Property Sourcing

This is my third most requested podcast! So, here it is: The process for property sourcing compliance is to set up a business for property sourcing. Ask your accountant to do this. Then you need to register with HMRC that you are a property sourcer, you are classed as an Estate Agent, so you MUST set up as one via HMRC. Next up make sure you have an appropriate complaint handling process in place with a property redress scheme such as The Property Ombudsman, as this falls under the requirements of the Estate Agents Act 1979. A really good guide for Complaints Handling is the RICS Complaints Handling, 1st edition: https://www.rics.org/uk/upholding-professional-standards/sector-standards/valuation/complaints-handling-1st-edition/ You MUST read the Estate Agents Act 1979 - http://www.legislation.gov.uk/ukpga/1979/38 Also read Real Estate Agency and Brokerage 3rd edition – The section on acting for the buyer: https://www.rics.org/uk/upholding-professional-standards/sector-standards/real-estate/real-estate-agency-and-brokerage/ Once that’s set up you then need to register your business with the ICO to make sure you are data protection compliant and register with the anti-money laundering scheme https://www.gov.uk/anti-money-laundering-registration and then make sure you take out the necessary professional indemnity insurance and public liability insurance, which an insurance broker will be able to advise you on, I use A-On for my business.