2 minutes reading time (462 words)

Professionalism, Compliance, and the Competitive Edge in Property Tech

General Experts Corner Legal / Conveyancing

Saturday, 31 August 2024

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Throughout my career in tech for property professionals, my mission has always been to make my agents better than their competitors. The foundation of this approach is ensuring that they are fully equipped with the tools and knowledge necessary to comply with the law and uphold the highest professional standards. This commitment to excellence is what sets them apart in a competitive market.

The Flawed Misunderstanding of Material Information Legislation

There's a dangerous misunderstanding within the industry regarding material information legislation. Some agents have been misled into believing that providing the bare minimum is sufficient to meet their legal obligations. This belief is often encouraged by flawed defences circulating within the industry, such as the idea that "the law isn't the law" or that the leniency shown by property portals somehow shields agents from the consequences of non-compliance.

The reality is starkly different. Redress schemes like The Property Ombudsman and the Property Redress Scheme are legally bound to apply the law as it is written, without regard to industry chatter or perceived leniency. Leniency from portals is not a defence. If a consumer files a complaint, these schemes will enforce the Consumer Protection from Unfair Trading Regulations (CPRs) to their full extent. The opinions of industry insiders, no matter how confidently expressed, will not hold up in a legal dispute.

A Cautionary Tale: The Grade II Listed Property Case

Consider the ongoing case of a consumer who purchased a home, only to discover later that it was Grade II listed when they tried to install new windows. Neither the agent nor the conveyancer disclosed this critical piece of material information. The muted starting figure for their claim against the agent is £200,000. This case illustrates the severe consequences of relying on flawed defences, misunderstanding the law, or assuming that leniency from portals equates to legal protection.

The Competitive Advantage of Professionalism

For agents who choose to follow flawed, unprofessional advice, the risks are significant. But for those who commit to full compliance and professionalism, the rewards are clear. My agents are better because they adhere to the highest standards, and as long as others continue to follow misguided advice, the gap between my agents and their competitors will only widen.

The Bottom Line

In the property industry, success doesn't come from cutting corners or relying on industry myths. It comes from professionalism, full compliance with the law, and a commitment to doing what's right for both the client and the business. Those who understand this will not only avoid costly legal battles but will also thrive in a competitive market. My focus has always been to make my agents the best, and as long as others don't take compliance seriously, my job of keeping my agents ahead will only get easier.