While the planned legislation, will be a major step forward in improving standards in the property industry, estate agents should play their part in a move toward a market with higher standards by making their voice heard, according to Zurich National Estate Agency Development Manager Frank Lowe.
His comments follow Government plans, released last week, to improve estate agency standards. Consumer Minister Gerry Sutcliffe announced plans for an independent Ombudsman's scheme to provide an approved redress system.
This will require estate agents to sign up to independent ombudsman schemes or face being banned. In addition, the Ombudsman will be required to refer rogue agents who commit serious offences to the Office of Fair Trading for further investigation.
The proposals will build on the OFT's recommendations and aim to crack down on rogue estate agents without burdening businesses or placing greater cost pressures on consumers.
"This plan presents an opportunity to lay the foundation of a workable regulatory frame work," Mr Lowe said. "Those agents not yet affiliated with the Ombudsman for Estate Agents should make their voice heard and support the voluntary scheme and its chairman Bill McClintock."
Mr Lowe said regulation of the industry would eventually sift out the less competent, create a career path for new entrants through examination and generally put the industry on a professional footing where it belongs, providing a valuable service to the public. However despite the benefits of
regulation and legislation, he said agents themselves must be proactive and take some responsibility for raising estate agency standards.
"If we want to see an improvement in house-buying standards in the UK, agents should become affiliated with a body which represents their views to Government, and makes their voice heard," he said. "It is clear that the property arena as a whole would benefit from agents taking a serious look at their public image and doing their bit for a more accountable profession.
Mr Lowe said that regulation and legislation pertaining to estate agencies was important, it should focus on improving standards rather than penalising professional agencies.
"Obviously Hips and legislation are a visible step in the move a perceived improvement in the estate agency industry, however long term, more root and branch reform is needed and the two should go hand in hand," Mr Lowe said.
