Residential Property Standards > Agency management
11 Agency management
This chapter provides guidance on issues relating to agency management that are relevant to any size of estate agency business from sole practitioner to large multi-national agency. The main topics discussed in this chapter are:
- how to handle clients money, including safeguarding against money laundering;
- recovering outstanding debts;
- handling complaints; and
- insurance (for you and your business).
Whatever the size of your business, these issues carry equal importance.
Following this guidance will help you to meet the following principles in the Real Estate Agency Code:
To conduct business in an honest, fair, transparent and professional manner.
To carry out work with due skill, care and diligence, and ensure that staff employed have the necessary skills to carry out their tasks.
To ensure that any client money is held separately from other monies, and is covered by adequate insurance.
To have appropriate professional indemnity insurance, to ensure their customers do not suffer loss as a result of any negligent act.
This chapter also provides specific guidance for residential agents operating in the UK that will help towards meeting the relevant requirements of the legislation summarised in chapter 12. You can read more about these Acts and Regulations in the specific sections listed below.
- Bribery Act 2010 (in 12.2.12)
- Companies Act 2006 (in 12.2.11)
- Consumers, Estate Agents and Redress Act 2007 (in 12.2.9)
- Consumer Protection from Unfair Trading Regulations 2008 (in 12.2.8)
- Data Protection Act 1998 (in 12.5.1)
- Equality Act 2010 (in 12.4.2)
- Estate Agents Act 1979 (in 12.2.6)
- Health and Safety at Work etc. Act 1974 (in 12.7.1)
- Late Payment of Commercial Debts (Interest) Act 1998 (in 12.6.2)
- Money Laundering Regulations 2007 (in 12.6.1)
RICS professional guidance
- Code of measuring practice
- Commercial real estate agency standards
- New rules of measurement
- QS and construction standards
- Residential property standards
- Valuation standards
- Full list of RICS professional guidance
- 11.1 The name of and information about your business
- 11.2 Advertising and marketing your services
- 11.3 The use of social media
- 11.4 Handling complaints
- 11.5 Handling clients' money
- 11.6 Recovering outstanding debts
- 11.7 Insurance
- 11.8 Managing bribery risks
- 11.9 Training and keeping up to date
- 11.10 Employing staff
- 11.11 Sources of further advice