Managing Director of FI Real Estate Management (FIREM) Tim Knowles has joined the current debate on the issue of ‘double dipping’ in support of those industry figures who are stressing the need for a new code of practice for investment agents amid concern about conflict of interest created by the same agent representing both sides in any transaction.
He said: “The recent move by a group of the UK’s top investment agents to approach the Investment Property Forum (IPF) to take self regulation forward is to be applauded as everyone connected with the property investment industry – whether vendor or purchaser – expects transparency and the assurance that their best interests are being served at all times in the transactional process.
“There is undoubtedly the perception that some agents do act for seller and buyer on deals and that cannot be healthy or desirable. However, it is an unfortunate fact of life.
“This code of conduct has never been more vital, particularly in the distressed property market.”
He added that FIREM works on several major distressed portfolios as asset and property managers and these have now turned the corner on value for investors who have held strong in their belief in a properly orchestrated ‘work out’ and invested in that strategy with his team and the special servicer.
He concludes: “ Values are now rising due to market improvement but also through the results achieved by the effective and innovative asset and property management of these portfolios which continues to tackle the problems and enhance worth for investors. Those investors who have decided not to sell their investments through ‘fire sale’ but to devote time and effort in adopting the longer term view need the assurance of the industry that serves them at the crucial points of ‘sale’ and ‘acquisition’ that this code of practice will give them the protection they deserve from ‘double dipping’. “
Press Enquiries to Helen Thomas, MTPR on 07968 039612
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