Compliance For Lettings | Advice And Help | Ratiobox

Keep Your Letting Business Compliant

Any business needs to be compliant, but letting companies are subject to an ever-increasing number of checks and regulations. In particular, landlord and tenant funds need to be strictly managed and there are also specific requirements relating to DPS and prescribed information. Failure to comply with these requirements could result in a fine or loss of credibility.

How can you stay up to date with the changes and not let important compliance checks fall through the cracks? One option is to outsource your lettings compliance.

Ratiobox specialise in these areas of letting agent compliance which are becoming increasingly difficult to resource and stay up to date with. We keep track of the latest regulatory changes so you don’t have to and we take the headache out of the time consuming paperwork and checks.

From anti money laundering to right to rent, we can take care of all the essential areas of compliance for your lettings business.

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    How can Ratiobox help?

    We can manage these risks by providing a complete outsourced accounts solution to guarantee your agency is compliant and will pass the annual fast track audit, whilst also providing extra value with enhanced financial processes and internal cost-saving.

    With Ratiobox, you’re in control. You can pick and choose the services you want and can upscale or downscale the level of service depending on your business performance. In other words, we’re flexible and can work around your requirements. We’ll provide you with an account manager who will become your dedicated point of contact to help with any queries.

    Compliance for Lettings

    Areas of Compliance

    There are many areas of compliance that our team at Ratiobox can help with. We have listed a few of them below for you to read. You can always contact us if there is anything you don’t fully understand.

    ARLA Propertymark Compliance

    The Propertymark highlights your commitment to higher standards and sends positive trust signals to potential landlords and tenants. However, the ARLA Propertymark is something that you have to uphold and manage to retain. We can help you keep up with ARLA’s regulations and offer financial protection and peace of mind for your clients.

    Right to Rent Compliance

    Under the Right to Rent scheme it’s a legal requirement for landlords in England to check that their tenants have legal status to live in the UK. As a letting agent, this means that you must undertake passport and immigration. We can take care of these checks to ensure you remain compliant with the scheme.

    Anti Money Laundering Compliance

    Letting agents are a prime target for money laundering. HMRC can perform spot checks on your business to check you are being fully compliant with anti money laundering initiatives. We can help make sure you’ve got all the right paperwork and procedures in place to prevent you facing a fine or getting into trouble with the law.

    At Ratiobox, we can act as your money laundering reporting officer and seamlessly work behind the scenes of your business to keep you compliant.

    Redress Scheme

    It’s a legal obligation for a letting agent to sign up with a government approved redress scheme. This helps to provide resolutions for disputes with members of the public. We can help you choose a suitable scheme and provide assistance should any conflicts arise.

    What letting agent services do Ratiobox offer?

    Aside from compliance, we also offer a host of other essential letting agent services including:

    • General obligations – treating customers fairly, keeping records and avoiding conflicts
    • Advertising for new business
    • Marketing properties and conducting viewings
    • Instructions, terms of business, fees, charges
    • Client agreements
    • Handling client money including rent collection
    • Offers
    • Referencing
    • Tenancy agreements, inventories and deposits
    • Bonds
    • Overall management of the property
    • End of tenancy – deposit disputes and damages
    • Complaints handling, referrals to the Ombudsman

    Contact us today for an initial consultation to discuss your requirements and how we can help your lettings agent stay compliant right now and into the future.