It is estimated that in 2009 alone, £6,000,000 of client monies held by unregulated property agents were 'stolen' by the agencies in question and never to be recouped by the landlord. In 2010, these figures are estimated at £10,000,000!
Recent figures released by the National Federation of Property Professionals (NFOPP) show that, over the same period, regulated Agents fradulently spent £600,000 of client money in 2009 and at least £800,000 in 2010. They estimated the unregulated agents to be ten times this amount.
To a Landlord, what is the difference between a regulated and unregulated Agent?
The massive difference is that those landlords who lost client monies with regulated agents were able to claim their losses back as all regulated ARLA Agents are required to have a Client Money Protection policy, ensuring their Clients monies are safe regardless of any agent malpractice.
Don't take a risk with your money. Ensure your Agent has Client Money Protection and is ARLA registered.
CPS Homes are proud to be members of ARLA, so that our clients can rest assured their money is in the best possible hands.