Setting up a Winkworth estate agency takes more than just having local knowledge of your area, the brand name and property experience...
Setting up a Winkworth estate agency takes more than just having local knowledge of your area, the brand name and property experience. As with any industry there are many legislations you must follow and adhere to, and bodies you must be registered with to be compliant.
These legislations are regularly updated but by being part of a bigger network it's our job to keep you informed. Our head of Legal and Compliance, Hugh Dunsmore-Hardy, regularly sends out updates via email and as a franchisee you have the chance to discuss these legislations during our regular regional meetings and Continual Professional Development training sessions.
Below you will find more information on how your office can operate both legally and compliantly both prior to opening, and during your time as a franchisee.
Data Protection Act
Under the Data Protection Act 1988 (DPA), it’s a legal requirement that all organisations processing personal data notify the Information Commissioner. This is a simple procedure and can be completed online. www.informationcommissioner.gov.uk
Professional Indemnity Insurance
It’s a requirement of the Franchisor that every Winkworth franchisee has a current and valid PI policy in place. If you are unsure who to approach we can provide a list of brokers.
Ombudsman Services – Property (OSP)
All Winkworth franchisees are required to be members of OSP for both sales and lettings. For more information, please see www.ombudsman-services.org
National Association of Estate Agents (NAEA)
All Winkworth franchisees must be individual members of NAEA. In order for the membership to cover the office, the individual member that applies must be a principal, partner or director of the service company and achieve a Corporate Grade Membership. www.naea.co.uk
National Approved Lettings Scheme (NALS)
All franchisees operating a lettings and property management business have to be accredited through NALS. We require the NALS registered contact to be a principal, partner or director of the service company. www.nalscheme.co.uk
Anti-Money Laundering Registration
All estate agents have to register with HMRC who will then supervise the business to ensure they are meeting their legal obligations regarding money laundering. You must also train and appoint both a Money Laundering Reporting Officer (MLRO) and a Deputy MLRO. www.hmrc.gov.uk
To find out how you can become part of Winkworth contact our New Franchising team
James Campbell | Gina Piper
email@example.com | 0207 355 0200