What is Propertymark & Why is it important?
There is no mandatory regulation of estate and letting agents and unlike the financial services sector, property agents do not currently have to be qualified! So, how can the public know they are dealing with a professional that knows what they are talking about? The answer is to use a Propertymark protected member.
What is Propertymark Protection?
Propertymark Protection is a consumer protection scheme that provides financial protection, an independent redress scheme, and a code of practice for consumers who use the services of a member.
It ensures that members adhere to high standards of professionalism and ethical behaviour. By using a Propertymark member, consumers can be assured that they are dealing with a professional who is committed to providing a high standard of service, and that they have access to a range of protections and recourse in the event that something goes wrong.
Why should you use a Propertymark protected agent?
You are backed by a Client Money Protection (CMP) scheme
Propertymark Protected agencies have to hold client money in a separate client account which is independently inspected every year. This means your money is safe.
Your agency complies with a nationally recognised Code of Practice
To uphold high standards, all members are obliged to comply with Conduct and Membership Rules. Disciplinary hearings are arranged when serious breaches occur; a tribunal will consider the case and impose sanctions on the member if they are found to have breached the rules.
Your agency has professional indemnity insurance
This insurance provides cover for legal costs and expenses in claims resulting from negligence or breach of professional duty. It also covers any damages or costs awarded to consumers as a result of negligence.
Your agency has all the required registrations
Propertymark will confirm members' registration with the Information Commissioner’s Office (ICO) who uphold information rights in the public's interest, their registration with a Government-approved independent redress scheme, and will also check that members are registered with HMRC for Anti-Money Laundering supervision.
The responsible agent holds a relevant property qualification
Individual propertymark members are also required to undertake training every year, this helps to ensure they are up to date with best practice and understand legislative changes which regularly alter the playing field.
We are a Propertymark protected agent!
Should you wish to discuss anything property related please do not hesitate to contact the office.
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