Just when I thought property agent regulation was something of a lost cause, it’s suddenly back on the agenda.

I’m aware that it’s a contentious issue within the industry but I have thrown my weight behind regulation for a variety of reasons.

Firstly, polls and surveys suggest the public wants it and in a highly regulated world, an unregulated agency industry doesn’t feel right and plays badly with consumers.

Secondly, what agents do is important, complex and highly skilled. You know that and I know that, but for wider recognition there needs to be clear qualifications and criteria met before agents can handle the biggest investment people ever make.

Thirdly, the sales and lettings worlds where agents operate are ever-changing.

For example, the National Residential Landlords Association says there are around 150 laws regarding private rental properties, with another very detailed law coming soon in the shape of the Renters Rights Bill. Fines for errors can be huge – tens of thousands of pounds – so it’s not unreasonable to have agreed minimum standards.

With over 64% of landlords in England alone using letting and management services, it’s crucial – for those landlords and their tenants – to eradicate bad practices.

So, I for one was pleased when Housing Minister Matthew Pennycook revealed that the government would legislate to regulate agents, probably along the lines of the 30-plus recommendations put forward over five years ago now by the Regulation of Property Agents working party, chaired by the crossbench peer Lord Richard Best.

When it will happen and in what form remains to be seen, but I’m hoping the industry builds on the qualifications already in place with Propertymark and gets ahead of the politicians on this subject.

If you’re not familiar, Propertymark offers a range of courses for sales, lettings, property management and other disciplines within the agency and property arena.

Level 2 qualifications are for newcomers and are equivalent in skill requirements to a GCSE. Level 3 is the equivalent of A-levels and there are courses on sales and lettings, auctioneering, and in the rental area different aspects of property, inventory and tenancy deposit management.

Level 4 is the highest-level qualification, comparable to an HNC and looks at all aspects of managing a property business. Propertymark says this is for those aiming for the top, and why not?

There are of course other industry qualifications and trainers, and no one can deny the quality of the Royal Institution of Chartered Surveyors and the work it has done, especially in recent years. But Propertymark’s training is closely tied to the recommendations made by Lord Best’s ROPA working party in 2019 – namely that all staff in customer-facing roles be qualified at Level 3 or above; and that all company directors and management agents achieve Level 4 or above.

The ROPA recommendations also include some specifics about the transparency of dealings with leasehold properties in the current Leasehold and Freehold Reform Act, and also the importance of redress in the lettings sector, being addressed in the Renters Rights Bill making fast progress through Parliament.

Although there’s no shortage of demands on agents’ time, the better versed they are in these upcoming legislative changes the further ahead of the curve they will be as and when agent regulation is introduced. And of course, the better placed their employers will be in terms of explaining to the consumer how professional they are.

That aspect of qualifications – being able to publicise the facts to would-be customers – should not be underestimated.

For example, when one considers how increasingly regulated independent financial advisers have become (and how their business volumes have risen as a result) it is incumbent on the agency world to accept that when routinely handling transactions with six- or seven-figure price tags, agents must be seen to be ‘up to the job’.

To some extent, this is knocking on an open door, for agents are increasingly willing to get qualifications – as of June this year (the latest figures available) some 4,000 agents have taken the Propertymark examinations already.

Long may that continue. It’s good for the successful candidates, of course, but more importantly, it’s good for the industry too.

Phil Spencer is the founder of Move iQ. Move iQ now create bespoke video content for estate and letting agents sharing local insight and personally introduced by Phil – to secure your exclusive post-code speak to Alex Wilson [email protected]