Do you know whether the rent and deposit that your letting agent is holding on your behalf is safe?

Is it held in a protected account, or is your agent using it for their own purposes?

All too often we hear horror stories of letting agents misusing clients’ funds, and in the worst cases going bust or running off with thousands of pounds of clients’ rents and deposits. Recent figures released by trading standards authorities in England revealed nearly 500 cases in the last three years!

To be certain that your money is safe, choose an agent that is a member of SAFEagent.

SAFEagent Awareness Week took place last month, and as members we at Jordan’s are reminding landlords and tenants of the importance of using an agent that has a Client Money Protection Scheme in place.

Unfortunately, letting agents are not formally regulated by the Government and not all have Client Money Protection, despite handling many thousands of pounds in client money.

As long-standing members of the Association of Residential Letting Agents (ARLA), we have always carefully protected our clients’ money and conducted all aspects of our business in accordance with ARLA’s strict code of conduct.

Landlords and tenants should also be aware that choosing a letting agent is about more than just Client Money Protection. Experience, industry qualifications and knowledge of the complex legislation surrounding letting are all essential to delivering a high quality service.

Being a SAFEagent does not in itself guarantee an agent will be competent or provide a good service.

As well as looking for SAFEagent membership, our advice is to choose an agent with many years’ experience, a good reputation, highly trained staff and membership of a professional body such as ARLA, NAEA or RICS. These organisations are self-regulating and ensure that member agents comply with a rigorous code of conduct.

There are serious consequences of using a bad agent, which for landlords can include huge legal expenses, loss of rent, financial penalties and even custodial sentences for not complying with legislation. For tenants it can literally be a matter of life and death if legislation regarding the safety of the property and its contents is not complied with, for example gas, electrical and fire safety regulations.

We have been specialising in residential letting for more than 20 years and are members of ARLA, SAFEagent and The Property Ombudsman.

For advice you can trust on all aspects of renting or letting, please contact your local Jordan’s branch. The web address is www.jordansrentals.com.