Property Redress Scheme

Registered with Property118.com
Tuesday 15th July 2014


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Property Redress Scheme

13:05 PM, 15th July 2014
About 7 years ago

New legislation for tenant find?

Dear Maureen

Thank you for the message.

The Property Redress Scheme is the new consumer redress scheme for the property industry, designed with both the consumer and property professional in mind.

In order to prepare and create a scheme where there are benefits for property professionals as well as consumers, we have undertaken research on the market and have been speaking to array of agents and other property professionals, from large multi branch to single manned operations.

From the feedback we were given and using our experience in the property industry, we have decided to offer two membership options and a straightforward application and complaints processes. We will also offer discounts and special offers to Property Redress Scheme members giving them added value to their membership. The first benefit we are able to offer is a discount on their professional indemnity insurance.

With regards to membership options we have the entry model which costs £95.00 plus vat for the head office (main contact) application and also £95.00 plus vat for any other branches of the company. There are then complaint fees of £60 plus vat if the agent holds valid client money protection insurance or £90 plus vat for all others. Members will only pay this fee if they do not resolve any complaint we inform them of after the first 10 working day period. We see this as a vital period in which the Member can communicate with the complainant to resolve the issue.

We also offer an all-in Enhanced model which will cost £199 plus vat for the head office application and a further fee of £199 plus vat for each branch. With this option the Member will not have any complaints fees - subject to a fair usage policy which we can explain in more detail by email or over the telephone.

The Property Redress Scheme does not have its own code of practice for members to sign up to and be required to agree to comply with. If the Member is a also a member of a trade association then we will use the code of practice that association requires it's members to abide by. If the Member is not a member of a trade association then we will instead rely on good industry practice as set out by the various lettings trade associations when considering any complaint.

We hope this has been helpful.

We currently have a holding website available at http://www.theprs.co.uk. Keep an eye on this site as we will be updating it shortly.

Kind regards

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