How is estate agency changing?
The Robinson Jackson Group welcomes proposed reforms to the estate agency industry but urges grass roots consultation.
The Government has recently detailed how it would like to reform the estate agency industry, including the introduction of mandatory property qualifications. Also on the list is greater transparency regarding referral fees from third parties that agents have relationships with, such as mortgage brokers and solicitors, the introduction of reservation agreements and the creation of property log books.
The proposed property log book will provide buyers with search results ahead of the marketing phase. Although the refreshed idea stops short of the old-style Home Information Packs (HIPs), the reform is intended to speed up the sales process, with local authorities supporting the initiative by being asked file search data within 10 days.
Alan Robinson, co-founder of The Robinson Jackson Group, comments: "We are already striving to give customers the very best moving experience by hiring diligent staff, employing ethical practices and belonging to the industry's professional bodies but The Robinson Jackson Group welcomes any move that brings greater transparency, security and professionalism to the sector."
Alan is also quick to point out that even before reforms take effect, estate agency has been very good at self regulating: "Every industry has 'rogue traders' - not just property - and they get found out very quickly. As The Robinson Jackson Group celebrates 25 years of business, we can safely say our longevity is rooted in our excellent principles and family-run ethos. A business can't survive for as long as we have if its foundations are dishonest. You could say word-of-mouth has more merit than any professional qualification - with repeat custom and personal recommendations forming the backbone of our business."
As the Government enters its consultation period, Alan hopes they select industry representatives wisely: "There is a danger that the consultation panel will be made up solely of people from the industry's biggest companies. But with respect to these individuals, they may be more in tune with corporate governance and share prices than the frontline estate agency services that genuinely help the public move home. We run a modest but highly successful business employing 250 local staff in the South East. I would be happy to offer my 50 years of experience if it led to the public having a better understanding what we do, raising the profile of the industry in the process."
If you'd like to keep up-to-date with the latest developments in the property industry, speak to the team at your local office.
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