Be sure your agent is safe

SAFEagent Awareness Week runs this week and is a national campaign to highlight the importance of choosing a letting agent that offers financial protection through a Client Money Protection (CMP) Scheme. The recent move by Government to introduce secondary legislation making it mandatory for letting agents to belong to an ombudsman scheme will give landlords and tenants access to approved redress schemes but these do not cover financial recompense if landlords and tenants money is misappropriated.

The message from SAFEagent is that consumers’ finances are therefore still at risk if the agent does not subscribe to a Client Money Protection Scheme.

Over 2,000 letting agent offices, including Newman Residential Letting in Rugby and Leamington, have now signed up to the SAFEagent campaign to signpost their commitment to protecting landlords’ and tenants’ finances through CMP.

Caroline Newman, of Newman Residential Letting, said: “We have seen the financial nightmare it causes landlords and the distress to tenants when letting agents close without necessary financial protection having been put in place. We are proud that we take every measure to protect our clients’ funds and working with SAFEagent underlines our ongoing commitment to professionalism and industry standards.”

John Midgley, chair of the SAFEagent steering group, said: “It’s time for tenants and landlords to really make informed choices when dealing with lettings and management agents. An estimated 40 per cent of letting agents do not belong to a recognised body or scheme and meet no financial compliance requirements.

“You don’t have to take that gamble. By choosing a SAFEagent you can be certain that the letting agent is part of a CMP scheme underpinned by criteria that will ensure that your finances are safe no matter what.”

To find a SAFEagent in your area visit www.safeagents.co.uk

Contact Newman Residential Letting on 01788 820028.