As the start of the college academic year approaches and Leaving Certificate results are released, many students will prioritise securing accommodation. Those using a letting agent should ensure that the agent they engage is licensed by the Property Services Regulatory Authority (PSRA).
During the accommodation search, students may encounter bogus letting agents who attempt to exploit them by fraudulently extracting financial payments. These bogus agents may operate online and falsely claim to hold a valid PSRA licence number, making it essential for students to thoroughly check the legitimacy of any agent they encounter.
All Property Services Providers (Letting Agents, Auctioneers, Estate Agents and Management Agents) operating in the Republic of Ireland must hold a PSRA licence to provide a property service. Licensed Property Services Providers are regulated by the PSRA, ensuring that the consumer has access to the PSRA’s complaints process and in the case of financial loss through the dishonesty of a licensed property service provider can make a claim on the PSRA’s Compensation Fund.
To ensure that you are dealing with a legitimate letting agent, follow these steps to verify their credentials:
Request to See the Licence: When engaging with a Property Services Provider, always ask to see their licence. This is a credit card sized licence featuring the licensee’s name, photograph, the licence categories, the expiry date and a unique PSRA licence number – a 6 or 12 digit code that always begins with double zero.
Check the Licence Number: Verify the licence number is valid by cross-referencing it with the PSRA Register of Licensed Property Services Providers, available at www.psr.ie. This step confirms that the provider’s details are up-to-date and legitimate.
The CEO of the PSRA, Ms Maeve Hogan stated that “students, whether starting or returning to college, should be cautious of bogus letting agents when searching for accommodation. To protect themselves from rental scams, it’s essential to verify that the letting agent is licensed by the PSRA. “
“Using a licensed agent provides consumer protection, and if something does go wrong, a client may be entitled to compensation from the PSRA compensation fund. Students should check the PSRA Register of Licensed Property Services Providers at www.psr.ie to confirm the agent’s details”