Recent polling by IPSOS reveals a startling fact: only 28% of UK respondents trust estate agents. This figure places them above only politicians and journalists in trustworthiness. Such skepticism isn’t new. Back in the 1980s, the estate agent industry was notorious for its lack of standards and unethical practices. However, times have changed, and the prevalence of rogue agents has significantly diminished. Nevertheless, the stigma remains, underscoring the importance of due diligence when selecting an agent. In today’s Telegraph, property expert Phil Spencer offers some suggestions.
Vetting Your Estate Agent
Start by exploring customer reviews. A lack of reviews is a red flag, while existing ones can offer insights into the agency’s service quality, expertise, and communication style.
In today’s digital age, most property searches begin on platforms like Zoopla or Rightmove. An agent’s absence on these portals could indicate a disconnect with modern market trends. Inquire about their marketing strategy and why they may not be using these popular platforms.
Word-of-mouth recommendations, particularly from neighbours who’ve recently sold similar properties, are invaluable. Ensure the agent’s expertise aligns with your property type and local market.
A flashy office and marketing materials don’t substitute for deep local market understanding. Evaluate the agent’s local reputation and involvement.
Check if the agent is regulated by an industry standards body and covered by an ombudsman, such as Propertymark. These affiliations imply adherence to professional standards, financial protection, and a commitment to continuous learning.
Evaluating Agent Competence and Integrity
Reputable agents won’t pressure you into making quick decisions. They understand the gravity of selling a property and respect your need for deliberation.
Beware of agents promising unrealistically high sale prices. This tactic often leads to prolonged sale processes and eventual disappointments. Conduct your research to understand reasonable pricing for your property.
Be mindful of who will handle your property’s sale. Ensure that the person you meet initially (often a senior agent) will be actively involved, rather than passing the responsibility to less experienced team members.
Clarify what the agent’s fees cover, including potential additional costs and VAT. Be aware of withdrawal fees or clauses that might incur charges even without a sale. Consider negotiating the fee structure, possibly linking it to the sale price.
For Buyers – Deciphering Property Listings
Property descriptions often reveal more through omission than inclusion. For instance, a non-mentioned south-facing garden likely means the property doesn’t have one. However, don’t be deterred by listings with fewer photos; this can be a strategic choice to pique interest.
Remember, estate agents represent sellers, not buyers. Therefore, it’s crucial to ask probing questions and seek information from multiple sources within the agency. Inconsistencies in responses can unveil critical insights.
Final Thoughts
The estate agent selection process, whether you’re selling or buying, demands careful consideration and active engagement. While the industry has evolved significantly since the 1980s, due diligence remains key to navigating the complexities of the property market.