Help get the Overseas Property Industry regulated!
Rivermead Global Property are committed to improving the industry in which we work and are looking at taking the information you provide and your suggestions as to how the industry can be improved to the government and a national newspaper that will hopefully act as a catalyst to improving the Overseas Property Industry.
The industries reputation is suffering
For many years now, the overseas property industry has been experiencing an ever increasing bad reputation. With ‘horror stories’ in the news on an almost daily basis, we are constantly being made aware of people losing their investments, properties never being built and both developers and agents giving little or no after sales service once money has been paid.
As there is no legal governing body for the overseas property industry, there is very little stopping anybody from setting up a website and a phone number and overnight becoming an ‘overseas property expert, selling property worldwide’. This maintains distrust in the industry.
Progress is being made
The AIPP (Association of International Property Professionals) was created to allow professional conduct and alleviate mistrust in the International Property market. The AIPP works because they have no vested interest in either buying or selling of property and want to ensure that their members provide a high standard of professionalism to the process. All the members of the AIPP have to follow a professional code of conduct in a bid to improve the standards of the industry. The code of conduct is focused around providing the highest levels of customer service and support and providing detailed and honest information throughout the whole process of buying a property. This in turn means that if a consumer does have recourse as part of the process the AIPP has the authority to enforce the code of conduct. This can be by means of fine or even expulsion. The AIPP are making steps to really ‘clean up’ the overseas property industry.
More needs to be done
However, members of the AIPP join voluntarily. There is actually nothing in place that means companies NEED to follow any type of procedures. So despite the AIPP providing the service, without the legal enforcement, the industry is going to remain open to the ‘con-men and sharks’ that are out only for themselves and not the consumers.
Have your say!
Show your support for improving this industry by commenting on this blog. Tell us your stories good or bad, ways you can think the industry can improve and whether you agree or not that the Overseas Property Industry needs regulating. We will take this information to the government and a national newspaper along with your stories, in a bid to increase the publicity around the industry with the end goal being higher standards for all involved.