Why are estate agents so hated?

Why are estate agents so hated?

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?

why are estate agents so hated

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

why are estate agents so hated

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.

why are estate agents so hated

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.

estate agents near me



How much are estate agent fees?

How much are estate agents near me fees?

Typically, estate agents fees can reach heights of 3.6% of the sale price and can fluctuate based on the number of agents attempting to sell your property and the quality of your initial negotiations. In the year 2022, the average fee for an estate agent stood at 1.42%. Therefore, if your property was sold for a price of £275,000, the agent's share would be £3,900. It is worth noting that @ThePlace fees are considerably cheaper than these.

Should you use more than one estate agent?

Should you use more than one estate agent?

It's typically practical to engage two estate agents near me under a joint sole agency agreement for selling a single property only if you intend to hire a nationally operating specialist agent alongside a local generalist. For instance, you might prefer a national agent specialising in high-end properties, in addition to a local agent familiar with your area. Joint agency agreements often carry higher charges, usually around 2.4% including VAT. Engaging two local agents under a joint sole agreement usually doesn't make much sense, as their market coverage will overlap, and they won't be motivated to outdo each other to close the deal. Employing two estate agents also carries the risk of one agent attempting to benefit from the efforts of the other without contributing equally.

Do I have to pay estate agent fees if I decide not to sell?

Do I have to pay estate agents near me fees if I decide not to sell?

If you decide to pull out of a sale, it's customary to face charges to cover the expenses an agent has already incurred, like advertising. Also, it's standard to pay part or all of the estate agent's commission, but only if your signed contract includes a "ready, willing and able purchaser" clause. Essentially, this clause signifies that you're obligated to pay the agent for their work in identifying a potential buyer, even if unforeseen circumstances cause you to back out of the sale.

What is the best way to sell a house UK?

What is the best way to sell a house UK?

To maximise the sale price of your property, it's recommended to collaborate with a reputable local estate agents near me. Local estate agents are well-versed in the specific characteristics and trends of your area's property market. They have in-depth knowledge about the neighbourhood, understanding what attracts buyers and can accordingly highlight these features in their marketing efforts.

A good local estate agents also has a strong network of potential buyers, which can expedite the sale process. They can provide professional advice on the right pricing strategy based on comparable sales in your area and current market conditions. Additionally, their negotiation skills and expertise can help secure the highest possible price for your property.

Are estate agents regulated?

Are estate agents regulated?

The primary regulation of estate agents is dictated by the Estate Agents Act 1979 (EAA) and the Consumer Protection from Unfair Trading Regulations 2008. Beyond this statutory regulation, since October 1, 2008, all UK-based estate agents involved in residential estate agency work must be part of an approved redress scheme. They can choose either The Property Ombudsman or the Property Redress Scheme, a requirement put forth by the Consumers, Estate Agents and Redress Act 2007.

Will estate agents lie about offers?

Will estate agents lie about offers?

As part of the regulations associated with an ombudsman, estate agents are strictly prohibited from fabricating or concocting details about any existing or non-existing offer. Additionally, it is mandatory for estate agents to promptly communicate offers to the property sellers, and this must be done in writing.

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