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Government Regulations for Estate Agents

The recently held annual myhomemove conference saw managing director of the National Association of Estate Agents, Mark Hayward request for regulations within the industry and was denied by housing minster Brandon Lewis.

Lewis believes that any regulation of estate agents has to be ruled out as it would lead to higher fees and would be deemed anti-competitive because if all agents were licensed, they would set their fees higher and that would not benefit the consumer. Despite asking for this to be reconsidered, the government are not budging and the housing minister failed to respond.

Chief executive officer for myhomemove, Doug Crawford asked the property industry to keep pace with rapidly changing consumer demand. Consumer habits are clearly changing with demands for prompt updates and transparency on following their case from offer to completion and we are all using more technology.

“The internet doesn’t respect a company’s size or history – it’s about what’s working now. When it comes to customer expectations online, don’t expect to compare yourself to others in your market. Your customer judges your website on whether it’s as good as their bank, insurer, supermarket or even gaming site” says Crawford. 

Agents are disagreeing with the decision made by Lewis suggesting that regulations would be a welcomed introduction to the industry and would only improve trust between estate agents and consumers.

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