Why Regulating Estate Agents Could Be the Game-Changer Homebuyers Need

The UK home buying process is facing major changes with an influential factor set to make a considerable impact: regulation of estate agents. The conveyancing profession is arguing that estate agents' standards should be improved. For the government's planned reforms to achieve their desired outcome, many feel it is essential.

Many consumers have in the past complained about estate agents providing services of varying standards and with inadequate customer care. The Conveyancers Council believes that, without proper rules, the reform efforts could prove unsuccessful. Buyers are being urged to act quickly as the government's stamp duty holiday draws to a close amidst a confusing market for property buyers.

So what's behind this drive for regulation? Trust is built when the information you supply to your customers is straightforward and clear. Transparency is the way to establish trust with customers. When purchasing products buyers should feel they are dealing with sales staff who are governed by a set of professional ethics. The process can also protect buyers from being caught off guard by potential delays, misinformation and increased costs.

The government intends that the rules for buyers of homes should be less complicated and more trustworthy. Conveyancers have noted that at the moment the estate agent's role is a vulnerable part of the home buying process. Streamlining the legal and mortgage processes on their own will not achieve maximum efficiency. The legislation may have little effect if a key part of the bill is inadequate.

There are clear signs that the UK government is going to introduce new legislation governing estate agents in the near future. In the new model, the buyer is able to see properties at their own convenience, rather than being reliant on the estate agent. This means the agent's role becomes more advisory and less restrictive. This change benefits the buyer's experience by providing them with more autonomy over their property search. The advantage of registering interest early in the sale of new homes could be the difference for individuals searching for a new home, particularly in areas with lots of new developments on the market.

Practical Takeaways for Buyers:

• Always verify that an estate agent is a member of a professional body such as the Ombudsman, the National Association of Estate Agents (NAEA) or the Royal Institution of Chartered Surveyors (RICS).
• It is advisable to ask about an agency's approach to handling disagreements or complaints before signing any contract.
• Stay up to date with any possible future changes in the laws and regulations which might affect the way estate agents conduct their business.
• With a solicitor or conveyancer who supports the proposed reforms, your conveyancing process will likely be easier and smoother.

The Final Takeaway:

With greater regulation of estate agents, the home buying process could operate more efficiently. This would result in reduced stress and anxiety for the buyer, a clearer overall process, and improved outcomes.