Rhys Owen, Senior Property Advisor, advises why landlords and tenants should ensure they choose an ARLA Propertymark approved letting agent in Cardiff...
Back in 2017, several leading property industry bodies (ARLA, NAEA, NAVA and more) combined together to form one single brand, ARLA Propertymark, with an aim of raising the industry standards, promoting relevant property market education and to assist and help landlords protect and maximise the potential of their investments.
Here at CPS Homes, we are proud to be ARLA approved, and we also hold accreditations and memberships with other industry-recognised bodies, including The Property Ombudsman and Rent Smart Wales, among others.
In fact, we were ARLA approved long before the industry bodies merged, having first obtained our ARLA membership way back in 2010.
But let’s get down to the nitty-gritty - why should landlords use an ARLA Propertymark approved member when looking for a letting agent?
To find out, we have to take a look at the benefits on offer for landlords and tenants.
Protecting your money should easily be one of the most important things you look for. By using an ARLA Propertymark member, you can feel safe knowing that your money is fully protected by the Propertymark Client Money Protection (CMP) Scheme. This scheme ensures that landlords and tenants are able to claim compensation should the letting agent fail to return any rent, deposit, or other funds.
ARLA Propertymark members must submit annually audited accounts so that their compliance can be assured. This is why we at CPS Homes work with accredited accountants to ensure our accounts comply with industry best practice and the very latest standards.
There are over 150 tenancy-related laws (and counting!), meaning landlord responsibility that is increasing by the year. If a letting agent fails to keep up with the latest legal changes or additions, heavy fines and even criminal charges could be brought against the landlord.
As members of ARLA Propertymark, a letting agent is obliged to keep up to date with the most recent property law and legislation. This ensures that landlords and tenants each receive the relevant and accurate information and answers to any law and rights related questions.
ARLA members are also required to hold professional indemnity insurance, which should give landlords extra peace of mind should they encounter any professional negligence or incorrect advice from their letting agent.
Members of staff who have taken specific exams to obtain the ARLA membership are required to undergo 12 hours of Continuing Professional Development (CPS) each and every year.
No less than 4 hours of this training must take place at educational events, while the remaining hours must be spent privately studying. This includes researching industry articles, peer-to-peer training, and other independent learning practices.
Annual CPD training ensures members remain highly trained and aware of the latest changes within the industry, be it changes to legislation, the introduction of new schemes, or the most recent best practices for total compliance.
All ARLA Propertymark members must adhere to a nationally recognised code of practice. This ensures letting agents operate to the highest standards possible and offer the best quality services to both landlords and tenants.
Any letting agent who is an ARLA member must also belong to an independent government approved redress scheme. This ensures that any landlord or tenant who feels unhappy with the service they have received can resolve their dispute with an impartial third party.
So, there we have it, plenty of reasons as to why you should choose an ARLA approved letting agent!
If you’re a landlord in Cardiff looking to let a property or happen to be a tenant searching for the ideal rental home, don’t hesitate to get in touch with our expert lettings team here at CPS Homes. Get in touch by calling 02920 668585, e-mail firstname.lastname@example.org or pop into one of our three Cardiff based branches.