CYTT News
[23/03/2012] Consumers’ complaints against letting agent rise by 26%
The property Ombudsman (TPO) has recently published his reports about the present environment of the letting industry, which is clearly stating that consumers’ complaints against the letting agents have been increased by 26% as compared to the previous year and current year is seeing huge change in enquiring about the letting agents. The Industry calls for the strict regulations and a sturdy reform to be structured, taking into consideration the tribulations of consumers who put a lot of faith in letting agencies when it comes to market their property, but inauspiciously their expectations are being let down at the hands of unfair industrial practices.
"My office dealt with 7,641 letting enquiries during 2011, a 26 per cent increase on 2010” added by Christopher Hamer, The Property Ombudsman. Numerous complaints were filed by the consumers, according to the statistics, a total of 7,641 disputes were opened against the letting agencies last year (huge). Sadly, majority of complaints were related to those agencies that were not associated with the TPO redress scheme. Around 25% complaints were solely made against non-registered letting company so TPO was unable to take any action against those companies since any company can start providing services without having to register with the official scheme. Letting agencies aren’t legally obliged either to get themselves registered with TPO. Those consumers who have had problems with agencies or agents should have no other alternative to get justice except for taking a legal action to put the matter to the end. Taking into account the present financial climate of the country, consumers aren’t much inclined to involve themselves in costly legal matters spending additional thousands dollars just to sue the agents.
As per Hamer, more than 25% of the complaint enquires are about letting agents who aren’t licensed with TPO, and he feels very concerned for those consumers who have not any way left behind but to pursue their complaints by the way of taking strict legal actions whereas in the present economical situation it’s daunting for consumers to undergo any complex legal action. Mr. Hamer has highlighted several areas that need attention for improving the system of letting agencies and their services. Small changes(if made) can secure consumers and restore their trust on the letting agencies, besides in doing so, these changes will also support those agencies who are working in a fair scenario following code of conduct laid out by TOP.
If there is any solution to the problem it’s reforming the letting industry by making agents liable for their deeds and enforcing them to adhere to the TOP conduct of Practice to ensure an optimal protection to the landlords as well as their tenants.
“Consumer awareness is the key” says Hamer. The landlords should perform a proper check-and-balance on the letting agents to be assured of their legitimacy and affiliation with TOP prior to allowing them to market the property.
If the letting industry is reformed properly it would be easy to redefine, manage, and control all forms of tenancy since all agents would be legally bound to conform to the official code of conduct stipulated by TOP and this entire effort would enhance the protection level of landlords and tenants.
However, naïve landlords get easily attracted by lower fees offered by the letting agent as the result of which they don’t pester to enquire about agent or investigate what sorts of protected will be provided by him. And this leads further problems between both parties letting agencies and landlords side by side it can adversely affect tenants too. If landlords take little time in inquiring their agent about their credentials and standards of business being followed by him, subsequently both landlords and tenants could benefit from the information and establish good business relationship with the agency. Consequently, rate of consumers complaints against letting company will also reduced to the minimum.
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