The research revealed 90 per cent of estate agents would welcome regulation in the industry. 91 per cent argued this would help improve customer confidence. 2 per cent thought regulation of the estate agent market would prove a negative move, while 8 per cent thought regulation would make no difference.
However, despite strong support for industry regulation, 36 per cent of respondents argued regulation would increase costs, with 34 per cent holding the belief that regulation would add to the administrative burden of running the business. 1 per cent believed industry regulation would lead to forced job cuts.
movewithus’ research into home sellers revealed similar results, with 72 per cent admitting industry regulation would improve service.
Commenting on the findings, Nigel Higgins, director at movewithus, said: “The industry suffers from a lack of trust from the end-consumer, despite the fact that 54 per cent have been happy with their past dealings with estate agents. The estate agency community at large believes a regulated industry would address this problem and our customers think service levels would be improved.”
He added: “A tiny majority of bad eggs has tarnished the reputation of estate agents and adhering to a regulated standard would help get rid of those cowboy outfits and help to improve the image, reputation and service levels of the property and estate agent industry.”
A Mortgage introducer source, who wished to remain anonymous, said: “It is ridiculous that estate agents aren’t regulated. With estate agents it is a lifetime decision, and they should have a duty of care to the purchaser.
The source added: “If the estate agency sector was to be regulated, it should put training practices in place.”
