Appoint an Estate Agent
How do I appoint an Estate Agent to sell my property?
When you are looking to appoint an estate agent it is important to get several agents valuations. They will all value the property differently, they will have different percentages for commissions or a flat fee.
They will also offer different “marketing” packages e.g. website, local newspaper, leaflets, virtual tours.
Estate Agent checklist
- Choose an estate agent that sells or specialises in your type of property.
- Contact at least three estate agents before making your decision.
- Ask how long it has taken them to sell similar property in your area.
- Ask for the rate of commission the estate agent will charge.
- Ask what type of contracts they offer—sole, joint or multiple—and if there are any penalties in changing estate agents.
- Ask how and where they will advertise your property.
What is the code of practice for estate agents?
It is also important to know about legislation here are some important facts about estate agents from the DTI.
Estate Agents Act 1979 and Property Misdescriptions Act 1991.
Key Facts:
- Estate agents have to comply with the Estate Agents Act 1979 and the Property Misdescriptions Act 1991 when they act for people who are buying or selling property.
- The Office of Fair Trading can ban people from acting as estate agents if it considers them to be unfit to carry on estate agency work.
- Complaints about estate agents should be directed to Trading Standards or the Office of Fair Trading.
- The Government is committed to reforming the house buying process in England and Wales and plans to require sellers to provide Home Information Packs when homes are put on the market.
- The Government recently responded to the Office of Fair Trading report on the market for estate agency services in England and Wales. The Government proposed a package of measures to improve the current regulatory system and provide a cost effective means of redress for consumers.
FAQ’S about estate agents
- Q1. Are estate agents regulated?
- Q2. What should I do if I have a complaint about an estate agent?
- Q3. What is the Government doing to deal with problems in the housing market such as gazumping?
Q1. Are estate agents regulated?
Estate agents are regulated by the Estate Agents Act 1979, which:
- Regulates the conduct of estate agents in the course of estate agency work. It does not cover the letting of properties.
- Lays down the duties that agents owe to clients – such as the passing on of offers, handling money and giving details of charges – and to third parties – such as disclosure of personal interest.
- Gives the Office of Fair Trading the power to issue warning or prohibition notices against those persons whom it considers to be unfit to carry on estate agency work.
- Estate agents also have to comply with the Property Misdescriptions Act 1991, which makes it an offence to make false or misleading statements about property offered for sale.
Q2. What should I do if I have a complaint about an estate agent?
- You should contact your local trading standards department or the Office of Fair Trading, which enforce the Estate Agents and Property Misdescriptions Acts. The Department of Trade and Industry does not have a role in investigating individual complaints.
- For further information contact your local trading standards department or the Office of Fair Trading.
Office of Fair Trading
Fleetbank House
2-6 Salisbury Square
London EC4Y 8JX
Phone: 020 7211 8000
Fax: 020 7211 8800
E-mail: enquiries@oft.gov.uk
Office of fair trading website
- Some estate agents belong to the Ombudsman for Estate Agents (OEA) Scheme. The OEA scheme is devised to address disputes between member agencies and consumers who are actual or potential buyers or sellers of residential property in the UK.
- The Ombudsman will consider complaints where it is believed a member agency has infringed a consumer’s legal rights, not complied with the OEA Code of Practice, acted unfairly, or been guilty of maladministration (including inefficiency or undue delay). The Ombudsman cannot deal with disputes about surveys and/or valuations of properties, or property letting and management.
For further information on the OEA Scheme contact:Office of the Ombudsman for Estate Agents
Beckett House
4 Bridge Street
Salisbury
Wiltshire SP1 2LX
Phone: 01722 333306
Fax: 01722 332296
E-mail: admin@oea.co.uk
Ombudsman for Estate Agents
Q3. What is the Government doing to deal with problems in the housing market such as gazumping?
- The Government is committed to reform of the house buying process in England and Wales in order to make the buying and selling of homes quicker, easier and more efficient.
- The Government plans to introduce Home Information Packs (HIPs) containing standard information and documents for prospective buyers including evidence of title, local searches and a home condition report. Providing this information at the start of the house buying process will reduce delays and uncertainties experienced by both buyers and sellers.
- Measures for introducing HIPs were included in the Housing Bill, which gained Royal Assent on 18 November 2004.
- HIPs are to be introduced on a voluntary basis in 2006, but from 2007 it will be compulsory for home sellers to provide a HIP when putting a property on the market.
Further information on HIPs is available from the Office of the Deputy Prime Minister.
Office of the Deputy Prime Minister
Eland House
Bressenden Place
London SW1E 5DU
Tel: 020 7944 4400
Fax: 020 7944 6589
E-Mail: ODPM enquiry e-mail addresses
Home Information pack
