The Property Redress Scheme is a government authorised regulatory body established to provide a basic service for housing market consumers to lodge complaints regarding various property related issues. Founded in 2014, the scheme offers a universal basis of responsibility within the housing market. This ensures consumers, property agents and professionals operating in the real estate, lettings and property management industries have an impartial resource for resolving legal disputes.
But how does the Property Redress Scheme work specifically? Can property investors benefit from working with companies enrolled in the scheme? And, if so, how are those benefits reflected in their return on investment?
As long-time members of the Property Redress Scheme, Concept Capital Group shares its commitments to providing providing stakeholders are all levels of the housing market a mutually beneficial approach to selling, renting and managing properties. For a quick breakdown of what the Property Redress Scheme can do for you as a property investor, our team is here to explain this increasingly relevant resolution service.
How Does the Property Redress Scheme Protect You?
The Property Redress Scheme is vital in protecting consumers and landlords alike from potentially catastrophic loss. Made up of a carefully selected group of volunteer industry experts, the Advisory and Member Panels serves as a representative body for the entire property sector. Both panels operate on a policy of openness and transparency, regularly restructuring to ensure a lack of bias and an ability to adapt with sweeping changes to the housing market.
According to the Property Redress Scheme website, the Advisory and Member Panels are responsible for:
- Providing advice and guidance to the Head of Redress and PRS Board by drawing on the expertise of its various members.
- Working individually and as a collective to accomplish projects linked to the specific interests of the Property Redress Scheme
- Offering feedback on the effectiveness of any regulatory processes and case management.
Why Does the Property Redress Scheme Exist?
The Property Redress Scheme is open to property professionals to show they are committed to providing excellent customer service and improving standards within their area of interest in the property industry. All businesses who carry out estate, lettings and property management work have a legal responsibility to belong to a redress scheme. If at any point our clients feel our service falls short of our advertising, they may be able to raise a complaint with the scheme board. This will ensure an impartial third party with the authority to rule in their favour weighs their claim through legally enforceable channels.
As a resolution service, the Property Redress Scheme provides the following services to its members and consumers:
- Carrying out thorough investigations of cases brought before their boards, listening to the grievances of both sides of the conflict.
- Using legal frameworks and experiences to clearly explain the circumstances of all parties involved with a case, negotiating towards an early resolution that avoids escalation.
- Giving claimants a rapid decision in cases where an early resolution is unsuccessful
- Accommodating any specific communication and accessibility needs
Investing Safely With Concept Capital Group
Redress schemes are a welcome addition within any private marketplace as they allow consumers to escalate their complaints they against any organisation or individual acting as a member of the scheme. Although the main purpose of the Property Redress Scheme is to settle unresolved complaints from consumers who have suffered a loss as a result of a member’s actions, they serve a dual purpose as an indicator of a company’s willingness to operate with a necessary degree of financial, legal and personal responsibility. As an alternative to seeking formal legal action, the scheme can be a crucial time and money saver in the unlikely event that something does gone wrong. And, even when everything functions smoothly, they can provide advice that remains applicable in a variety of less ideal circumstances.
By aligning our brand with the Property Redress Scheme, Concept Capital Group seeks to empower clients to feel confident and secure when using our services. Though we also compliment the more officious route for compensation and resolution with robust customer service, we believe that our clients and tenants should benefit from every advantage they can get when investing in their financial futures.
For more on our scheme membership or our modular property investment opportunities, book a call with our team today.
