The number of letting agents prosecuted for misappropriation of landlords and tenants money has risen significantly over recent years.
Juggling rental payments and using them for payroll and to fund core business activities has been something many unregulated lettings agents have been doing for years. It is criminal fraud, but many have gone undetected.
Increases in tax, legislation, and business costs associated with operating a successful agency, and landlords driving fees down as a result of greater competition are all contributing to the rising financial pressures letting agents face in today's market.
The law has finally caught up with some of these rogue agents, however many continue to get away with it.
Phil Lawton, director at Sutton Kersh commented; "Both landlords and tenants need to be made aware of the risks associated with instructing an unregulated agent who is not bound to meeting industry standards. The benefit of using an agent like Sutton Kersh who is an accredited member of ARLA is that deposits are kept in a separate client account providing greater financial security for landlords and tenants."
Sutton Kersh is currently experiencing a high level of demand from tenants and urgently requires more properties. To arrange a FREE, no obligation market appraisal contact us now.