The lettings industry seems to be in a constant state of change with increased legislation and regulation quickly on its heels with the Government releasing a report on the recommendations of the Regulation of Property Agents Working Group (RoPA) proposing a new regulatory framework to cover estate agents across the UK and letting and managing agents in England (only).
Recommendations in the report
- Ensure everyone in the industry is licensed, adheres to a strict code of practice and holds at least a Level 3 qualification (the level equivalent to an A-level)
- The working group has proposed a new regulatory framework to cover estate agents in the UK and letting and managing agents in England only
- All agencies operating a residential property business should be licensed and licensing should include a fit and proper person test
- All customer facing staff employed within residential agency business should be licensed and adhere to a Code of Practice
- All customer facing staff employed within residential agency business should hold a qualification at Level 3, preferably with directors qualified to Level 4
- A new regulator be appointed to oversee compliance with an overarching Code of Practice
The proposal by the working group is that the Government creates a list of ‘reserved activities’ – activities which can only be performed by a licensed individual at a regulated firm.
As a starting-point they have suggested the following reserved activities should include:
- Conducting viewings
- Market appraisals
- Negotiating with and on behalf of clients
- Signing contracts
- Providing direct advice to clients
- Instructing contractors to undertake works
- Collecting or handling client money; and
- Having responsibility for the health and safety compliance of a property
As professional inventory providers I would have thought it would be essential for us to be included but as the above is a provisional working list there is still very much the possibility that we will be added at some point and a key objective for InventoryBase Academy will be to focus on and discuss this with the two main industry representatives; AIIC and ARLA Propertymark.