Over 270 complaints were processed against property agents including auctioneers, estate and letting agents and property management agents in 2024, according to the regulator.
However, only one of 274 complaints concluded had resulted in a major sanction, according to the Property Services Regulatory Authority (PSRA).
The statutory body responsible for licensing and regulating property services in the State published its annual report on Monday.
A complaint in 2023 relating to a property agent misappropriating client funds led to a major sanction prohibiting the agent from applying for a new licence for six months.
RM Block
Sixty per cent of the 274 complaints lodged last year were concluded without the need to appoint a PSRA investigator after an initial assessment; 6.5 per cent were ultimately withdrawn; and 4.3 per cent remained under review at the end of 2024.
Of 68 complaints requiring investigation, 55 instances of improper conduct were found, while 12 showed no improper conduct.
Eighteen cases held up “a combination of breaches”.
Most complaints related to a client being dissatisfied with the service the property agent provided. Others included bidding issues, the retention of money by a property service provider, and ethical conduct.
The 2024 figures represent a slight drop in the number of complaints filed in the year previous (281), which itself was an increase on 2022’s figure of 205 complaints.
The PSRA also conducted 406 anti-money laundering audits last year, in which 89 per cent of businesses were found to be compliant. Areas of noncompliance were identified in 45 businesses, most often for failure to conduct adequate business and client risk assessments and customer due diligence.
PSRA chairman Michael Quinlan said the authority maintains “an ongoing commitment and proactive approach to the safeguarding of consumer protection and to maintaining oversight and professionalism in the property services sector”.
