New Legislation Sets Qualification Standard for Agents
In an attempt to diminish poor quality “rogue” agents, the Government are bringing in a new rule where all Estate Agents will be required to hold a professional qualification.
What does this involve?
The idea is to place the consumer back into a position where they have control. Currently, prospecting home buyers are being smothered within a system full of stressful exchanges and uncertainty. Frequently, deals are intercepted by a higher offer, causing sales to fall apart. This new standard will encourage lock-in agreements and face loss of money if either, buyer or seller, back out.
The Ministry of Housing and Local Government also explained it will:
- Allow others to access up-to-date lease information provided by estate agents and freeholders. This aims to tackle the situation where leaseholders are under the thumb of freeholders and their agents.
- Introduce a heightened trading standard to ensure the banning of regulation breaking agents.
- Produce digestible information to assist customers in buying and selling. So they are better educated on the subject and less likely to be misinformed.
Housing Sectary, Sajid Javid, spoke on the subject and explained this will aim to “fix” the housing market. Chief Executive of the Homeowners Alliance, Paula Higgins, said: “In an industry tarnished by Wild West attitudes, these reforms will send the Cowboys packing”.
A Knock to the Agent Pool
Currently, anyone can work as an estate agent. With around 20,000 estate agent companies in England, there have been rumours of some taking a hit due to the new rules. Backlash has been raised due to arguments of there being many “good agents” that are compliant and successful in the profession, but struggle with exams and gaining qualifications.
This is sure to have a significant impact on companies successfully attracting new talent to the Estate Agency sector.