Trust me. I'm an Estate Agent...

purch

If they do it might be worth considering sub-letting :eek:

John_Pierpoint

As long as we are all aware of the potential dirty tricks used by Estate Agents, it is more of a level playing field - we now have access to the Land Registry figures [Mind you there is some fraud involved over stamp duty I believe] and the Land Registry don't report repossessions in their figures.

Most house sellers and most estate agents appear to deserve each other.

Do we really want estate agents putting up their fees because they are "regulated" - like electricians and gas fitters?

shortchanged_2

John_Pierpoint wrote: »

Do we really want estate agents putting up their fees because they are "regulated" - like electricians and gas fitters?

Well if it brings much needed transparency to the process of house buying and selling, yes.

Houses are the biggest purchase most people will make. So if it means they have to charge a little more for a decent, honest, reputable service then I'm sure I and many others would feel that would be the right way to go.

We are all aware of the problems that a lack of decent regulation can cause.

Loughton_Monkey

shortchanged wrote: »

....We are all aware of the problems that a lack of decent regulation can cause.

Ha!

How come we now have thousands of 'regulators', but virtually no regulation?

chewmylegoff

shortchanged wrote: »

Well if it brings much needed transparency to the process of house buying and selling, yes.

Houses are the biggest purchase most people will make. So if it means they have to charge a little more for a decent, honest, reputable service then I'm sure I and many others would feel that would be the right way to go.

We are all aware of the problems that a lack of decent regulation can cause.

there is already plenty of transparency in the process of buying and selling a house.

1) you can see pretty much every property that is currently up for sale on rightmove at the click of a button

2) similarly previously sold property data is available on the net for free

3) there are various indices which provide you with information which is usually available on a fairly granular local level

4) you know, as a buyer, that the estate agent is employed by the seller and it is their job to sell the house, and that they are likely to be incentivised by performance related remuneration. thus you know not to trust them or rely on anything they say.

in what way do you think the process is intransparent? agents can take advantage of naive people, sure, but if you can't be bothered to do your own research or to understand the role of the agent in the transaction then i don't see how regulation is going to help you.

wotsthat

shortchanged wrote: »

Houses are the biggest purchase most people will make. So if it means they have to charge a little more for a decent, honest, reputable service then I'm sure I and many others would feel that would be the right way to go.

I doubt charging a little more will make a jot of difference to the non-decent, dishonest and disreputable. We may as well go the whole hog and charge a lot more because that would ensure an almost utopian level of service and delight. Wouldn't it?

When buying a house I find the best way is to assume the position of a polite but healthy cynic. Everyone that you come into contact with has an interest in you buying that house whether it's suitable or not. Letting them all have a little more money won't change the incentives.

The_White_Horse

all they need is a big sign in the window saying "WARNING: Everything out of the mouth of these scumbags are lies"

shortchanged_2

The current situation makes it too easy for EA's to lie about phantom buyers etc.

Another problem is EA's undervaluing properties and getting a 'friend' to buy the property on the cheap. It's things like this that really need sorting.

Wheezy_2

chewmylegoff wrote: »

there is already plenty of transparency in the process of buying and selling a house.

1) you can see pretty much every property that is currently up for sale on rightmove at the click of a button

2) similarly previously sold property data is available on the net for free

3) there are various indices which provide you with information which is usually available on a fairly granular local level

4) you know, as a buyer, that the estate agent is employed by the seller and it is their job to sell the house, and that they are likely to be incentivised by performance related remuneration. thus you know not to trust them or rely on anything they say.

Sure there is enough transparency regarding property prices.
I believe what irks people most is how they get away with blatant lies about imaginary offers, not passing on offers, encouraging gazumping on properties that are supposed to be taken off the market, etc....

googler

You do realise that the Govt is currently proposing to repeal the Properties Misdescriptions Act and allow a new class of property 'intermediaries' who won't be subject to the Estate Agency Act ..... i.e. rather than introduce more regulation, the Govt thinks the public would be better served by less?

http://www.bis.gov.uk/Consultations/repeal-property-misdescriptions-act-1991

http://www.tpos.co.uk/downloads/TPO%20Response%20to%20BIS%20Consultation%20to%20Amend%20the%20EAA%201979.pdf