LATEST: PRS management firm under investigation as rent payments falter

Some landlords have been discovering this week that expected rent payments have not popped into their bank accounts, a problem that has been traced back to property management firm ARPM.

The company is well established in the private rental sector and is used by many lettings agents to outsource management of their inbound maintenance requests by tenants, and to collect rental payments and sometimes deposits too on an agent’s behalf.

But in recent days many landlords have discovered that their monthly rent payments have been missed, only to be told by their letting agent that ARPM is not taking phone calls or returning emails.

The company’s boss and senior team are also not returning calls, emails or text messages, and agents report that many of its employees’ out-of-office messages show they have left the company.

Investigating

ARPM is registered with both Client Money Protect and mydeposits and a spokesperson for both organisations has told LandlordZONE that they are aware of potential issues with the holding of deposits and client monies via ARPM and are ‘currently investigating’. 

“This is a potentially complicated scenario and we have limited information at the moment. 

“Any landlord, tenant or agent who thinks they may be affected should contact mydeposits or Client Money Protect immediately. 

“We would also suggest that in the meantime, affected agents should also notify Action Fraud on 0300 123 2040, the Insolvency Service on 0300 678 0015, your relevant CMP scheme, and make your local Trading Standards team aware. 

“We will endeavour to provides updates as more information materialises.”

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