SAFEagent Awareness Week from the 14th – 20th May - is a national campaign to highlight the importance of Client Money Protection Schemes. The initiative is to create wider awareness towards landlords and tenants that they should only use a letting agent which has a Client Money Protection Scheme in place.

Ian Fletcher, Director of Policy at the British Property Federation, said: “A simple message is often the most effective, and in this case it couldn’t be simpler, if you don’t use a SAFE agent your money could be at risk. Landlords often use an agent to take away the stress and hassle of managing their property, or because they are trying to do it from afar.

“Anyone can set up a letting agency, however, and it doesn’t take long for them to be handling significant sums of rent, deposits and other payments. The cheapest agent might appear attractive, but landlords should examine whether that is because their agent is cutting corners and not offering the protections that a SAFE agent will offer.”

For more details see: www.safeagentsawarenessweek.co.uk

In support of the campaign, letting specialist Leaders is also urging all tenants and landlords to look for the SAFEagent logo, an easily identifiable mark to immediately see that their money is protected. As long-standing members of the Association of Residential Letting Agents (ARLA), the south of England based lettings agency say they have always carefully protected their clients’ money and conducted all aspects of their business in accordance with a strict code of conduct.

Leaders’ Technical & Compliance Director, Carole Charge said: “Having set standards of best practice in lettings over the last 29 years, we are well recognised within the industry for our financial probity and are pleased to be members of SAFEagent and to promote SAFEagent Awareness Week. However, we would also like the public to be aware that being a trustworthy letting agent is about more than just protecting clients’ money. A letting agent should also be experienced, knowledgeable and competent to let and manage property with a thorough understanding of the complex legislation surrounding letting.”

Last year the government confirmed that it still has no plans to regulate letting agents and therefore landlords and tenants need to be wary when choosing their letting agent.

“As well protecting its clients’ money, you also need to be sure that your agent will let the property safely, comply with all the legislation and protect your interests as a landlord or tenant during the tenancy,” said Carole. “Getting it wrong can have dire consequences for landlords, including 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.
She added: “Being a SAFEagent does not in itself guarantee an agent’s competence, which is why our advice to landlords and tenants is to only use an agent with many years experience, a good reputation, client money protection and above all, 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.”