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Letting agent calls for regulation of the industry
6:34pm Monday 2nd July 2012 in Business
Letting agent Jordan’s, in Altrincham, is speaking out following a number of letting agents going under, leaving tenants panicking about how to get back their deposit payments.
Letting agents are not regulated meaning anyone can open up without qualifications or a license. William Jordan, managing director of residential lettings agency Jordan’s, which has an office in Altrincham as well as outlets across the north west, says tenants and landlords must ensure they choose a reputable agent: “Tenants and landlords must make sure the letting agent they choose is reputable and has protected their money. There’s a simple way to do this - ask if the company is a licensed member of a professional association, like the Association of Residential Letting Agents (ARLA). This means they’ll follow a code of conduct and your money will be protected should the worst happen and they go out of business.”
Since April 6, 2007 all deposits taken by landlords must be safeguarded by one of three Government approved schemes.
However, even if the deposit is protected, under the Tenancy Deposit Scheme (TDS) deposits are only protected for three months after the agent’s membership of the scheme has ended.