How to get what you want from estate agents
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Fiona McAuslan
Posted: Fri Aug 24 2007 -
Time Out highlights some salient point to make sure you get a fair deal from estate agents
On March 21 2006 the Office of Fair Trading, in conjunction with the Ombudsman for Estate Agents, launched the Ombudsman for Estate Agents and Office of Fair Trading Approved code (also known by the snappier title, Ombudsman for Estate Agents scheme). The Ombudsman for Estate Agents offers basic guidelines for anyone picking their way through the property market quagmire. Most importantly, buyers and sellers should try to choose an estate agent using the Approved code: look for the logo in their windows or ask.
Feature continuesAdvertisementThe Ombudsman can give advice and help to those using Approved code agents, and if he decides that you’ve received a poor level of service, he can obtain compensation for you. Estate agents using the code promise dissatisfied customers will have access to a free service that endeavours to settle disputes. They also agree to be subject to a disciplinary council, which deals with members who do not deliver the standards required by the code.
To promote transparency and accountability the Ombudsman for Estate Agents wants all estate agents to be required by law to use the code.
1. Most importantly, always confirm all major decisions, questions and instructions in writing.
2. Sellers should request and compare valuations and commission quotes from at least three agents. Commission fees are not set in concrete so question the charges and bargain for a more agreeable price if necessary. Once agreed, make sure this is written up as an agency agreement and read it before signing to make sure you understand everything in it.
3. If an estate agency is also selling a buyer their mortgage, it should declare a potential conflict of interests.
4. While buyers can’t choose the agents of the house they’ve set their sights on, you can ask if it’s being offered for sale through more than one agent and expect an honest answer.
5. Agents have an obligation to agree with the seller if the property stays on the market. If they continue to advertise it once you’ve made an offer, agents are obliged to tell you in writing. Agents operating outside the code are obliged to give a truthful answer if you ask. But bear in mind there is no legal recourse until contracts are exchanged.
Ombudsman for Estate Agents (01722 333306/www.oea.co.uk). Office of Fair Trading (020 7211 800/ www.oft.gov.uk).- Add your comment to this feature
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2 comments
I recently open my own estate agency in a west London suburb after working for many years 'up town' in Kensington & Chelsea - I must say the agents where I am now are a total different kettle of fish - they all advertise that they are part of ARLA or The Ombudsman for Estate Agents etc but they break the rules big time and the way they behave is questionable - outright touting (knocking on doors where another agents board is), taking down other agents for sale or to let signs, placing boards at blocks of flats where they are actually not selling anything - all these things are against the code - sadly they seem to get away with it ..... in all my years in Kensington & Chelsea, the agent were very professional and also very civil to each other - it seems it is now dog eat dog .........
My estate agent has taken the tenants rent and gone awol - what are my recourses as a landlord as I now have tenants in situ without rent and teh agency anre claimimg they are unable to do anything