This week at NAPSA has been one of significant achievements and milestones. Unlike the kind of week where it feels like you’re working tirelessly without visible progress, this week left us feeling accomplished and energised. Below, I’m pleased to share an overview of everything we’ve achieved, a unique international development, and some important clarifications on co-sourcing practices.
Achievements at a Glance
Member Reviews:
We completed five detailed Member Reviews this week, providing custom feedback through our reporting system for each business. For one member in particular, we’ve begun more intensive 1-to-1 work to help adapt their documentation for Rent-to-Rent Sourcing.
New Member Approval:
One new member was approved, and their profile is now listed on the NAPSA website – Luca Marengo of Lucos Consulting Ltd (more on this exciting development below!).
Training Certificates Issued:
Six sets of certification have been issued to members – and non-NAPSA members – who successfully completed our bespoke training courses on Data Protection and Anti-Money Laundering.
These milestones reflect the dedication of the NAPSA team, who continue to provide valuable support to our members and uphold the highest professional standards in the property sourcing field, as well as our m
Going International
One of the week’s highlights is truly exciting — NAPSA has officially gone international! Our newly approved member, based in London, provides specialised services for sourcing commercial property opportunities in Italy. Working hand-in-hand with them, we tailored their documentation to meet compliance requirements for both English and Italian markets.
It’s incredible to think about the opportunities this opens up, both for our members and their clients. Imagine owning a holiday rental in sunny Italy! This new development signifies more than just a milestone — it marks NAPSA’s growing capability to adapt and support international property sourcing.
Addressing Co-Sourcing Misconceptions
This week also brought attention to a troubling trend in the property-sourcing industry: misinformation surrounding co-sourcing and co-deal packaging. It’s an issue that continues to impact both new and established professionals.
Misleading Information
These misconceptions often spread via social media groups, messaging platforms, and even training programmes. Some of the most common statements include:
- “You can co-source or co-deal package with another agent and use their compliance to cover you.”
- “If you don’t handle cash, you don’t need to register with HMRC for AML supervision.”
Unfortunately, we have encountered these claims repeatedly, including during support calls with our members. Alarmingly, many individuals fall into these traps after spending thousands of pounds on courses that offer limited guidance on essential compliance issues.
The Realities of Co-Sourcing
For clarity, we have outlined the facts about co-sourcing and compliance in property sourcing and deal packaging below:
- Both agents must have full compliance in place. This includes insurance, redress scheme membership (from one of the government approved schemes – either TPO or Property Redress), ICO registration, and HMRC supervision for Anti-Money Laundering (AML).
- Agents without compliance can work as employees. An agent who is not compliant may operate under another agent’s compliance, only if officially employed by that agent.
- Sub-agent relationships require registration. A non-compliant agent can act as a sub-agent if fully registered with HMRC and listed as such under the compliant agent’s supervision.
Regardless of the route chosen, it’s crucial to understand that all property sourcing work falls under the regulations of estate agency activity. Full compliance isn’t just a recommendation — it’s a legal requirement.
Looking Ahead
Finally, I’d like to mention an exciting project we’re working on behind the scenes. NAPSA is developing an HMRC/AML initiative, which we plan to unveil next month. This project aims to provide even greater clarity and support for our members when it comes to compliance. Stay tuned in September for further updates.
Wishing You a Stress-Free Week
Every week brings its challenges and opportunities, and this one has certainly reminded us of the importance of clarity, diligence, and innovation in our work. Thank you for being a part of the NAPSA community. Whether you’re a sourcing agent, investor, or industry professional, we are here to empower and guide you every step of the way.
Here’s to another week of progress, collaboration, and success!
Warm regards,
Tina Walsh
CEO, NAPSA
Like a sourcing consultation call with Tina?
We offer a number of free calls each week to discuss your property sourcing or deal packaging business, to assess any gaps and provide guidance on recommended next steps.
