Introduction - Why are estate agents so hated?

Why are estate agents so hated? The real estate sector is a major contributor to the UK economy – and let's face it, everyone needs somewhere to live. However, a considerable number of UK inhabitants have a rather negative perception of estate agents as a general rule.

Throughout the UK, estate agents consistently rank among the most disliked professions. But what could be the reason for this? Why are estate agents so hated? What deters the general public from professionals in this essential sector?

In this blog post, we investigate the question “why are estate agents so hated?”.

A Question of Trust

If you’re pondering why are estate agents so hated – the response often centres around trust.

Given the substantial sums of money that exchange hands daily within the real estate industry, there frequently arises a question about who determines the prices – and the methods used.

Moreover, perceived opacity in various procedures can often make many agent decisions seem arbitrary and solely driven by profit.

Regular apprehensions include the potential of an estate agent:

• Inflating a property's value to secure you as a client
• Creating fictitious offers instead of revealing the truth (a legal obligation for estate agents);
• Choosing to neglect the promotion of a property after a certain duration on the market
• Misrepresenting the expected number of viewings
• Forcefully promoting “in house” services rather than allowing you the freedom to explore other options.

The Challenge of Trusting Estate Agents

Are Estate Agents Reliable?

One can easily be swayed by the multitude of people proclaiming “I despise estate agents” without delving into the facts independently.

No, estate agents don't need specific training, qualifications or licensing to operate. However, they must comply with certain regulations by law.

The Estate Agents Act of 1979 enforces prompt, honest and fair service for both property buyers and sellers, requiring agents to act in the clients’ best interests consistently.

The Property Redress Scheme and the National Trading Standards Estate and Letting Agency Team (NTSEAT) are two organisations that supervise UK estate agents. The presence of the aforementioned regulations and bodies assures that an estate agent’s sphere is far from lawless, with stringent consequences for unscrupulous behaviour.

Do Estate Agents Mislead?

Property sales is a niche job that frequently relies on commission. As a consequence, some estate agents may resort to unethical methods to augment earnings, taking advantage of clients' lack of knowledge.

That said, the majority of estate agents are diligent, ethical and prioritise the client's needs. However, the anxiety of being tricked is a real concern among the British public.

Issues do arise during the buying or selling of a property. In these situations, those who feel disadvantaged are quick to attribute their loss to shady tactics or negligence by the agent. Whether this attribution is fair or not depends on the specific circumstances.

So, now you know why estate agents are so hated - what can you do to find a good one?

Should I Buy or Sell Through an Estate Agent? Generally, engaging an estate agent for your property transaction is completely secure.

For a hassle-free process, and to sidestep the occasional dishonest agents, you can:

• Perform background checks
• Examine their past performance and portfolio
• Read online testimonials
• Compare different agents
• Verify the license and qualifications of your estate agent
• Consult with friends or family who have previously engaged them
• Familiarise yourself with an estate agent's duties
• Understand the rules laid out in the Estate Agents Act of 1979
• Maintain frequent communication with your estate agent
• Request your agents to substantiate any assertions and major decisions in writing
• Ensure an agent can validate details about competing offers (if you’re buying)
• Be present for as many viewings as possible (if you’re selling)
• Don’t be coerced into utilising “in-house” services like mortgage brokers
• Hold your ground throughout the process

Remember these suggestions when dealing with estate agents. While in most cases such caution may not be necessary, it's always better to err on the side of caution.

For more information and advice, contact At The Place today. We’ll be more than willing to provide all the necessary information and assistance you need. You can reach us at 0333 358 0668 or email us at info@at-the-place.com.