By Mike Edwards
Registration for the new SAFEagent scheme has consistently outperformed projections and expectations.
In June, the first full month of receiving registrations, over 500 agents signed up, keen to differentiate themselves by promoting a simple kite mark for the consumer to recognise letting firms that protect landlords’ and tenants’ money through Client Money Protection schemes. By the end of June the figure had risen to 750 and the 1000 members mark was passed in July. Only agents covered by a CMP scheme can join SAFEagent, making it a fairly exclusive club. As commented on in our last item on this subject the premiums for CMP are way beyond an individual agent and it is only by being part of a group policy that an agent can obtain the cover.
The initiative, which will be promoted to consumers by the end of 2011 following the initial push to agents, has received widespread support, including from The Property Ombudsman (TPO) and Trading Standards Institute (TPI) and more recently Shelter. Shelter is very supportive of the SAFEagent scheme claiming their research has found that one million private renters have been the victim of scams and they welcome any initiative that helps tenants to make safe choices when they are looking for private rented accommodation thus avoiding avoid unscrupulous letting agents and landlords. They would also like to see letting agents doing more to ensure tenants are well informed when they look for a private let, assuring tenants that their deposit will be protected, providing written tenancy agreements and carrying out inventories. A professional and properly run lettings agency would do this of course, and much more, including having transparent fees schedules which can also help tenants to size up the additional costs of renting a home. Such processes and procedures can help to avoid problems later on that can lead to tenancy breakdown and problems for Landlords and tenants alike – not to mention their agents!! .
SAFEagent marks a huge leap forward in the effort to eliminate the potential threat posed to consumers by uninsured agents, who are able to operate in the private rented sector without Government intervention though SAFEagent has always hoped to obtain Government recognition for the new mark. Whilst NALS, the Property Ombudsman, Council of Mortgage Lenders and Residential Landlords Association have been quick to back the SAFE initiative, both the RICS and ARLA have been notably tepid in their reactions.
Meanwhile August saw The National Union of Students, Which? and Citizens Advice Bureau placing their enthusiastic endorsements alongside backers which already included the likes of Shelter, The Property Ombudsman and the Council of Mortgage Lenders, Trading Standards and The Residential Landlords Association.
With the private rented sector continuing to grow so quickly and with more and more people relying on the rented accommodation, it is vital to have mechanisms like SAFEagent in place to make lettings a safe and professional sector, and ensure that tenants are not left out of pocket. CAB of course has a long history of seeking to protect the interests of tenants in the private rented sector, who are often among those who can least afford to lose money to the unscrupulous and clearly will see the SAFEagent scheme as helping to steer tenants towards reputable letting agents who are properly insured. The UK’s largest supplier of referencing to the lettings industry, HomeLet, became the first UK supplier to align itself to the SAFEagent campaign promising to raise awareness of the SAFEagent mark among its clients and encourage them to get registered.
The message ultimately to consumers looks a simple one: be safe choose a SAFEagent when you rent or let
Registration for the new SAFEagent scheme has consistently outperformed projections and expectations.
In June, the first full month of receiving registrations, over 500 agents signed up, keen to differentiate themselves by promoting a simple kite mark for the consumer to recognise letting firms that protect landlords’ and tenants’ money through Client Money Protection schemes. By the end of June the figure had risen to 750 and the 1000 members mark was passed in July. Only agents covered by a CMP scheme can join SAFEagent, making it a fairly exclusive club. As commented on in our last item on this subject the premiums for CMP are way beyond an individual agent and it is only by being part of a group policy that an agent can obtain the cover.
The initiative, which will be promoted to consumers by the end of 2011 following the initial push to agents, has received widespread support, including from The Property Ombudsman (TPO) and Trading Standards Institute (TPI) and more recently Shelter. Shelter is very supportive of the SAFEagent scheme claiming their research has found that one million private renters have been the victim of scams and they welcome any initiative that helps tenants to make safe choices when they are looking for private rented accommodation thus avoiding avoid unscrupulous letting agents and landlords. They would also like to see letting agents doing more to ensure tenants are well informed when they look for a private let, assuring tenants that their deposit will be protected, providing written tenancy agreements and carrying out inventories. A professional and properly run lettings agency would do this of course, and much more, including having transparent fees schedules which can also help tenants to size up the additional costs of renting a home. Such processes and procedures can help to avoid problems later on that can lead to tenancy breakdown and problems for Landlords and tenants alike – not to mention their agents!! .
SAFEagent marks a huge leap forward in the effort to eliminate the potential threat posed to consumers by uninsured agents, who are able to operate in the private rented sector without Government intervention though SAFEagent has always hoped to obtain Government recognition for the new mark. Whilst NALS, the Property Ombudsman, Council of Mortgage Lenders and Residential Landlords Association have been quick to back the SAFE initiative, both the RICS and ARLA have been notably tepid in their reactions.
Meanwhile August saw The National Union of Students, Which? and Citizens Advice Bureau placing their enthusiastic endorsements alongside backers which already included the likes of Shelter, The Property Ombudsman and the Council of Mortgage Lenders, Trading Standards and The Residential Landlords Association.
With the private rented sector continuing to grow so quickly and with more and more people relying on the rented accommodation, it is vital to have mechanisms like SAFEagent in place to make lettings a safe and professional sector, and ensure that tenants are not left out of pocket. CAB of course has a long history of seeking to protect the interests of tenants in the private rented sector, who are often among those who can least afford to lose money to the unscrupulous and clearly will see the SAFEagent scheme as helping to steer tenants towards reputable letting agents who are properly insured. The UK’s largest supplier of referencing to the lettings industry, HomeLet, became the first UK supplier to align itself to the SAFEagent campaign promising to raise awareness of the SAFEagent mark among its clients and encourage them to get registered.
The message ultimately to consumers looks a simple one: be safe choose a SAFEagent when you rent or let.
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