Be ready for regulation coming to the property sector
Following years of campaigning for higher professional standards for the property sector, Propertymark is urging its members to become compliant with the RoPA report recommendations before the time comes.
There are substantial changes ahead, which will require agents to start making preparations now to ensure they are well placed for when the proposed qualification and regulatory requirements are introduced.
While Propertymark anticipate that the need for property qualifications will be phased in, we advise agents to get ahead of the competition and to stand out by adopting the new requirements early.
The RoPA report proposes a new regulatory framework which would cover estate agents across the UK but letting and managing agents in England only.
Recommendations in the report:
- All agencies operating a residential property business should be licensed and licensing should include a fit and proper person test
- A new regulator to be appointed to oversee compliance with an overarching Code of Practice.
- Staff delivering ‘reserved activities’ should be licensed and adhere to a Code of Practice.
- All staff delivering ‘reserved activities’ should hold a regulated sector qualification to a minimum of Level 3, preferably with directors qualified to Level 4
As a trusted professional body, Propertymark will support you and provide what you need for regulation, but as an agent or director are you considering the following?
- Your career development
- Are you considering regulation when you recruit?
- What steps are you taking to get ready for regulation?
For those currently qualified, it has been suggested that ‘top-up modules may be implemented to ensure that agents need not take a qualification all over again. Learners who register with Propertymark Qualifications would be guided through the requirements as RoPA progresses through legislation.
To receive updates from Propertymark on the report to ensure your business is complying correctly and efficiently you can register below.
Although the framework proposals are not yet Government policy, Propertymark advocates for this in order to raise higher professional standards in the industry and in order that agents can provide consistent high standards of service to clients.
Other information to bear in mind:
- Only individuals can hold qualifications
- The group recommends that Government create a list of ‘reserved activities’ which can only be performed by a licensed individual at a regulated firm.
- Every property agency would be responsible for ensuring both that their staff are trained to the appropriate level and that clear oversight arrangements are in place for staff, with continuing professional development requirements applying to licensed agents.
Visit our dedicated RoPA page for more information
Kindly shared by NAEA Propertymark