24 February 2010
NAEA & ARLA react to RICS report into Transparency in Professional Fees
The RICS report into Transparency in professional fees raises the following points, which the National Association of Estate Agents (NAEA) and Association of Residential Letting Agents (ARLA) is in firm agreement with:
- RICS calls for further regulation of letting and managing agents in the PRS which we have strongly supported.
- RICS is also in favour of the Property Standards Board as an independent regulatory body. We support the overarching principle of self-regulation which could potentially include the Property Standards Board.
- We agree with RICS in stating that the national landlord register doesn’t go far enough, and doesn’t offer enough consumer protection, whilst supporting the concept of industry regulation of landlords as part of a regulated property sector.
In response to the report Peter Bolton King, CEO of the NAEA and ARLA says:
"The property sector has shown its willingness to offer more consumer protection and ensure that our practices are transparent and open to scrutiny. The RICS report is correct then in setting out an agenda to challenge the wider perception that property transactions are carried out under a cloak of secrecy.
“In the past year, ARLA has demonstrated this by launching its licensing scheme. The large numbers of letting agents who have signed up to this scheme and now abide by its strictures demonstrate, very clearly, this determination to offer consumer assurance.
“We expect all NAEA & ARLA members to abide by a Code of Practice, which binds them to ensure that all fees and charges are made clear. In addition, we expect the Government's proposals for the regulation of lettings and management agents to further augment our work in this area.
“In the near future, we will launch a similar scheme for NAEA estate agents. Our members already follow the strict guidelines we have set out in regards to clear communication with consumers, but the formality of the scheme will offer house buyers and sellers even greater assurance.”
ENDS
Editor Notes
Editor Notes:
The RICS report into Transparency in Professional Fees was published on 24th February; further information and the full report are available to view here.
About the NAEA
The National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), is the UK’s leading professional body for estate agency personnel, representing the interests of around 10,000 members who practice across all aspects of property services both in the UK and overseas. These include residential and commercial sales and lettings, property management, business transfer, auctioneering and land.
The National Association of Estate Agents is dedicated to the goal of professionalism within all aspects of property, estate agency and land. Its aim is to reassure the general public that by appointing an NAEA member to represent them they will receive in return the highest level of integrity and service in both sales and lettings, for all property matters. Each NAEA member is bound by a vigorously enforced Code of Practice and adheres to professional Rules of Conduct. Failure to do so can result in heavy financial penalties and possible expulsion from the Association.
For further information contact: NFOPP PRESS OFFICE
Tel: 020 3128 8181 E-mail: press@nfoppmedia.com
Follow Peter Bolton King on Twitter at www.twitter.com/peterboltonking
