When a landlord is choosing a letting agent, one of their key criteria should be to pick one which will guarantee that their money is protected, should anything happen to the agent. However, this is not always the case. Whether it’s through lack of education or awareness, recent high profile cases of rogue letting agents absconding with thousands of pounds of landlords’ money have highlighted the risks of choosing the ‘wrong’ letting agent.
This week is National SAFEagent Awareness Week (14 – 20 May), a schedule of national and regional activity to highlight the importance of choosing a letting agent which is signed up to a Client Money Protection (CMP) scheme.
CMP schemes are a form of insurance that means if a letting agent goes bankrupt or shuts up shop, landlords’ and tenants’ money is protected. SAFEagent is an easily identifiable logo (see above) and campaign which signposts those agents which are subscribed to a CMP scheme. Since its launch last year, it has received not only Government backing but also support from a host of high profile groups including NUS, Citizens Advice Bureau, Which and Trading Standards Institute to name a few. Northwood is proud to be a founder member of SAFEagent and hold a seat on the SAFEagent Steering Committee.
The message is simple: whenever you choose a letting agent, ensure that they subscribe to a Client Money Protection Scheme. If you don’t, your money may be at risk.
For more information about National SAFEagent Awareness Week visit www.safeagentsawarenessweek.co.uk