Rics publishes professional fees report

25 February 2010

Written by Simon Whittaker

Commercial mortgage holders may be interested in the results of the Transparency in Professional Fees report, published by the Royal Institution of Chartered Surveyors.

Both the National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents (ARLA) have agreed with the report.

Further regulation of letting and managing agents was called for, as well as having an independent regulatory body.

Chief executive officer of the NAEA and ARLA Peter Bolton King said that the report is right to work against the belief that the industry operates "under a cloak of secrecy".

ARLA's licensing scheme that is already in use shows that the sector is working to keep customers assured.

Mr Bolton King added that there will soon be a similar scheme for NAEA estate agents.

"The formality of the scheme will offer house buyers and sellers even greater assurance," he continued.

Earlier this week the chairman of the National Landlords Association claimed that buy to let landlords were seeing unfair renewal fees charged by letting agents.

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