Who Regulates Property Management Companies in the UK?

members of a property management company sat talking

You might be wondering who regulates property management companies in the UK. Well, we’re here to tell you. For many landlords, working with a property management company is essential to manage their portfolio – but are they operating within the set guidelines given by regulators?

To learn more about who regulates property management companies in the UK and why it’s important to do so, read on.

The Importance of Property Management Regulations

Property management companies have several key responsibilities, and legal issues could arise without regulation within the sector. Regulations play an essential role in ensuring safety and fairness across rental properties in the UK. With regulations in place, the rights of both landlords and tenants are fully protected – which in turn allows for a more streamlined and fair rental process.

Why are Property Management Companies Regulated?

To fully ensure quality standards, fair practices, and the overall safety and best interests of parties involved (including property managers themselves), property management company regulations must be in place.

As discussed, property management companies have a wide range of responsibilities, from finding and referencing tenants, arranging agreements, collecting deposits, and ensuring maintenance is kept on top of.

Key Regulators for Property Management Companies

So, who regulates property management companies in the UK? Let’s find out.

The Property Ombudsman (TPO)

TPO sets high standards for property management companies and their agents, offering free, impartial, and independent advice. Their services are to resolve disputes that involve various property management companies, offering assistance to those who have been subject to bad service within the industry.

Royal Institution of Chartered Surveyors (RICS)

RICS is a global professional body available for several industry types, including build environment, construction, land, and, of course, property and real estate.

All companies registered with RICS are expected to follow the RICS Service Charge Residential Management Code. This code applies to landlords, property managers, and leaseholders in hopes of improving overall standards and reducing the chances of issues or disputes occurring.

The Property Institute (TPI)

ARMA and IRPM have now come together to form The Property Institute. They represent property management companies across England, Scotland, and Wales, operating as a leading organisation associated with many management firms – providing clear guidance on the safest practices while offering their members advice and training.

Both landlords and tenants can use TPI’s channel to make necessary complaints against their members if issues occur. This process is available to ensure that their well-known high standard remains.

The Property Redress Scheme (PRS)

PRS ensures all property-related complaints are fully heard and resolved in the fairest way possible. Their service offers an impartial mediation and resolution, which is authorised by the government. Essentially, PRS is an alternative route to consider in comparison to a legal process.

The Costs of Using a Property Management Company

The cost of working with a property management company varies depending on several factors, such as location, property type, and how involved they are with managing your properties.

Most landlords lead busy lives, which results in requiring a lot of involvement from their chosen property management company. Essentially, the more a property manager is involved in taking care of your rentals, the more you’ll likely have to pay. Services and fees will be discussed beforehand.

Finding Letting Agents You Can Trust

At Peninsular Property, we consist of a team of highly experienced and reputable letting agents – all of whom are ready and waiting to help you. Choosing the right letting agent to work with can be difficult, and we understand that.

That’s why we ensure all of our team members are trained to the highest level possible. For expert advice, assistance, and guidance while you manage your property investments, look no further than Peninsular Property. We deal with tenants while allowing landlords to focus on other important aspects of their busy job roles.

To find out more about our services, please contact us today. We look forward to hearing from you!

Joe Martin-Bindley

Joe is the founder of Peninsular Property and has worked in the industry since 2005. Joe has negotiated on over 9 million pounds worth of property purchases and managed over 1000 properties for clients all over the world. Joe is a landlord himself with a varied property portfolio so is ideally placed to advise clients on their property purchases and investments.