Emily Hawthorne, mio Account Manager and former Estate Agent discusses the new RoPA regulations, and how agents can ensure compliance with regular use of mio.
Agents must act ethically, with honesty and integrity;
Agents are sometimes criticised for lack of transparency and failing to give buyers and sellers a clear, accurate view of the chain. As a result, home movers can underestimate the complexity of a chain and have unrealistic expectations about the completion date.
The mio chain view updates when a key milestone is completed and provides a simple view of the chain for agents to share with their buyers and sellers. The chain view is also available via an API, which means any third party involved in a transaction, including conveyancers and lenders, can also see exactly what’s happening at each stage.
Agents must act with due skill, care and diligence;
Sales progression is a complex, and often under-valued skill in Estate Agencies, which is why it is often delegated to less experienced or more junior members of staff. This can lead to buyers and sellers feeling cut off from their agent and receiving very little guidance from them during the most challenging part of the transaction. The mio sales progression platform makes effective sales progression simple, even for those with little to no sales progression experience.
“I absolutely love mio, it turns the most novice of sales progressors into experts.”
Rob Anderson, Branch Manager, William H Brown
Agents must communicate clearly, accurately and transparently to represent correctly their service or product;
mio empowers agents to do just that. The mio chain view ensures that buyers and sellers have an accurate and clear representation of the chain. Milestones in a sale or purchase can either be updated manually by an agent or automatically populated by trusted data feeds from other third parties involved in a transaction, for example the mortgage broker. This, along with the in-app messaging feature makes it simple for agents to keep their buyers and sellers updated. The award-winning mio consumer app is available on iOS and Android and is free of charge to buyers and sellers.
Agents must maintain appropriate accounts and records of their business activities;
With mio, transactions can be traced all the way from SSTC to completion, providing a complete audit trail. The entire file can be easily downloaded and saved so the agent can revisit it if any issues occur at a later date, ensuring compliance.
All data within the mio platform is securely stored for six years after completion by mio’s parent company tmgroup, which is ISO27001 accredited. This ensures that Agents are aligned with Limitation of Liability for a professional negligence claim and gives them quick and easy access to detailed records should an allegation arise. This retention of data is in line with the Statute of Limitation for a Professional Negligence claim.
Agents must ensure that all staff are qualified and capable to handle responsibilities delegated to them;
Being capable and qualified does not guarantee that Agents will provide better service to their buyers and sellers; they must have the right tools to excel. Mio helps to simplify the sales progression process for Agents and highlights urgent tasks that need to be completed on sales or purchases to keep a chain moving.
mio also allows Branch Managers to monitor the performance of their team, and see how many sales each member has progressed through to completion.
Agents must handle information sensitively and in accordance with data protection legislation;
mio acts as a Data Processor for data protection and GDPR purposes. When it comes to personal data, mio only collects the buyer’s and seller’s surnames, email address and home address. The only personal data that is shared is the surname and home address (property for sale and onward purchase), however it is only shared with the individual’s estate agent: it is not visible to others within the platform or consumer app.
mio was built with GDPR in mind and designed to adhere to the Data Protection Act 2018. All policies, processes and systems are reviewed on a regular basis and audited annually. A copy of tmgroup’s ISO certification is available upon request.
Agents must have effective consumer complaints procedures in place;
mio provides a full audit trail of the transaction and where the mio consumer app is used, a complete record of any in-app instant chat messaging with the buyer or seller. All of this information can be downloaded once a sale has been completed and used in the event of a customer complaint.
Agents must comply with all relevant legislation;
It can be very difficult to ensure compliance with all legislation, but mio makes it simple for Agents to comply by following a recognised sales progression process and providing a higher standard of service to their home buyers and sellers.