This week marks the 4th annual SAFEagent awareness week, and with over 3,000 professional letting agents uniting together this will be the biggest awareness drive SAFEagent have ever experienced. So throughout the coming week SAFEagent members, and others within the industry, will be promoting the importance of choosing a lettings and management agent who’s part of a Client Money Protection (CMP) Scheme.
What is a CMP Scheme?
CMP schemes are a ‘safety-net’ that provide compensation to landlords and tenants, should their agent misappropriate their rent, deposit or other funds.
As mentioned in our previous blog, as of last Wednesday letting agents now have a statutory duty to fully publicise the fees they charge to both their landlord and tenant clients; so SAFEagent Awareness Week coincides with this latest rule change very nicely.
Why do you support this scheme?
Well, it’s very simple really! At Yellow Oak we believe that it’s definitely better to be safe than sorry, and the SAFEagent scheme adds further protection for landlords and tenants monies. This is because, as a sad fact of life, there are a minority of unscrupulous landlords and letting agents out there who drag the industry into disrepute. So those who manage property and are ‘Fully Endorsed’ by SAFEAgent provide their tenants with the peace of mind that the money they’ve paid in deposits and rent is fully protected. Furthermore, it proves that they are flying the flag for professional standards within the private rented sector.
SAFEagent explained in 2 minutes: https://youtu.be/Zncvz1oAkCQ
Supporters of SAFEagent include the likes of: Endsleigh, HomeLet, The Property Ombudsman Scheme (TPOS), The Council of Mortgage Lenders (CML), British Property Federation (BPF), Citizens Advice Bureau and Shelter.
J. Midgley, Chair of the SAFEagent Steering Group, has also stated that many consumers are still completely unaware that if their agent was to abscond with any funds that are rightfully theirs; there would be no chance of getting them back without a CMP in place. He went on to say that he fully welcomes last week’s newest legislation change but would like to see inclusion in a CMP scheme become mandatory for all UK letting agents. – What do you think about this idea?
At Yellow Oak Inventories we will be supporting this very worthy industry cause throughout the week, as we truly care about consumer protection in the PRS (as members of the Property Redress Scheme ourselves) and want to support raising standards and awareness in any way we can.
The easiest way to show your support is through social media, and SAFEAgent have even made some ready-made status updates that you just need to copy and paste! Find them here.