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Tuesday, 15 May 2012

Safe Agent Awareness Week - Don’t Get Your Fingers Burned

SAFE Agent Awareness week runs from 14th – 20th May.

It’s promoting the importance to landlords and tenants of identifying agents who are part of client money protection schemes.

All agents regulated by NALS, RICS, ARLA, NAEA and the Law Society maintain and operate separate designated client accounts where your money is held separately from the operating funds of the firm.

The campaign advises that if the agent you are using cannot provide you with the assurance of knowing they are covered by a client money protection scheme, the question you need to ask is why not?

The campaign is supported by the British Property Federation (BPF), which is reminding landlords that if their agent absconds with their rental income they may have little hope of recouping the money they lose, unless protected by a scheme.

The BPF says over half of all landlords (55%) use a letting agent, but most are probably unaware whether any money they handle is being protected by a client money protection scheme.

Anyone can set up a letting agency, and it doesn’t take long for them to be handling significant sums of rent, deposits and other payments.

You might be tempted to go with the cheapest, but they might be cutting corners and not protecting your money properly.

The simple message is, if you don’t use a SAFE agent, your money could be at risk.

Photo by MDrX via flickr

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