Is Your Estate Agent a Member of an Approved Body?

by Samantha Jones on February 22, 2012

You may have seen some badges on your agent’s website, property details or in their window; but what do they actually mean, and do they afford the buyer and seller any protection?  Here’s my guide to the organisations and schemes these badges represent, and what you can do if you’re unhappy with the service you receive from an estate agent:

The OFT Estate Agents Redress Scheme

The Consumers, Estate Agents and Redress Act 2007 (CEARA) makes it a requirement for estate agents to be members of an OFT approved estate agents redress scheme.  This scheme allows buyers and sellers of residential property to refer complaints concerning members of the scheme to an ombudsman who has the power to make a range of awards, including requiring a member to pay compensation.  To date, there are two approved schemes:

  • The Ombudsman for Estate Agents (OEA)
  • The Property Ombudsman (TPO)

When a firm displays the OFT Approved code logo it operates to higher standards of customer protection than the law requires, you can have confidence that OFT Approved code businesses:

  • Are committed to treating you fairly if problems arise
  • Will guarantee good customer service
  • Give you clear-cut information about the goods or services they’re selling
  • Have user-friendly, straightforward and quick procedures for dealing with customer complaints
  • Will use clear and fair contracts
  • Will offer free or low cost dispute resolution, such as arbitration or an ombudsman, if you can’t agree how to sort out a problem.

To check whether your estate agent is registered with the scheme, enter the details here.

 

The National Association of Estate Agents (NAEA)

The NAEA, founded in 1962, is the UK’s leading professional body for estate agency.  Its key roles include providing help and guidance for property professionals across a broad spectrum of disciplines while continually campaigning to make the property market more efficient and user-friendly for the home buying and selling public.

By using a Licensed NAEA agent you are guaranteed:

  • That the agency is covered by a Client Money Protection (CMP) Scheme.
  • That the agency has Professional Indemnity Insurance.
  • That your agent is qualified and trained and can give you professional up-to-date advice and guidance.
  • That you are dealing with an agent who voluntarily follows the Code of Practice and Rules of Conduct.
  • That you have a route to redress should something go wrong; it is a mandatory requirement that all NAEA members belong to an independent redress scheme.

Here are the NAEA Rules of Conduct to check against your agent’s service levels.

The Guild of Professional Estate Agents

The Guild of Professional Estate Agents is a national network of independent estate agents.  The Guild insist that its members and their staff are regularly trained and fully qualified in estate agency practice and customer service, under The Guild Associate Scheme.  Guild members adhere to The Guild’s Code of Conduct and are covered by professional indemnity of up to £1 million.  Here’s the Guild’s code of conduct for you to check against the service provided by your Guild member.

 

By choosing an estate agent who is a member of an approved body, you will have the reassurance that they are accountable to someone, so that if things do go wrong, you will have some chance of getting it put right.

 

 

 

 

 

 

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Three simple things you can do today to get more viewings

by Samantha Jones on February 20, 2012

I spoke to a lady recently who hadn’t had a viewing in six months; another gentleman seller called me who had been trying to sell his house for three years, and in all that time had only had three viewings.  If you’re in that boat, you have my sincere sympathies.  It’s even harder if a friend or neighbour is getting a viewing a week.  So what can you do today that would help you get more viewings?

1.   Review your marketing – look at your photography, description, online advert and brochure, and make a list of improvements you could make to them.  Ask your estate agent about getting the house re-photographed, and whether they would cover the charge of a professional photographer.  Write the description from scratch, including ‘owners’ quotes’, interesting historical anecdotes, and any other human interest element you think might intrigue a buyer.

2.   Call your agent – my experience has shown that the more often you talk to your agent, the more likely your house is going to be in the forefront of their mind if a prospective buyer calls.  How often have you phoned your agent to ask them why you haven’t had a viewing in a while, only to be told a day or two later that someone wants to view?

3.   Take a break – taking your house off the market for a little while may seem counter-intuitive, but sometimes it’s all you need to increase the interest in your house when you re-launch.  It’s also a good idea if you are going to revamp your marketing materials, as your home will have extra impact when you go back to the market.  As a general rule of thumb, I would suggest a month off the market for every six months you’ve been for sale.  Upon your re-launch, an email alert will hit all the inboxes of buyers who have registered with Rightmove and the other portals, and this alone could help encourage viewings.

By taking action, not only will you give yourself the best possible chance to increase interest in your property, you will you feel reassured that you are taking control of your own house sale.

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Who’s the Biggest Loser?

February 15, 2012

If you ask your estate agent why you haven’t yet sold your house, he’ll blame either your asking price (too high) or the market (too slow) or both.  So what’s his answer?  ”Drop your price”.  This strategy, he assures you, will combat a sluggish market and bring previously hidden buyers out into the open.  He [...]

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Your Total Floor Area: What to Include

February 13, 2012

More and more these days, the total floor area of a property is included on the floorplan, which can be very useful to a buyer when they are trying to work out how much house they are getting for their money.  At HomeTruths, we compile a ‘Price per square foot analysis’ for our clients, so [...]

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Let Buyers See Your Front Door

February 8, 2012

When a potential buyer sees a photograph of your house, they will have an emotional reaction to it, to some degree.  The reaction may be positive or negative; it may be indifference, which will probably cause them to dismiss your house as a possible next home for them. Clearly, the main image is crucial as [...]

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What Women Want

February 6, 2012

This week, I received a call from someone who has a beautiful, architect-designed home for sale in Lancashire.  A very unusual home, it’s a cross between a Huf House (do Google it if you haven’t come across them) and an individual ‘Grand Design’.  It’s all dramatic angles, huge atriums, and an abundance of glass, chrome [...]

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How I Put My Money Where My Mouth Is

February 2, 2012

I’ve just sold my house.  Not the one I live in, but a little cottage I bought, renovated, and then because of the banking crash in 2007, I had to rent out for a few years.  When the tenant moved out last year, I took my chance, and prepared it for sale.  Just as I [...]

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How do you place a value on a unique home?

January 25, 2012

There are many resources estate agents and valuers can draw upon to ascertain the value of a home, but they all rely, in one form or another, on precedent: what other properties have sold for in the road, village or area.  But how much can past performance really be an indicator of what a future [...]

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What we can’t have, we want all the more

January 23, 2012

Ladies, have you ever visited say, Debenhams, no money to spend, and only seen the most beautiful dresses and shoes?  If only you had some spare money, you would surely find the perfect outfit.  But walk into the same department store with a plan to buy a dress, and the money to match, and can [...]

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Wall of Shame: Cringeworthy Carpets

January 20, 2012

If there’s one area of a house needing updating that sellers absolutely have to put right, it’s carpeting.  I’ve seen the dingiest, most awful houses absolutely transformed by spending a couple of thousand pounds in their local carpet shop.  A clean, neutral carpet in a light colour will add so much light and space, you [...]

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