Looking for a new place to live can be stressful enough, but it doesn’t compare to the nightmare you could face by unknowingly entrusting your money to a lettings and management agent who is not part of Client Money Protection (CMP) Scheme.
Despite the fact that 50 per cent of letting agents have voluntarily signed up to self-regulatory organisations, for those that haven’t, if they were to close down or misappropriate your money you could be left out of pocket.
Risk proof your rental experience by using this simple checklist to help you choose letting agents that offer financial protection and follow industry best practice.
1. Is the letting agent signed up to the SAFEagent campaign?
2. Is the letting agent part of a recognized Client Money Protection Scheme?
3. Is the letting agent a member of an ombudsman scheme such as Ombudsman Services: Property or The Property Ombudsman Scheme?
4. Is the letting agent a member of one of the industry’s self-regulatory organisations NALS, ARLA or RICS?
5. Does the agent have Professional Indemnity Insurance?
6. Does the agent have a designated client bank account to hold your money either rent or deposits?