HOW well do you really know your lettings agent?

CHANCES are that unless you avidly keep up with all property related legislation, the introduction on October 1 of a mandatory redress system to which lettings agents must sign up, will have passed you by.

The mere mention of the term ‘redress scheme’ may indeed conjure up thoughts of simply more bureaucracy, but it’s worth learning a little bit more about this important development as it really could signal the advent of the property sector coming in to line with other service industries.

The property industry is fundamental to most of the population, providing homes for either rental or ownership.

Put simply, from October 1 all lettings agents should have registered with one of three approved and recognised redress schemes (The Property Ombudsman, Ombudsman Services Property and the Property Redress Scheme).

Membership of one of the schemes will allow tenants to hold the agents to account and make requests for compensation through a recognised channel; whilst landlords should be reassured that their property and any associated funds are being managed properly.

Failure to have signed up for one of the schemes could see lettings agents fined up to £5,000 or even prevented from trading.

The schemes are intended to be free and straightforward to access, and must work to address and resolve any complaints in a swift, efficient and cost effective manner.

Here at Andrews we are committed to protecting our customers’ interests at each stage of their property journey as renting a property is a major undertaking for both landlord and tenant.

We pride ourselves on getting things right and believe that it is important for customers’ protection that there is a formal complaint procedure and redress scheme that can be used in the event that things don’t go to plan.

We have always been a member of a redress scheme and firmly welcome this new requirement which should improve standards in the lettings industry.

Customers, whether landlords or tenants, have a choice as to which agent that they use and if your agent isn’t a member of one of the schemes, you should really be asking yourself if they’re the right team to be working with.

To find out more about how we can help you whether you’re a landlord or a tenant, visit: https://www.andrewsonline.co.uk/renting-and-letting .