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Is your client money healthy?

Wednesday 17 October 2018

Every year, Propertymark regulated agents are required to submit a client money examination to renew their membership. In the past the only option has been an accountant’s report, but now there's an alternative – the Client Money HealthCheck.

The HealthCheck is a programme developed by Propertymark Industry Supplier, The Letting Partnership, which removes the need for accountant’s visits. And it's so easy to use, agents simply complete a web based questionnaire and submit supporting documents. Responses are then analysed and a detailed report is prepared.

What’s the cost?

For Propertymark member agents, the cost of a HealthCheck is just £300 (including VAT) - no hidden charges!

The HealthCheck process

Getting your personalised HealthCheck is simple! Firstly, click here to check your eligibility. Before submitting your HealthCheck, you will need to print out the Check Sheet, then complete the online questionnaire and submit the required supporting documents. And finally, make the payment. Once you've done all of that, a copy of the HealthCheck Report will be sent to you and Propertymark by email.

If any issues or queries arise during the processing, a member of the HealthCheck Team will contact you either by telephone or email. Alternatively, if you have any questions about the HealthCheck or if you're having trouble completing the questionnaire, the team are on hand to help - just give them a call on 01903 477900.

Who can complete the HealthCheck?

The HealthCheck has been designed to be completed by you, the agent, in you own time, at your own office. You do not need any accounting knowledge as The Letting Partnership will be processing and auditing the information you provide, you just need to be able to answer the following questions:

  • The total number of active tenancies where you collect rent on monthly, weekly or quarterly basis.
  • The number of properties in your portfolio that are fully managed.
  • Average monthly rent on AST’s across portfolio.
  • The number of Protected & Unprotected Tenant Deposits.

How long will process take?

Depending on the size of the portfolio, filling in the online questionnaire should take between one to two hours. Once the completed questionnaire and supporting documents are submitted, the HealthCheck report will be finalised and sent out.

The Letting Partnership was created 13 Years ago by Jennifer Markham, who has worked in the letting industry for over 30 years and previously owned her own letting agency with a portfolio of 600 lets. The business was set up to assist agents with the back office functions of lettings, specifically the handling and processing of client money. The company now works with agents of ‘all shapes and sizes’ across the UK.