What You Need to Know About the New Letting Agent Qualification From the NRLA
In 2018, the government announced it would create an official mandatory letting agent qualification to root out rogue traders in the industry. More than two years on and that is yet to become a reality, but the National Residential Landlords Association (NRLA) has launched its own voluntary award in anticipation.
The NRLA suggests letting agents and property managers study for the nationally recognised qualification in advance of the government making it compulsory. They say the Managing Property and Residential Lettings Level 3 award will help lettings professionals develop the skills they need for successful property management.
What is the Managing Property and Residential Lettings Level 3 Award?
The Managing Property and Residential Lettings Level 3 award features four different units. They are:
● Preparation for Letting - including the basic law of property ownership, financial planning, the different property agreements and marketing to different audiences.
● Setting Up and Managing a Tenancy - including how to select tenants, create a tenancy, collect rent and make adjustments to tenancy agreements.
● Property Standards - including what it takes to make a property ready to let, the landlord’s obligations and those of the tenants, maintenance procedures and special rules for HMOs.
● Ending a Tenancy - including knowing how both tenants and landlords can end a tenancy, how to obtain possession legally and helping landlords avoid harassment and illegal eviction.
The award is the equivalent of an A-level and costs £280 for NRLA members and £350 for everyone else.
The idea is to help lettings agents hone their skills to run as efficiently as possible, as well as sticking to industry best practices. The NRLA also promises that their letting agent qualification is in line with English law.
What is the Managing Property and Residential Lettings Level 3 Certificate?
The Managing Property and Residential Lettings Level 3 certificate is a higher qualification for property managers who want to further develop their skills. To pass this qualification, you must take on an additional unit.
The extra unit for the higher award involves contractual relationships and business conduct. It features data protection and the law of agency modules in addition to the four units of the lower award. Both letting agent courses are available now, ahead of the government’s new requirement kicking in.
How Do You Study for the Letting Agent Courses?
The letting agent courses are both based online. Both new and existing letting agents and property managers can complete them in their own time. The NRLA expects it to take around 110 hours of self-study. Following that work, you can book a final, multiple-choice exam remotely from home.
You must complete the work within 12 months and, if you do not pass the exam, you can book a re-sit at no extra cost.
Other Letting Agent Qualifications
There are already other letting agent qualifications on the market. ARLA Propertymark offers a range of awards for letting agents at all levels of their career. From the very beginning to those working in senior roles. There is no solid information on the official government letting agent qualification yet, but it was estimated it would come into play within the next two years.
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