The Demand for Regulation of the Property
I’ve been watching this ‘space’ for the last 18 years and when I started working in the property sector I did not understand why estate agents who assist consumers with the biggest purchase of their lives were not required to have even a minimum entry level qualification. But this also applies to letting agents who manage billions of pounds worth of stock.
We have a list of the primary, secondary legislation that agents need to be aware of and adhere to on behalf of their clients and it currently sits at 297. Clearly no one expects an agent to know each piece of Statute of by heart, but the fundamental principles of key legislation is paramount.
But the property sector does not just revolve around the law and compliance - think about key skills, customer service, customer care, complaints handling, building rapport and relationships, the benefits of NLP in business and so it goes on.
The Old Cliche - Knowledge is Power rings True
How many times have we heard that knowledge is power? Countless no doubt and now more than ever this rings true in the Private Rented Sector (PRS). Twenty years ago the PRS was not deemed as important as estate agency commercially and also by the consumer. The PRS had a stigma attached to it that only those who could not get on the property ladder would have to rent - the UK was a nation of would be homeowners.
Yet, the recession in 2009/2010 changed this perception, driven predominantly by Supply V Demand, repossession and the lack of housing stock. Not only has the demand for rental property increased, the Letting Sector became an industry in its own right and Letting agencies and lettings departments played a key role in the property sector.
Positive Energy to Carry Forward to 2022
Given the last 20 months, it’s easier to focus on the negative rather than the positive.
The speed with which 2021 has gone by is astounding as are the peaks and troughs of emotion and change that businesses have had to deal with. Yet, where there is negativity, there has to be positivity to counterbalance. And goodness there is so much to be grateful for.
We would like to congratulate our learners who passed their Level 3 and 4 exams. They have been part of our successful 'Hybrid Learning Programme”. The commitment and dedication the students shown have shown has been very impressive when a Netflix boxset is often a much more attractive alternative.
As a proeprtyMark centre we have been working closely with many letting agents who are offering the Level 3 technical Award to their employees. We nominated Anthony Pepe for PropertyMark Qualification Employer Champion as a result of the deception the company has shown towards their employees ensuring that they are well-equipped to provide exceptional service to their client base.On the 6th December at the award ceremony, it was announced that they had won. Managing Director, Charlie Perdios expressed the importance of ensuring that the employees’ training programme forms a crucial part of business success.
The Housing Market is Vibrant
Government Launches Consultation on New Code of Practice for the Property Sector
Today the government launched its Consultation on a new Code of Practice (COP) which will be the central point of the work undertaken by the new industry regulator, yet to be appointed.
The COP will set the standards and benchmark with a mission to promote a higher element of faith in the property sector. There are references to transparency currently addressed by the CMA and Trading Standards, Referral Fees, Client Money Protection Regulations, Redress and Complaints, along with the collection and management of data.
This New COP will apply to :
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Property Sales/Purchases
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Property Lettings and Property Management
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Property Auctions
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Property Guardians, a new initiative used by Landlords, commercial and residential
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Rent-to-rent
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International property agents and brokers