First year a true success as Property Redress Scheme hits 4,000 Member milestone
Just short of its first anniversary of trading, the Property Redress Scheme (PRS) is delighted to announce it now has a membership of 4,000 Property Agent and Professional offices.
The PRS began trading in the summer of 2014 as the newest of three consumer redress schemes for the property industry and has since gone from strength to strength. It became a legal requirement for all Lettings and Property Management Agents, as defined by legislation, to join a consumer redress scheme on the 1st October 2014.
Authorised by the Department of Communities and Local Government (DCLG) and the National Trading Standards Estate Agency Team, and whose role it is to provide fair and reasonable resolutions to disputes between Property Agents and their consumers, the PRS was set up as an alternative to the two other schemes already in operation.
Prior to 1st October 2014, it was estimated that there were between 3,000-4,000 Letting Agents that would be required to comply with the new legislation. The PRS’s membership suggests that the majority of previously unregistered Agents have chosen to join them.
Additionally, the PRS is proving to be a popular choice amongst Agents switching from the two other redress schemes and for property professionals such as company landlords, inventory clerks and relocation specialists.
In the first year of trading, The Property Redress Scheme has stood out due to the options available to Members.
It is the cheapest scheme on the market with Membership starting from £95+ VAT per office. This membership covers the Agent for all the property work they carry out there – for example, an Estate Agent that also carries out letting agency work would only require one membership with the scheme.
The PRS is also the only scheme to offer two different membership models for all Members, making it flexible and affordable: a model which covers all their complaints and a pay as you go option. This gives Agents the opportunity to decide which pricing structure is best suited to them and ensures the scheme covers the needs of different types of Agents and Property Professionals for the best price on the market.
Head of Redress, Sean Hooker, said: “Compulsory property redress for the lettings market is a major step forward in improving service and safety for consumers so it’s great to see that the majority of Agents now appear to be compliant. We have had a great first year! Attaining a membership base of 4,000 within our first year of operation is quite an achievement and we hope to continue this success going forward.”
