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Vouch: Agency training is on the up - is the Regulation of Property Agents responsible?
11 October 2021
Training in estate and letting agencies is intensifying before the Regulation of Property Agents (RoPA) requirements have even been set in stone. Agents are working to attain the expected qualifications - but what else is driving this burgeoning training mindset?
At Vouch, we're seeing an increased appetite for training in the agencies we speak with. In the context of the Regulation of Property Agents, this is perhaps unsurprising. But that's not the sole catalyst of the trend - there are other factors at play.
An attractive career path
Agents have realised that young people at the beginning of their careers are starting to see the property industry as an exciting opportunity. The growing necessity for qualifications in the sector is appealing to enthusiastic new starters who want to progress quickly in their careers and with a clear development framework in place. Agents who show that they are on top of training can include this in their job proposals as a benefit to draw in top talent that will help their business grow.
Increased support for entry-level training
The government funding available to support training for those getting their foot on the first rung of the professional ladder is growing. The government has introduced grants available through the Kickstart Scheme, to help fund the creation of new six-month placements for 16-24 year olds. This scheme can help you test whether someone would be right for a permanent role at your agency, or whether you'd like to take them on as an apprentice.
If you choose to progress them to that next step through an apprenticeship, the Budget 2021 announced cash incentives of up to £3,000 for each new apprentice employers hire between 1 April 2021 and 31 January 2021. Agencies can choose to take advantage of this to boost their team with ambitious new trainees.
Compliance and avoiding mistakes
We all know that lettings legislation is becoming more demanding. Agents are on the front line, protecting their landlords with the promise of solid industry knowledge and an understanding of all that's required to stay compliant. Agents who proactively train to stay qualified will retain a high level of knowledge around the necessary legislative requirements. They'll be able to provide their landlords with the best service and ensure that they avoid any fines.
Confident customers and more instructions
Gas and electricity engineers need to be qualified. It's the same with financial advisors - and plenty of other professions. So why not estate and letting agents? They play an important role in the industry through how they support their landlords and tenants. Getting qualified will give these customers extra confidence in the agent they choose to manage their property or rent a home from.
That extra confidence can translate into more instructions. Before it becomes a legal requirement, some agencies are starting to get ahead of the game, marketing their qualifications as a unique selling point, to make them stand out in their region and win more landlords.
Goodlord and Vouch are part of the Goodlord Group. Goodlord also offers a referencing service to complement its pre-tenancy lettings software for agents. Learn more.
Oh Goodlord Limited is an Appointed Representative of Goodlord Protect Limited for general insurance products and credit broking. Goodlord Protect Limited is directly authorised by the Financial Conduct Authority, registration number 836727. You can check this information on the Financial Services Register by visiting www.fca.org.uk/register or by telephoning 0800 111 6768 (Freephone) or 0300 500 8082 from the UK. The FCA is the independent watchdog that regulates financial services.