There are also concerns about selecting agents that relate to both of these scenarios. How do you ascertain for example that the agent is indeed reputable?
The truth is most are. But like any other business a very small minority are not and the problem is that the business is not currently regulated by any one specific Government body.
If you are locally based the best thing you can do is listen to personal recommendations from friends and neighbours. Word of mouth recommendations are by far the most trustworthy in the long run, but be slightly wary of people recommending family members who happen to be in the business.
There are some voluntary regulatory bodies linked to the estate agent business, most notably the National Association of Estate Agents (NAEA) and The Guild of Professional Estate Agents (GPEA). Members of each organisation sign up to a code of practice and are generally perceived to take the business more seriously.
Having said that - other than those in Common Law - the penalties levied by these groups is rarely much more serious than expulsion from the group, and as it is not regulatory to be a member this cannot guarantee to guard you against malpractice.
There are a small number of agencies set up by Solicitors, and these should be regulated by The Law Society, which is a statutory body. If you have one in your area, it should be one of the agents that you consider.
Generally when you do not know an area choosing an agent linked to one these bodies is your best option. If an agency is not part of one of these bodies, you might want to inquire as to why not?. In a cynical world it is best to clearly identify yourself with the good guys.
Jon Henley embarks on a journey to see how the pursuit of property ownership has changed the country
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