mydeposits are proud to support the 5th national SAFEagent awareness week, which starts today, Monday 6th June.
Letting agents in the UK currently hold over £2.7billion of landlord and tenants’ money but, according to new research from YouGov undertaken for SAFEagent, 61 percent of renters incorrectly believe that their money is protected by law.
Since the first event, back in 2012, great strides have been made towards improving the reputation of the industry and it’s professionals. The work from the SAFEagent team along with industry support and new government legislation, has led to a visible growth in the number of letting agents which are members of an approved client money protection scheme along with a gradual increase in industry standards.
With further legislation being forecasted, including the potential for compulsory client money protection for all letting agents, we take a look at the key benefits of being a “Safe Agent”.
Raising Standards & Reputations
When a letting agent chooses to become a “SAFEagent” they are agreeing to keep to set standards of service and regulations and are committed to providing a first class service to their landlord and tenant clients.
It is becoming increasingly common for landlords to choose a letting agent that is a member of an accredited client money protection (CMP) scheme as they know that their money is safe and that the agent follows best practice industry guidance.
Getting CMP for a business does not necessarily mean joining an independent trade body; there are providers, such as CMProtect that offers a standalone CMP policy that would also give letting agents and their clients peace of mind.
Being an accredited agent or holding a CMP policy qualifies a letting agent for a discounted membership and deposit protection fees with the insurance based deposit protection scheme – this allows the member to continue to hold the deposit monies in their own client account, whilst paying as little as £10 + VAT per deposit protection.
Get ahead of the game
With compulsory CMP for all letting agents on the horizon, why wait? Get ahead of the game now by signing up to a CMP policy to give your clients peace of mind and to make sure you are in compliance with the legislation.
Our letting agent bundle is a great option for both new and experienced letting agents, providing you with client money protection, consumer redress, professional indemnity and of course, deposit protection – for full details, click here or get in touch on 0333 321 9404.