Property sourcing can be a lucrative business, and one that has certainly grown in popularity among investors and individuals over the years.
With any type of industry, there are instances where disputes may arise, and it’s important for all parties involved to know where to turn for help in resolving disagreements…
What Are Redress Schemes?
First, let’s define what redress schemes are. A redress scheme is an independent body that is set up to deal with complaints and disputes between parties in the property industry.
They are designed to provide impartial, efficient, and cost-effective resolution of disputes. Essentially, their role is to ensure that everyone involved in property transactions is treated fairly and impartially.
For property professionals, Redress Schemes are essential for several reasons:
One
They provide a safety net for professionals who may face complaints from clients or customers. By having access to a redress scheme, property sourcing agents can ensure that any disputes are resolved quickly and without the need for costly legal action.
Both Redress Schemes can, where appropriate, make compensatory awards in individual cases of up to a maximum of £25,000.
Two
Secondly, redress schemes can offer greater credibility to property sourcers and deal packagers. By being a member of a recognised redress scheme, individuals and businesses can demonstrate their commitment to providing a high level of service to their clients. This can help to build trust and confidence among potential customers, which in turn can lead to more business opportunities.
Three
Thirdly, redress schemes can enhance the reputation of the entire property sourcing industry. By promoting accountability and transparency, redress schemes can help to weed out unscrupulous individuals who may tarnish the reputation of the industry as a whole. This benefits everyone involved, from property sourcers and deal packagers to investors and property owners.
Four
Lastly, redress schemes can help to promote best practice within the property sourcing industry. By providing guidance and advice on ethical and professional standards, redress schemes can help property sourcers and deal packagers to improve the quality of their service and their overall approach to the industry. This can lead to better outcomes for everyone involved, including investors, property owners, and customers.
The Only Two Government Approved Redress Schemes Supervising Property Professionals
There are only two Government approved Redress Schemes to cover residential Estate Agency work (including Property and Deal Sourcing).
You can view the official National Trading Standards Estate and Letting Agency Team (NTSELAT) guidance here: https://www.bristol.gov.uk/ntselat/estate-agency/estate-agency-redress-schemes
All property agents who carry out estate, lettings and property management work have a legal obligation to belong to a redress scheme. All NAPSA Members are checked and verified before going live on our site that they have a live membership of one of the two approved property redress schemes.
If at any point a consumer feels that a members service has fallen short of what was expected, they may be able to raise a compliant.
The Property Ombudsmans (TPO)
TPO are a not-for-profit company providing free, impartial and independent ombudsman service. With over 30 years experience and the only Ombudsman within the private property sector, TPO has an unrivalled level of expertise and their resolutions are designed to achieve a full and final settlement of the dispute and all claims made by either party.
Property & Deal Sourcers
Join TPO: https://www.tpos.co.uk/join-the-scheme
Investors
Find a Member: https://www.tpos.co.uk/find-a-member
Start the complaints process: https://selfserve.tpos.co.uk
Property Redress Scheme (PRS)
Designed especially for any property professionals, including property sourcing agents, deal packagers and deal sourcers, PRS are a consumer redress scheme authorised by the Government since 2014. They provide an impartial service that considers consumer complaints about a variety of property related issues.
Property & Deal Sourcers
Join PRS here: https://www.theprs.co.uk/PropertyAgent/JoinNow
Investors
Find a Member: https://www.theprs.co.uk/consumer/members/
Start the complaints process: https://www.theprs.co.uk/Complain
Why NAPSA Has Partnered With Both Redress Schemes
By working together, we will be able to gain valuable insights and information around challenging areas, such as the core topics for complaints made against sourcing agents, allowing us to act quickly to assess what could be done to prevent these types of complaints, give access to members on critical information and updates, as well as ensuring that training partners have the necessary information to amend training programmes where applicable.
Equally as important, we can begin to get a much better understanding of the size of our sector – such as the number of registered sourcing agents in the UK (by using data from both redress schemes), as well as mentioned earlier, any common areas of complaint.
We will be hosting a range of webinars with both TPO and PRS for our Members, as well as create relevant and insightful Advice Hub content for investors and the wider property sector.
“It is imperative that as the national association for the sourcing and deal packaging sector we have partnerships with other supervisory and regulatory bodies to ensure that our agents are always at the forefront of setting the highest standards and professionalism.
By working in this way we also help to ensure that our sector provides a much safer environment for property investors when choosing to use the services of a sourcing agent.”
Tina Walsh (CEO) NAPSA
A Crucial Role For Our Sector
Redress schemes play a crucial role in ensuring fair play and transparency in the property sourcing industry. For property sourcers and deal packagers, they provide a safety net, enhance credibility, promote accountability, and promote best practice.
By being a member of a recognised redress scheme, individuals and businesses can demonstrate their commitment to delivering a high level of service to their clients and the industry as a whole.
At the end of the day, the property industry is built on trust, transparency, and honesty. By participating in a redress scheme, property sourcers and deal packagers can help to reinforce these values and build a more sustainable and successful industry for everyone involved. So, if you’re involved in property sourcing, be sure to look for a recognised redress scheme that can benefit you and your clients alike.
