The Importance of ARLA – Propertymark
Why choose an ARLA Propertymark Protected Agent?
The Association of Residential Letting Agents (ARLA) is widely recognised as the industry’s leading authority, championing best practice and transparency across the lettings sector. Membership to ARLA is a long and stringent process to ensure that any company within the association and carrying the ARLA Propertymark are working to the highest of professional standards.
Is your Letting Agent an ARLA member? As it stands, agents do not have to be qualified – anyone can set up a Lettings Agency! So, how do you know that you have made the right decision when you select your agent? There are many different factors which come into play when deciding who to choose; marketing, knowledge of industry legalities, comparable properties, descriptions, recognition of the agent, size of their potential tenant database – the list goes on. Not many landlords or tenants take into account whether the agent they are choosing to let through are ARLA Propertymark Protected. With this in mind, I think now is a good time to point out what some of the advantages are, for using an agent that is!
All agents who belong to ARLA Propertymark are required to operate in a transparent way. Any agent who falls below the standards set by ARLA will be subject to disciplinary action, and risk being struck out of the association. ARLA members are required to undertake continual training which in turn means that they are kept up to date with the latest legislation and believe me when I say, this can only benefit you as a Landlord or a Tenant as changes are made constantly in the world of Lettings!
There is currently no requirement for agents to put Landlords money into a separate bank account or to protect client money. So, what if the business looking after your tenancy goes bust? Well 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. Hoping of course that your agents business does not fail, how do you know that the agent is acting in your best interest when it comes to funds? 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.
These are just some of the many benefits that come with using an ARLA Propertymark Protected agent. Is now the time to look a bit closer at your agent and the way they are looking after your tenancy? For more information or advice please contact the Morris and Bott team on 01237 459 998 or visit http://www.propertymark.co.uk/.
Is your agent ARLA Propertymark Protected? www.arla.co.uk/find-agent