Last year, the Valuation Office Agency (VOA) introduced a new code of conduct to hold business rates agents to a higher standard and crack down on rogue agents.
Despite this, the pub sector continues to be taken advantage of by dishonest brokers.
Cases of rogue agents have risen even further since the Autumn Budget and the confusion around business rates reformation, ELTA senior business development consultant, Eddie Murphy, told The Morning Advertiser (The MA).
Budget confusion
“With all the Budget confusion and as this year they are evaluating business rates across the industry, rogue agents are capitalising“, he warned.
To avoid falling victim to scams, Murphy advised operators to always do a background check on the company they are dealing with.
He added: “Make sure they are registered with a professional body, such as RICS or IRRV, and get a reference from a professional body like the British Institute of Innkeeping (BII) or ask their accountant to recommend someone.”
In addition, Murphy cautioned requests for money up front were a red flag: “The agent should be willing to prove their worth by demonstrating previous success and professional validation.”
In addition, the VOA cautioned rogue agents often change their name to avoid poor reviews or complaints.
Deadline approaching
Operators can find out how long an agent has been using its current business name here.
The VOA also advises operators to speak with other local businesses, particularly if an agent has made an unexpected visit to your venue.
While businesses are not legally required to use an agent, genuine brokers can look at underlying evaluations for pubs from the VOA and determine if it is fair and appropriate.
However, Murphy urged operators to report rogue agents to Trading Standards or Action Fraud and to check the VOA website to see if they have registered as an agent on your account.
In addition, the senior consultant said operators wishing to challenge their current valuations, which were set in 2023, need to do so by 31 March as the deadline for retrospective appeals in April this year.
