Is your agent a member of a recognised CMP Scheme? asks the experts at Belvoir

July 22, 2015 - PRLog -- “Despite its significance it’s surprising how few landlords are aware of Client Money Protection (CMP), its importance to the industry and its benefits to both landlords and tenants alike,” says owner of Belvoir Bury St Edmunds Patsy Day. “In fact, in an industry where transparency, trust and consumer confidence are key CMP can play a critical role.”

What it is:

“CMP is a Scheme that agents can belong to in order to demonstrate to their clients that they have protection in place to cover their funds should they be misused or if a business fails,” explains Patsy.

Big benefits:

“Being part of a recognised CMP Scheme is extremely important so that both landlords and tenants can be sure that their money is safe,” says owner of Belvoir Evesham Melanie Carter.

“If your agent belongs to a recognised CMP Scheme you will know that your money is being properly handled and is being securely held in a separate account, and that you won’t lose your money, even if your agent suddenly closes their business.

“In addition, if an agent is regulated and has CMP they will have their accounts audited each year so landlords and tenants can be sure they’re handling monies correctly. They will be monitored and regulated... they will be answerable and responsible to other authorities.

“Without CMP both tenants and landlords are vulnerable,” she continues. “Tenants, for example, will pay a deposit at the beginning of the tenancy (sometimes up to one and a half times their monthly rent) and when they move out and hand back the property without any damage they could find that their deposit has gone. Likewise, if a landlord gets the property back in a damaged condition, or with rent outstanding, there may not be a deposit available to recover the costs.”

Patsy agrees and says, “CMP gives reassurance and comfort to landlords and tenants. When you’re buying an agent’s products and services you are very often dealing with a stranger and you’re very much buying on the words and feel that you get from that person – CMP is an extra protection that is put in place to make sure you’re not dealing with someone who is unscrupulous.”

Ask your agent:

From May this year it became a legal requirement for agents in England and Wales to prominently display whether or not they belong to a recognised Client Money Protection Scheme. In addition, agents are now also legally required to transparently display all their fees and charges too so landlords and tenants are not faced with hidden costs.

“As a member of a recognised CMP Scheme we display this on our website, on our letterhead, on our front door, in our window and we also have leaflets we can give to clients about what the Scheme is and how it works,” says Patsy. “If you are unsure, ask your agent whether they are part of a recognised Scheme and ask to see evidence of their membership.

“It is very much in the interest of both landlords and tenants to be aware of CMP, it’s importance and whether or not their agent belongs to a recognised scheme – so if you don’t already know... make sure you find out!”

• Belvoir now have 160+ offices nationwide. To find your nearest Belvoir office, visit their website at www.belvoir.co.uk

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NOTES TO EDITORS

·       Belvoir was founded in February 1995 by Mike and Stephanie Goddard. Its Central Office is in Grantham, Lincolnshire.

·       Mike was chairman of the bfa for three consecutive years and is currently the Chief Executive Officer of Belvoir. Dorian Gonsalves is Director of Commercial and Franchising. Dorian sits on the Board of The Property Ombudsman.

·       Belvoir is recognised as one of the largest specialist lettings agency franchises in the UK, with 160+ offices nationwide and aims to have 200 franchises in the next three years.

·       Belvoir was officially awarded the Best Lettings Agency Franchise – Gold Award at the 2015, 2014, 2013, 2012 and 2010 Lettings Agency of the Year Awards in association with The Sunday Times & The Times. Belvoir also won the Silver Award in 2011.

·       Belvoir was voted Best Large Lettings Chain at the Estate & Letting Agent Awards (ESTAs) 2013, which was hosted by Phil Spencer, and won Silver in 2014. Belvoir has won Brand Builder of the Year at the bfa Franchisor of the Year Awards 2011 and Best Marketing Campaign of the Year at the Franchise Marketing Association (FMA) Awards 2011.

·       Belvoir is a founder member of the SAFEagent Kitemark scheme, which is fully supported by NALS. SAFEagent promotes client money protection (CMP) and provides consumers with a clear message on those agents they should do business with.

·       Belvoir successfully listed on the AIM market of the London Stock Exchange on 21^st February, 2012.

For further information, or to request an interview with a Belvoir expert, please contact Sanchia Gorner, tel: 01780 749049/07912 558308 or email: sgorner@bylinesuk.com