Ombudsman warns agents about lettings |
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28th November 2008
Estate agents should think carefully before they expand into lettings because an escalating number of disputes pinpoint the pitfalls.
Bill McClintock, chairman of the company that operates the Ombudsman for Estate Agents scheme, warned that an increasing number of disputes over lettings are being dealt with by the ombudsman.
The OEA currently has almost 5,000 letting agents enrolled in its scheme, including members of the National Approved Letting Scheme and National Association of Estate Agents, which makes it a condition for their own members.
McClintock said he is now in talks with the Association of Residential Letting Agents about enrolling their members as well and that the OEA is seeking OFT approval for its lettings code.
Eric Walker, Managing Director of Bushells, adds that it is important to use an accredited agent who knows what they are doing. "Simply, a number of new agents have jumped onto the lettings bandwagon as they believe it will solve their cash-flow problems. The reality is that lettings is a highly technical discipline and if tenancies are not arranged properly, it can prove extremely expensive for the landlord at a later date."
