A lot of letting agents put RICS and ARLA on their marketing materials. But, what does this actually mean?
Well, RICS is the Royal Institution of Chartered Surveyors, and ARLA is the Association of Regulated Letting Agents. Both of these are independent bodies that regulate their members within the property industry. What’s more, they have pretty high standards and requirements that their members must adhere to. The RICS inspect their members every year or two to make sure vthey are operating to the very high standards they require.
Believe it or not, letting agents do not have a compulsory requirement to be regulated or licenced by anyone apart from registering deposits. This means that anybody can call themselves a letting agent.
There are some agents operating, who have not had any training and do not have to comply with any codes of conduct. They also do not have to be insured in order to protect their client’s finances and indemnity.
Thankfully for you Ouslnam Lettings is regulated by both RICS and ARLA and is also a member of The National Approved Letting Scheme, The Ombudsman Service and Safe Agent.
Would you let an unqualified chiropractor fix your back? Well, assuming the answer is no, why would you risk your huge financial investment by using an unregulated and untrained letting agent? Using an estate agent who is a member of these regulatory bodies protects you, and makes your investment much more secure.
Nearly all of our lettings staff having taken industry exams which means we are able to provide our clients with expert advice. We have to follow a structured programme of continuous professional development which means the advice we give is based on up to date knowledge which is crucial in an industry with constantly changing legislation.
We deal with substantial amounts of client's money including rental payments and deposits. All client money is held in a ring-fenced client account and is protected an insurance policy.
For your peace of mind and protection we have full professional indemnity insurance which means we are completely covered when it comes to negligence and bad advice.
In short, it makes sense to use a company where you know their practices and operations are fully in line with industry best practice. It also means you benefit from extensive and up to date expertise, meaning it's likely you'll get a better service and potentially relalise a better return on your letting investment.