‘Why does our industry allow rogue agents to continue ripping people off?’

One of London’s largest estate agents has called for greater action by the industry and government to eradicate rogue agents after encountering increasing problems recently with rival companies who don’t comply with industry codes of conduct or regulations. LiFe Residential, which has a large HQ near Acton in West London, 13 offices across the capital and 4,000 properties under management, says since November last year it has received more and more cries for help from landlord clients who say they have lost deposits and rents after switching to rival agents who pop up and then disappear over short periods of time. “The fly-by-night nature of these companies, the fact that regulation of the industry is light and that the police aren’t interested unless dozens of people lose money, means these kinds of agents know they have room to operate,” says Jonathan Werth, a director of LiFe Residential. One particularly extreme example of a London agent that closed down owing tenants and landlords thousands of pounds is Oliver Knights Properties Limited, a company that ceased trading in April last year. There are comments on All Agents and many other forums full of landlords and tenants complaining that they have lost money…