Navigating Agent Compliance: A Case Study and a Lifesaver Solution
Competition Law Breaches and Their Price: A Recent Story
In a world where regulations and standards are continually evolving, staying compliant is of utmost importance. This is especially true in the property agent sector. A recent case that underscored this fact involved an association of estate and letting agents in Hampshire, along with three of its members and a newspaper publisher. They were found guilty of breaching competition law and had to cough up penalties exceeding £775,000!
The incriminating evidence was substantial: from July 2005 to January 2014, certain association members had entered into an agreement to refrain from advertising their fees or discounts in the local newspaper, the ‘Surrey & Hants Star Courier.’ This was extended further by two members and the newspaper publisher, effectively barring any agents from advertising their fees or discounts in the publication.
The penalties resulting from these infringements highlight the critical importance of compliance in the property sector. So, how can agents avoid such costly mistakes?
Ensuring Compliance in Property Sourcing: The Challenge
Being a property sourcing agent or a letting agent in the UK can be a challenge, primarily due to the ever-tightening compliance regulations. On average, an agent spends over £1000 and 200 hours per year on compliance alone. For part-timers or investors who wish to package surplus deals, this can be even more daunting.
Furthermore, it’s not just about avoiding hefty fines and sanctions, but also about meeting the expectations of clients who increasingly demand a more transparent and efficient process.
The Solution: Sourcing Investments Compliance Vault
At Sourcing Investments, we’ve made it our mission to turn the burden of property sourcing compliance into an advantage. With our expert team, we’ve developed a unique solution to save time, save money, and keep on top of compliance. Welcome to the Sourcing Investments Compliance Vault, a comprehensive solution that not only eases your compliance worries but also gives you the tools and platform to succeed in property sourcing.
The Compliance Vault enables you to be compliant with HMRC, PRS, and ICO in just minutes. With full professional indemnity insurance and JV cover, you can rest easy knowing that your business is protected. Moreover, the Sourcing Investments platform allows you to showcase your properties to a global audience of property investors. With our secure in-house escrow service and access to in-house experts, we’ve taken the stress out of compliance.
The cost? A mere £1200 per year. That’s up to 50% cheaper than the traditional property sourcing compliance process. Plus, it saves you countless hours, allowing you to focus on finding and negotiating the best property deals.
The recent case of hefty penalties imposed on the Hampshire estate agents illustrates the severe consequences of non-compliance. However, with Sourcing Investments Compliance Vault, agents can effortlessly ensure that they stay within the bounds of the law and avoid potential pitfalls.
Simply Register here to find out more, take a demo, and speak to our team. Say goodbye to your compliance worries and open the door to more successful property sourcing.
Remember, compliance is not a luxury, but a necessity in the real estate world. Take the step today with Sourcing Investments.