Propertymark is advising property agents to get ahead by preparing for impending agent regulations in the industry.
The organization offers training for agents and is inviting more to become members.
On March 22, the House of Lords Industry and Regulators Committee expressed to Housing Minister Michael Gove their concern about the negative effects on tenants and leaseholders caused by the UK government’s procrastination in enforcing agent regulations.
The committee proposed the idea of forming a Memorandum of Understanding between the upcoming regulator, National Trading Standards, and the redress schemes to foster cooperation.
Additionally, they sought from the UK government the creation of a mandatory consumer representation body and the appointment of a unified ombudsman service for property agents.
The push for property agent regulation has been strong since 2019, following recommendations by a working group led by Lord Best, which included mandatory licenses for agents, adherence to a professional code, and requiring a minimum Level 3 qualification for agents.
Propertymark has been a staunch supporter of these and other recommendations from Lord Best’s Working Group, such as the stipulation for company directors and management agents to have qualifications at Level 4 or higher, and the establishment of a new regulator to enforce compliance.
While the regulation of letting agents is already a legislative matter in Wales and Scotland, the Working Group for the Regulation of Property Agents is now focusing on outlining a new regulatory framework for estate agents in the UK, and for letting and managing agents in England.
Nathan Emerson, the CEO of Propertymark, stated: “The momentum for agent regulations in the property agent field is growing. Membership with Propertymark will position agents advantageously in line with Lord Best’s recommendations.
“Now is the crucial moment for those who haven’t yet affiliated with a professional body to consider joining Propertymark. It’s a necessary step to stay proactive and be ready for one of the sector’s most significant transformations ever.”
Propertymark Qualifications provides an array of certifications for estate and letting agents, including Level 3 qualifications in various areas such as letting, property management, and auctioneering, which support membership applications to Propertymark.
Furthermore, a new Level 4 qualification has been introduced for those looking to deepen their expertise or advance to leadership roles within sales, lettings, commercial property, and auction businesses.
