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The Digital Markets, Competition and Consumers (DMCC) Act 2024: What Estate Agents Need to Know

Edited

The DMCC Act introduces significant changes for estate agents, particularly concerning the disclosure of Material Information in property listings. With the Competition and Markets Authority (CMA) gaining enhanced enforcement powers, including the ability to impose fines of up to 10% of global turnover for non-compliance, understanding how this legislation impacts operations is crucial.

This guide outlines the key aspects of the DMCC Act and practical steps to adapt to the changes.

Key Changes Under the DMCC Act

Enhanced Material Information Requirements

Building on the principles of the Consumer Protection from Unfair Trading Regulations 2008 (CPRs), the DMCC Act reinforces the importance of transparency. Estate agents are now required to ensure all Material Information—such as tenure, council tax bands, and key restrictions—is disclosed in property listings to help buyers and tenants make informed decisions.

Stricter Penalties for Non-Compliance

The CMA’s expanded powers include imposing substantial fines for breaches, including failure to meet Material Information requirements. This shift highlights the need to prioritise compliance, not only to avoid penalties but also to maintain trust and reputation.

What Estate Agents Should Do Now

To prepare for the DMCC Act, estate agents can take the following practical steps:

1. Review and Update Listing Processes

  • Conduct a thorough audit of current procedures.

  • Ensure all Material Information is presented upfront in property listings.

  • Regularly verify the accuracy and completeness of information to meet compliance requirements.

2. Engage with the CMA Consultation

The CMA’s consultation on the draft guidance is open until 22 January 2025. Engaging in this process offers an opportunity to contribute insights and ensure the guidance reflects the realities of estate agency work.

3. Invest in Staff Training

  • Provide training on the DMCC Act’s requirements.

  • Equip teams with the knowledge to identify and present Material Information clearly and accurately.

4. Establish Robust Compliance Systems

  • Implement systems to capture, verify, and present Material Information efficiently.

  • Explore digital tools to streamline data collection and ensure consistency across listings.

5. Schedule Regular Compliance Audits

  • Conduct periodic reviews to identify and address compliance gaps.

  • Proactive auditing demonstrates a commitment to maintaining high standards and reducing risk.

How Moverly Supports Estate Agents

Simplified Compliance Processes

Moverly simplifies the collection and presentation of Material Information, helping estate agents ensure their listings meet compliance standards without unnecessary complexity. 

Integrated and Efficient Solutions

Moverly’s tools integrate seamlessly into existing workflows, improving efficiency without requiring disruptive changes to established systems. The Moverly platform provides full Material Information compliance in just 3 clicks for an estate agent.

Ongoing Support for Long-Term Compliance

Regulations evolve, and compliance is a continuous journey. Moverly provides regular updates and expert guidance to help agencies stay aligned with the latest requirements.

Strengthening Collaboration Across Existing Processes

Moverly offers estate agents the option to strengthen collaboration with their conveyancing partners. Where closer collaboration is desired, Moverly helps streamline the flow of critical information, reducing inefficiencies and delays.

This optional approach enhances existing workflows and supports agents in delivering an improved client experience without disrupting established relationships or processes.

Looking Ahead

The DMCC Act represents an important step towards greater transparency and fairness in the property market. By proactively preparing for these changes and leveraging tools designed to support compliance, estate agents can stay ahead of the curve and continue delivering exceptional service.

To explore how Moverly can empower your agency to meet the DMCC Act's requirements efficiently; visit our website, dive right into view our demo or contact us at hello@moverly.com to set up some time with our sales team.