Contributed post. What do tabloid journalists, traffic wardens, bankers and estate agents have in common? Yep, you guessed it – they’re all professions people love to hate. We’re going to concentrate on the latter category in this post though, and ask: why do people dislike estate agents?
Of course, there are plenty of reputable estate agents around, so why the bad rep? One reason could be that buying and/or selling a house is one of the most stressful situations you can go through, along with bereavement and divorce. So it’s only natural that any slight delay, error or complication is going to feel heightened at this already tense time and people look for someone to blame.
With that in mind, perhaps it’s unfair that estate agents are so universally disliked. But here are some common reasons why people dislike estate agents.
Estate agents are unlicensed
While it’s fair to say that any Tom, Dick or Harriet in England and Wales can set up shop as an estate agent without a licence or qualification in the way, say, a solicitor or doctor can’t, estate agents are regulated by the Estate Agents Act 1979.
In addition to this, all estate agents are required to belong to a scheme such as The Property Ombudsman.
So if things do go wrong and you feel you have cause to complain, there are governing bodies you can turn to.
Estate agents earn huge commissions for not doing much
Considering the average house price in the UK at the time of writing is £256,000 and the average estate agent fee is 1.8%+VAT, the commission earned on the average house sale would be around £5,530.
You may feel that’s a lot of money for spending a few minutes valuing a property and showing people around.
But is that all estate agents do?
A good estate agent will know the area thoroughly and will be able to answer all potential buyer’s questions about schools, public transport, amenities, etc. Even more importantly, a good estate agent will only show the right people around your property, and make sure you’re not overrun with timewasters.
A good estate agent will then be on hand to help the sale go through smoothly. After all, it’s in their interests to help the sale go through quickly and smoothly, as then they get their commission sooner!
Estate agents are untrustworthy
We’ve all heard about unscrupulous estate agents who tell you what they think you want to hear, just to get your custom, whether that’s as a buyer or a vendor. From overvaluing your property to downright lying about a property, there are plenty of scare stories around.
Although the Property Misdescriptions Act 1991 was repealed in 2013, consumers are still protected by Consumer Protection from Unfair Trading Regulations 2008, so between that and The Property Ombudsman, there is some recourse if you feel you’ve been lied to.
Why else do people dislike estate agents?
Other reasons estate agents get a bad reputation might be reasons such as not returning phone calls, not being knowledgeable about a property, trying to persuade you to use their solicitors or mortgage broker or not doing enough to get a buyer for your property.
Still, do your homework, research local agents in your area and ask your friends and family for recommendations and hopefully, you’ll find an estate agent you don’t dislike!
While you are here why not check out more of my home content?
Why not support me by pinning this post?
