ROPA Is Being Delayed And What Does That Mean For Us?
It appears that ROPA has once again been pushed onto the back burner, and we still do not have an outline of exactly how this will look or what it means for the lettings industry as a whole… but what does this delay mean for agents?
Well firstly, there has been a very big distraction for all of us over the last 2 years, and i’m sure many agents are pleased of the delay. Over the last two months, survival and coping have been at the forefront of many agents’ minds, rather than getting everyone qualified in preparation for the big ROPA change.
Of course, most agents are looking forward to having an industry that is finally regulated, this is a step toward our industry having the respect it deserves and presents an opportunity to charge and earn our worth, but a little more time was probably needed.
So, what does ROPA mean to us who living and working in the property lettings sector…
Well, firstly it means that all staff working in the industry will have to be regulated and qualified, and directors to an even higher level.
Now, of course this is going to bring with it many challenges, like many not wanting to “dive in” to the learning again, which I believe will lead to many agents that have been in the game a while, retiring. It will also lead to many selling their businesses and going into other industries, similar to what we saw in the financial industry (with there being around 85% fewer Financial Advisors now than there was in the 80’s due to increased regulation).
But this leaves the question… is this such a bad thing?
I see it as us moving more towards how the real estate industry operates in USA and Canada, where agents are all licensed, and the career is a highly respected profession (compared to here in the UK where we are in the bottom 3 areas of the Voracity index, next to politicians).
With that in mind, they also command a much higher fee for what they do as a result of this…
I believe ROPA will lead to higher respect for those working within the industry, with fewer agents, higher fees charged, and more services offered and an industry where young people aspire to work in and build a career in.
What do you think?