Compliance, compliance, compliance. A dreaded word for many – and one that’s certainly not going away anytime soon.
In fact, it’s moving even more to the forefront of the news agenda and is taking up more time when it comes to the day-to-day running of an estate agency – be it taking up staff time and resources or reducing efficiency.
You only need to look at the property trade press in recent months to see this trend.
Nearly every week there’s a different article or feature focusing on the fines and repercussions estate agents could face if they’re not compliant with anti-money laundering (AML), lettings regulation and much more.
However, something that I really don’t think is being highlighted enough is the solutions that are readily available to make sure estate agents are compliant and as simple and stress-free as possible.
ADMINISTRATIVE BURDEN
The majority of agents that I speak to day-in and day-out tell me that the administrative element of their role is the part they enjoy the least.
Established CRMs can significantly reduce your administrative burden and simplify lengthy admin and compliance processes by partnering with a number of proptech integrations such as AML, tenant referencing or onboarding partnerships.
A CRM can also save you money when it comes to creating legally compliant letters, notices and agreements to support you with the day-to-day running of your lettings business.
AML REGULATIONS
Like most regulatory requirements, complying with AML regulations can feel like a time-consuming burden for many agents.
Ensuring you use a CRM with a built-in AML integration doesn’t only save you time but can also reduce the risk of potentially very costly errors.
With a good CRM tool there’s no need to re-key any data – meaning you can initiate and complete your check directly within the CRM. Plus, ID information can also be uploaded and verified at the same time as screening for sanctions and PEPs.
You can also pass this time saving on to your customers by enabling them to electronically verify their identity – and remove the need for a trip into your office.
NATIONAL TRADING STANDARDS
A good CRM will also National Trading Standards (NTS) compliant, meaning you adhere to capturing all information required in Part A.
This really is only the beginning of what efficiencies a CRM can drive for you and your business, and with the summer downtime just around the corner, now might be the time to start thinking about how you future-proof your business when it comes to compliance and so much more.
Source: The Negotiator