Agency management
9 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:
- marketing;
- 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:
| 1. | To conduct business in an honest, fair, transparent and professional manner. |
| 2. | To carry out work with due skill, care and diligence, and ensure that staff employed have the necessary skills to carry out their tasks. |
| 8. | To ensure that any client money is held separately from other monies and is covered by adequate insurance. |
| 9. | To have appropriate professional indemnity/errors and omissions insurance, to ensure customers do not suffer loss as a result of any negligent act. |
This chapter also provides specific guidance for commercial agents operating in the UK that will help towards meeting the relevant requirements of the legislation summarised in chapter 10. You can read more about these Acts and Regulations in the specific sections listed below.
- Bribery Act 2010 (see 10.1.8)
- Companies Act 2006 (see 10.1.6)
- Data Protection Act 1998 (see 10.4.1)
- Equality Act 2010 (see 10.3.2)
- Estate Agents Act 1979 (see 10.1.3)
- Health and Safety at Work etc. Act 1974 (see 10.6.1)
- Late Payment of Commercial Debts (Interest) Act 1998 (see 10.5.2)
- Money Laundering Regulations 2007 (see 10.5.1)