Define: estate agent

 Estate Agents  1 Response »
Jun 032009

We’re hoping to hear from people to re-define what they want estate agents to do better:

Current Definition:
A person who tries to get the best possible price for a house whilst acting on behalf of a property owner, usually rewarding themselves with a percentage of the price they manage to achieve on completion of the sale.

This remit permits them to do almost anything, even if it happens to be outside the law, or against the economic trends of the market itself. For example, they may take bids from supposed gazumpers, obtain extra mortgage finance for buyers, pretend offers are being made which are, in fact, fictitious and doubtless misrepresent the true state of the property market to prospective sellers in order to gain selling instructions.

ALL house valuations should, in future, be ‘kite marked’ by accredited property valuers.
Its no good talking the market up even when the market doesn’t want to be talked up!

If you eat or drink more than your body can comfortably handle, you put your own body in peril.

In just the same way, if a house owner (or his agent) tries (through nefarious means) to extract more than the current market value of a property from buyers, he is putting in peril the operation of the whole market and thereby not acting in his client’s best interests at all.

Possible definition of a new and improved estate agent, called ‘Professional House Appraiser’
Someone whose primary function is to assess each property in the light of genuine and current market conditions to find its true current value ( like hallmarking a piece of jewellery ).
There should be some form of redress if valuations given, are later proved to have been incorrect or misleading.

By giving more accurate valuations valuers or agents will protect the value of each property owners’ investment by helping to keep the property market operating at, or near to, perfect market conditions, thereby optimizing the value of each and every client’s property whilst its on the market.

Here’s an alternative solution:
If an agent gives a market appraisal s/he must allow the owner the option to accept the figure (less say 10% for handling) and go to an immediate purchase by the agency with completion within a month.

If estate agents knew they would have to stand by their appraisals in that way, they would have to base them on current market expectations.
No further regulation would be needed.