Agents and consumers have given their backing to minimum industry standards but there are differences when it comes to the level of regulation and the impact on fees.
Former Fine & Country global chief executive Simon Leadbetter has released the results of a new industry report through his unchained.marketing consultancy.
It includes a recent survey of estate agents titled Voice of the Agent 2023 and a nationally representative sample of UK consumers conducted by Opinium, regarding the industry's qualification criteria, regulations and fees.
The findings highlight significant differences in opinion on the appropriate level of regulation and fees for estate and letting agents across the UK.
According to the Voice of the Agent survey, just over 94% of estate agents believe that all agents should have formal qualifications and be regulated to provide minimum standards.
Respondents said this would improve the industry’s reputation and lead to more trust and better service, justifying higher fees.
In contrast, the consumer survey revealed varying opinions on the ideal balance between regulation and fees.
Most respondents who have a preference – at 53% - preferred the current regulation and fees of around 1%, while 21% wanted lighter regulation and lower fees of under 1%.
Another 20% backed more regulation and higher fees of up to 4% and a small group of 6% desired strict regulation and much higher fees of 4% or more.
The survey also uncovered regional differences in consumer preferences.
Respondents in the West Midlands, London and the South West showed a higher inclination towards stricter regulation and higher fees.
On the other hand, lower levels of support for this approach was observed in Yorkshire and Humberside , Northern Ireland and Scotland.
Leadbetter said: "These findings, alongside the full results of the soon-to-be-released Voice of the Agent survey, provide valuable insights into the perspectives of industry professionals and consumers regarding the future of estate agency regulation and fees.
“Opinion is clearly divided with the industry seemingly significantly ahead of consumers in its desire for tighter regulation. The data can inform industry discussions and decision-making processes as the real estate sector evolves."
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hahahaha
Good luck to anyone asking me to pay 4%
LOL
Agents should be qualified with at least 3 years agency experience before being allowed to value homes.
Why should a seller have to pay a higher fee for something that should be standard?
What we should be saying is NO to letting pop up agencies happen
They will not pay a higher fee
As you say it is nonsense
We already have to abide by the Estate Agents act and the Property Ombudsman, so there is a clear code of conduct and agents have a moral duty to act with integrity and professionalism. With an abundance of online comparable information, valuing a property has never been easier, its not rocket science. But, any agency worth their salt, would not be sending out noobs to value property. This is where experience pays, not where the valuation figure is concerned, but the experience of the valuer in being able to sell the benefits of their company over the competition and talk confidently about how successful they have been over the years in selling similar property. When it comes to selling my property, I would take an agent's experience over a qualification any day of the week. Property Mark are on the make here and they are doing their best to convince the government that Estate Agents need to be regulated.
Agree 100%
PM are a total waste of time
No qualification is goi9ng to stop an agent overvaluing to get an instruction
You are so right, totally agree. Besides, the government will never do anything about it anyway. Compulsory qualifications for estate agents were being talked about when I started in the business, many years ago!
Same here Mike
Utter gibberish
Qualifications don’t lead to higher fees, market forces dictate fees. If qualifications lead to higher fees everyone would have a PM qualification. And they really don’t! Lol
David, Janet & Mike, I agree with everything you both say , I have written to Lord Best , 50 different Housing ministers, Nathan Emerson & Tim Douglas at Propertymark with little or no response as regards my total opposition to ROPA , been an agent 45 years and not in the mood for Exams and more stress , we have enough of that with to much regulation that is killing the rental & sales markets.
MPs and the government ministers don't sit exams to govern us do they !! I doubt most of them have qualifications , for sure they don't have any commonsense.
Just wondering , do you belong to Propertymark ? , I do , but not sure after many years whether they have the best interests for small independant agents like myself , just encouraging expensive courses & events, and more regulation ...Mainly to boost there own coffers & agenda.
Like David said there is already a Property Osbudsman doing a good job , rooting out the bad eggs, in the industry, supported by the Estate Agency Act.
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