BPF: Choose letting agents wisely to protect money

BPF: Choose letting agents wisely to protect money

Landlords should choose letting agents that have client money protection schemes.

Summary:

  • BPF tells landlords to choose safe letting agents
  • These include ones that are members of official bodies
  • This will ensure their money remains protected

The British Property Federation (BPF) has given advice to landlords to protect their money carefully by picking the right lettings agent to advertise and manage their buy-to-let property.

It told real estate investors that the proposals in the Enterprise and Regulatory Reform Bill do not provide financial protection.

BPF suggested looking for lettings agents that are members of an official body that does look after the clients’ monetary interests.

The group’s Director of Policy Ian Fletcher said: “This week is Safe Agent Week, and provides an excellent opportunity to reinforce a message that landlords still should be ensuring their agent is a Safe Agent offering client money protection.”

Safe Agent denotes companies that have client money protection schemes including those operated by ARLA/NFOPP, NALS, RICS and the Law Society.

With these schemes, money is held separately from the letting agents’ funds to ensure it is protected should something happen to the company.

Safe Agent Week began on Tuesday May 14th and comes to an end today (May 20th).

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