This means all letting agents in Wales need to be suitably trained and licensed, while the agencies themselves must have Client Money Protection (CMP), professional indemnity insurance, belong to an independant redress scheme and provide all of their landlord and property details. Find out more...
Have you met the training requirements?
Here we have highlighted some of the ways you can meet the training requirements.
Propertymark Qualifications' residential letting and property management qualifications are an approved accreditation for Rent Smart Wales licensing.
Rent Smart Wales offer a top up module that you can take if your Propertymark Qualification did not cover the requirements of the Housing (Wales) Act 2014.
View our flow chart to see which routes you can take in order to meet the training requirements for Rent Smart Wales.
Rent Smart Wales first announced a £3,728 licensing fee for agents, we branded this unfair given it did not consider the size of a letting agent business. This meant both the smallest and largest agents would be charged the same fee. Under the Freedom of Information Act, we requested an explanation as to how the Licensing Authority arrived at the £3,728 fee.
Following our continued lobbying, Rent Smart Wales announced a new fee structure which came into effect 25 April 2016. The new graduated structure recognises the size of the business and offers a discount to ARLA Propertymark members. This offers agents a fairer fee structure which also demonstrates the benefit of professional membership.
Letting agents and landlords who aren't licensed could face criminal prosecution, fines, fixed-term penalty notices, rent repayment orders, rent stopping orders or the inability to issue a valid notice to regain possession.
Major concerns for the property sector have been reiterated in letters issued by Propertymark to outline actionable points for levelling up our country and communities.
In an industry where legislation is ever changing, and with the need to understand what it means to stay compliant; it is positive to see the vested interest from agents at every level of the sector to become qualified.