From October last year it became a legal requirement for all letting agents to be part of one of three government-approved redress schemes, The Property Ombudsman Scheme, The Property Redress Scheme or Ombudsman Services: Property.
Of course, most sales agents were already members of a scheme, but the law was enforced in order to stamp out an element of rogue operators and improve standards across the whole industry. Redress allows consumers – property sellers, buyers, landlords and tenants – access to an escalated complaints procedure should they be unsatisfied with how their agent has responded to their complaint. The redress schemes have been formed to provide an independent and fair service for consumers.
At the end of May this year it became a legal requirement for all letting agents to publicly display which redress scheme they are a member of and whether they offer Client Money Protection.
Client Money Protection provides compensation to tenants and landlords in the event that their agent misappropriate their rent, deposit or other funds.
Just this month, however, Sheffield council fined eleven letting agencies a total of £37,000 for not being members of any of the three redress schemes.
In a move which is welcomed industry-wide, Sheffield Council claims it is the first council outside of the capital to enforce the law which came into force last year.
This case shows the importance of choosing an agent that is registered with a scheme and also demonstrates that while most agents are doing their duty, there are some who continue to break the law.
As a property seller, buyer, landlord or tenant, redress is something you need to be aware of in the event that you ever wanted to lodge a complaint. Here at Tepilo we are members of the Property Ombudsman Scheme, known as TPO.
We strongly value the importance of transparency and consumer rights and we place these values at the very forefront of our business.
Here at Tepilo, we believe that we have redesigned the property selling process around the customer. We do this by offering 24/7 phone support from our personable and experienced team combined with an easy to navigate website and a state of the art app.
Although technology remains at the heart of our business, we're still a very personal agency. Tepilo boasts a team of highly experienced managers who are dedicated to your sale from the moment we are instructed.
If you're thinking about selling your home, we'd be delighted to help and you can contact us on: 0844 3878377. You can also find out how much your property could be worth using our free instant online valuation.