Letting Agent Schemes and Professional Bodies

There are a few schemes and bodies that Letting Agents may be members of, this is our attempt to explain them to you so you can be more aware of how they may affect your potential relationship with the letting agent of your choice

First it is important to be aware that most of these bodies are set up primarily in order to provide benefits for their members - and that their main concern is for the best interests of their members - not landlords and tenants. However it is in their their members interests to be of benefit to landlords and tenants as well - without them the letting agency profession don't have a job after all!

ARLA - the Association of Residential Letting Agents.
Maple House, 53-55 Woodside Road,
Amersham,
Buckinghamshire
HP6 6AA

This is the only professional body dedicated solely to residential letting agents.

ARLA members should follow a Code of conduct, Complaints Procedure, Fidelity Bond (1st resort)

One of the most important aspects of an agents membership of ARLA as far as a landlord or tenant is concerned is that members of ARLA are covered by the ARLA fidelity bond.It is our understanding that their fidelity bond is a scheme of 'first resort'. Quoting from their page about their bond -
" ARLA has changed its rules to provide new powers to allow claims and potential claims to be investigated immediately by ARLA and their insurers and, then, for compensation to be paid to claimants as soon as a loss has been established. This means that for the ARLA Bonding Scheme to pay claims there is no need for a police investigation, criminal investigation or charges proven in a court of law. ARLA is the sole arbiter and the bond is called upon as a "First Resort"

NAEA - the National Association of Estate Agents.
Arbon House,
21 Jury Street,
Warwick
CV34 4EH

Professional body encompassing estate and letting agents.
Membership includes complying with Code of Conduct, Complaints Procedure, Fidelity Bond (last resort)
It is our understanding that the NAEA provide a fidelity bond of 'last resort' - in other words after all else has failed then you can claim on their bond. Which is better than nothing.

NALS - the National Approved Letting Scheme.
Tavistock House,
5 Rodney Road,
Cheltenham
GL50 1HX

Scheme which specifies code of conduct, and ensures members have separate bank accounts with insurances to protect clients monies.

RICS - the Royal Institute for Chartered Surveyors.
12 Great George Street,
Parliament Square,
London
SW1P 3AD

Professional body for Chartered Surveyors.
RICS has a Code of Conduct, Complaints Procedure, Fidelity Bond (last resort)
It is our understanding that RICS provide a fidelity bond of 'last resort' - in other words after all else has failed then you can claim on their bond. Which is better than nothing.