The media spotlight is firmly focused on the property industry at the moment and is dominating every news channel and tabloid. Sadly, not always for positive reasons either.
Making sure you are legally compliant is now more important than ever as we see more and more agents facing prosecution and bad publicity, plus there's nothing like a bit of estate agent bashing to get the hacks excited.
Burying your head in the sand won't make the issue go away. So make sure you comply with current legislation to avoid large fines, legal action and the media spotlight shining on your business.
If you are a letting agent, you must now clearly display at both your offices and on your website the following information:
ALL landlord and tenant fees.
This came into effect on 27th May 2015 and also requires that fees must be broken down by service and include VAT.
If your fees are calculated by percentages, how you calculate them must also be shown.
Details of which Client Money Protection Scheme you are registered with.
You must also state clearly if you are not registered with a scheme. This also came into force on 27th May.
Which Redress Scheme you are a member of.
It has been a mandatory requirement to be a member of a redress scheme since 1st October 2014
Failure to conform to any of these legal requirements comes with a £5,000 fine each.
Many local councils are now introducing mandatory licencing for letting agents and landlords. You may find your business unable to obtain a licences if you do not adhere to your legal requirements and could face further fines.
We understand why many of you may be reticent about publishing the required information but feedback from agents that have done so show the results to be very positive.
Being transparent and providing clients and customers with security is a great way to enhance your reputation and ensure you are an agent people can trust.
We've made it really easy for you to add the required information to your website, all you have to do is get in touch and send us the details.