Welcome proposal to overhaul the house buying and selling process

HOUSING Secretary Sajid Javid recently announced a significant overhaul of the estate agency industry, outlining a package of measures designed “professionalise” the market, speed up deals and end ‘rogue’ agents.

Knight Frank’s Bruce Tolmie-Thomson says ‘These changes are most welcome. A high level of compliance and competence needs to be upheld and regulated, for far too long people have been suffering at the hands of unprofessional agents, in particular online agents, many of whom bypass current legislation’.

Choosing an estate agent is a critical decision – it can make the difference between getting a really good price, or not selling your house at all. On top of that there is the vital human element, it is important for a client to form a trusting relationship with their agent to be guided through the process from start to finish.’

Bruce continues ‘We are proud of our professional ethic. We believe in building long-term relationships and provide a dedicated client service built on experience, depth of knowledge and professionalism and as a result our clients come back to us over and over again. One of our most appreciated services is our accompanied viewing service which is of such benefit to both seller and buyer.’

‘Likewise, when it comes to progressing a sale, communications with buyers and solicitors can be very time-consuming and stressful and having a motivated, experienced and professional agent acting on your behalf is invaluable. On-line agents cannot compete and transaction often fail. On-line agents do not have the resources to support their clients or offer a service from start to finish and their business model offers them little incentive to get the best possible price.’

Lord Andrew Hay, Global Head of Residential at Knight Frank says “Sajid Javid’s proposal to implement mandatory qualifications for estate agents is good news and long overdue. We are very supportive of making the industry much more professional and regulated in order to protect clients, strengthen the industry and consistently manage transactions. For too long, clients have been suffering at the hands of unprofessional agents lacking expertise which has impacted the reputation of the industry. It’s important now to ensure that the level at which any mandatory qualifications are set is high and regulated by an industry body. These changes must ensure a level of compliance and competence within the market – all too frequently firms simply ignore legislation which puts those businesses complying at a disadvantage. The question now is, how will these sensible recommendations be implemented – in particular for online or office-less agencies many of whom have bypassed real estate legislation.”