IRELAND: Need a place to stay? Use a licensed PSP; See the PRSA Guide

Indians Daily 📧: newsindiansdaily@gmail.com August 31, 2022 0

Who are the property service providers PSP ?

PSPs include auctioneers, estate agents, letting agents and management agents. Property service providers (PSP) are people or companies involved in:

See PRSA's publication of a guide to becoming a licensed property service provider LIST👉 Register of Licensed Property Service Providers (licenced letting

Who regulates property services providers?

The Property Services Regulatory Authority (PSRA) is responsible for licensing and regulating property services providers in Ireland. Property service providers (PSPs) are people or companies involved in:

Auctioning property other than land
Buying, selling or letting land
Property management services

PSPs include auctioneers, estate agents, letting agents and management agents.

The PRSA is also responsible for:

Investigating consumers complaints and operating a redress system
Setting and enforcing standards for the provision of property services
Maintaining a compensation fund
Maintaining the Residential Property Price Register
Maintaining the Commercial Lease Register
Maintaining the Register of Licensed Property Service Providers

What is a PSRA licence?

All PSPs must have a PSRA licence. A PSP can only provide the service or services that they have a licence for. The PSRA maintains and publishes a register of all licensed property services providers. The register lists the name, number, licence type and location of each property services provider.

There are 4 different licence types:

Licence type A - The auction of property other than land (for example, fine art, antiques, animals)
Licence type B - The purchase or sale (by auction or private treaty) of land (including buildings)
Licence type C - The letting of land (including buildings)
Licence type D - Property management services

PSPs can apply for their licences online at prsalicences.ie. Licences are valid for 1 year, and must be renewed annually. The PRSA has published a Guide to becoming a licensed property services provider to help PSPs understand the requirements of being licensed and how to complete the application forms.

Using a licensed PSP gives you consumer protection. If you are going to use a PSP, you should check the PSP is licensed by the PSRA. You can do this by:

Checking the Register of Licensed Property Service Providers
Asking to see the property services provider's PSRA licence card
Looking for the PSRA business licence, which must be on display in the PSP’s office or at an auction

It is illegal to provide a property service without a licence and PSPs found to be trading without one are subject to sanction, a fine and/or possible imprisonment. If you think a PSP is providing a property service without a licence you should report this to the PRSA at info@psr.ie.

Using a property services provider

Advice on PSPs and the services provided by them is available in the Guide for users of property services providers in Ireland. This guide provides information on what to expect when using a licensed PSP. PSP’s should behave professionally when delivering their services and follow the regulations and Code of Practice set out for the industry.

When a property owner uses a PSP to sell, let or manage a property, the PSP must give them a Property Services Agreement (PSA) or Letter of Engagement (LOE). This is a legal requirement. The PSA or LOE is an agreed contract between the PSP and their client. The document should clearly outline what property services are being provided and all costs involved. A PSA or LOE is a legal and binding contract between the agent and their client.

Further information and a sample of a Property services agreement (PSA) or letter of engagement (LOE) is available on the PSRA website.