The importance of transparency in estate agency industry

27th August 2019 posted in Sellers Buyers Landlords Tenants

It would be fair to say some people have a dim view of estate agents and their industry. Sometimes these opinions are unfounded, based on misconceptions or falsehoods. However, there are some rogue agents and the actions of these people colour perceptions of the entire industry.

Buying or selling a home is a huge matter for the people involved. It is a massive decision, and the deal is likely to require a considerable sum of money. Sadly, this creates an opportunity for unscrupulous people to make money for themselves. Even when everyone acts with best intentions, uncertainty and doubt can cause problems.

Consumers demand transparency from all professionals

Therefore, the importance of transparency in the estate agency industry is evident. Professionals and regulatory bodies in the industry accept this. In recent years, there have been many steps taking by estate agency industry professionals to provide a higher level of confidence to consumers.

A notable change in recent times has been the requirement for agents to display fees inclusive of VAT. Agents also must state costs incurred by tenants who apply to let rental property. This order now extends to property lawyers, and as of December 2018, these professionals must clearly state their prices.

With the Tenant fees Act coming into effect this year, there is a heightened level of focus on prices and what agents provide for the fees they charge. This is as relevant in the property market as it is in the letting industry, and clients receive more transparent options and support these days.

Being a transparent agent or landlord is good for business

No matter what your personal opinion on the internet or social media is, there are benefits when it comes to people’s ability to research. There is no hiding place for firms who cannot be trusted or agents who provide a reduced standard of service.

People love to share reviews, especially if they have received a miserable standard of service. As a consumer researching agents, one or two negative reviews can be explained away or justified. However, if there is a body of negative reviews or a lot of people state unhappiness about pricing, you will have concerns about choosing this agent.

Equally, if an agent has positive reviews surrounding their work, and people appreciate their transparency, you can feel confident about choosing them.

Agents know this, and all professionals in the industry should strive to achieve these reviews. With an ever-increasing level of attention paid to reviews and consumer opinions, estate agency professionals who aren’t transparent may struggle to win instructions.

No matter what you do in the property market, you should work with a professional who makes you feel confident. When a professional is transparent, you have all the information you need to make an informed decision. In the long-run, this helps you feel more confident and assured about the professional you rely on.

If you’re looking for support from a transparent property market professional, contact Hunters, and we’ll be more than happy to assist you.