The Only Way Is Ethics
The lettings industry is quite rightly coming under scrutiny from Government agencies, Local Authorities and homeless charities such as Shelter. The Private Rented Sector as its called in the UK has grown exponentially in the last 10 years and with so many people renting as both a lifestyle and forced choice, it is clear that Government intervention is required to provide tenants and landlords with the peace of mind they deserve when using estate and letting agents.
As happens with any growth industry, there's been a huge influx of neer do wells who think lettings is an easy route to a quick buck. And while its bonkers to allow it to happen, such people can very quickly and easily build up a fund of their clients money running into hundreds of thousands of pounds. Just as easy for them to disappear with this and it seems to be happening almost daily.
In Norwich alone, we know of one agent who has gone "bust" this year taking client monies to the tune of £30,000 or so its rumoured and another who is widely rumoured to be using tenant deposits within their business. Tenant deposits should of course be fully protected and if they're not then its down to the landlord to make them good.
So if you use an agent what can you do to protect yourself?
Read TOWIE Part One and then call us for advice 01603 766860.