARLA Propertymark member will hold membership to an independent redress scheme.
- An ARLA Propertymark member will adhere to the Code of Practice that is in place, ensuring you of the best possible standards.
- You can also be sure that your letting agent is going to be undertaking regular training as part of their ARLA Propertymark membership. They will also make sure that they stay up-to-date with any changes in the industry, especially those of a legislative nature.
- Being an ARLA Propertymark member is a mark of quality. This means that you are going to be working with the best experts in the field, ensuring you of high quality and professional advice at all times.
- If you work with an ARLA Propertymark member, your money is going to be protected. This is because ARLA take Client Money Protection (CMP) very seriously, and this means that their members do too. Your money is going to be held in a designated separate bank account, which means that it would be protected should the company go bust or any unforeseen incident like this were to occur. Any letting agent that is an ARLA Propertymark member will need to submit Client Money accounts on a yearly basis, and these will be audited independently.