Posted on 27th September 2019 by Jordan Holmes
National Trading Standards gives industry 12 months to reform referral fees.
Insights from Emma Burdis, Head of Compliance at iamproperty.
The National Trading Standards Estate Agency team issued new guidance to ensure the transparency of property sales fees and will report back to the government on progress in February 2020.
The new guidance, produced with NAEA Propertymark, provides clarity on how referral fees should be communicated.
At iamsold we understand the importance of referral fees and we commend NAEA Propertymark for their efforts in helping to avoid a complete ban.
After seeking guidance from The Director of Policy at The Property Ombudsman, we are satisfied that the share of the auction fee payable to our Partner Agents is not considered a referral fee.
The key requirement with all fees is transparency, ensuring parties know what fees they are paying, when they are paid and how much is payable before services are taken.
Through good communications and training, we are confident that National Trading Standards will see a marked difference in referral fee reporting next year.
To make it as easy as possible for you to comply with the new guidance, we’re in the process of updating our auction agreement and all associated marketing materials.
We’ve created a new template, for your use, which enables you to record all referrals in one place and will help you disclose any fees in writing at the earliest opportunity to the buyer and seller.
You’ll find any updated templates on your iamsold dashboard and can contact: email@example.com for further information and advice on the guidance.
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