PSRA publishes register of licensed property services providers

PSRA publishes register of licensed property services providers

The Property Services Regulatory Authority (PSRA) has published the Register of Licensed Property Services Providers which includes information on all property services providers licensed by the Authority to date. Property service providers include auctioneers, estate agents, letting agents and management agents.

The new Property Services Register contains the following information:
– the name, address and licence number of the property services provider;
– the class of property services provider (i.e. company, partnership, sole trader or employee);
– the description of property service which the property services provider is licensed to provide ( [A] auction of property other than land, [B] purchase or sale, by whatever means, of land, [C] letting of land and [D] property management services); and
– the expiry date of the licence.

The Register, which can be accessed via www.psr.ie, was established following the introduction of a new licensing system for property services providers in July of last year (under the Property Services (Regulation) Act 2011). In line with this new system, all service providers must be licensed by the PSRA and must meet new requirements including: minimum qualification requirements; professional indemnity insurance; be tax compliant; and contribute to a compensation fund.

Since the new licensing system was put in place, the PSRA has received 5,590 licence applications out of which number 4,013 applicants were granted a licence and 145 applicants refused.

The licence fee is €1,000 per annum for a property services employer (company, partnership or sole trader), and €100 per annum for an employee. The compensation fund contribution is €200 per annum for a property services employer and €50 per annum for an employee.

The PSRA was established by the Minister for Justice and Equality on 3 April 2012, under the same Property Services (Regulation) Act 2011, in order to control and regulate Property Services Providers.

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