An inquiry published by the Office of Fair Trading (OFT) into the way house buyers and sellers are treated by estate agents has been released on Tuesday.
The report was commissioned 21 months ago after a rise in complaints from consumers about the service they received when buying and selling properties in England and Wales.
Sellers tended to complain that estate agents did not do enough to justify their fee or wrongly valued the property.
Buyers were unhappy about misleading property descriptions or that their offer was not passed on to the seller.
Have you had good or bad experiences when buying or selling property? Send us your comments.
This debate is now closed. The following comments reflect the balance of opinion we received:
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It is saddening that the industry suffers a bad name when there are some fantastic, committed agents out there
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As a practising estate agent and member of the RICS I believe that the industry is being given a bad name by unscrupulous, unregulated 'wide boys' who can set up overnight, whether they have any idea about property or not. If vendors want a quality service, they should look for a firm affiliated with the NAEA or RICS who have more rigorous codes in place than those suggested by the OFT . It is saddening that the industry suffers a bad name when there are some fantastic, committed agents out there.
Robert, Oxford, England
It would be nice if I could afford to buy so that I can experience what these estate agents are really like! Even the least desirable residences here in Gloucester and Cheltenham are out of my reach, even on a modest £14000 a year! Greed!
John, Cheltenham, UK
I have recently finished my first week of being an estate agent. I was personally told by my superiors to respect and value our customers. All my colleagues follow the same strict code.
Adem, London
Myself and my partner bought our first house last December. We used a local estate agents who were very helpful. We got the keys to the house within 4 weeks of making an offer. I know that we were very lucky, there are some great and some awful estate agents out there but isn't that the same with every job?
Lianne, Cannock, UK
I am an estate agent in Melbourne, Australia and feel that like our industry here you need to get tough and bring a regulatory body to monitor the actions and conduct of agents. I believe transparency in the industry is the only way to lift the level of service, remove the crooks and bring in true competition into the industry in regard to fees etc. The professional agents will have no issue with this and will only improve their reputation.
Stewart Lopez, Melbourne, Australia
About three years ago I put in an offer on a flat and it was accepted, then about three days later I was told by the agent that someone else had seen the property the same day and had put another offer in a day later than my offer. The agent told me if I wanted the property I would have to put a sealed bid in an envelope and the seller would then decide, so I told the agent where he could put his offer. The way I see it is if you accept an offer verbally then that should be it. We should be more like Scotland where this would be illegal.
Steve, Bristol
I sold my house through an estate agents firm who were Royal Institution Chartered Surveyors. I found them to be personal yet professional. The fact that they had full qualifications in their professional field gave me confidence. They kept me constantly updated and were able to give me far better advice.
S. Clarke, Essex
Here in Canada, all real estate agents are required to sit examination after intensive study at colleges that teach real estate and further need to update their credentials each year by attending compulsory upgrading courses. Failure to participate in further training means that the agent forfeits their license to practice.
Geoff, Toronto
The estate agents we are using at the moment are brilliant. They have been polite and professional, keeping to every arrangement they made, even though our circumstances have been complicated. We are also using their own solicitors and I couldn't fault them either. Really good service all round - you get what you pay for, like anything else.
Amette Ley, Hemel Hempstead, UK
Consumers should push for compulsory licensing. With stricter estate laws and fines for agents, unscrupulous agents will shape up or pay the consequences. The real estate laws in the United States require agents to always work in their client's best interest, not their own, or they risk heavy fines and/or loss of their licence. The laws are very specific and are designed to protect buyers and sellers. There are still a few bad agents who try to get around the laws but they usually get caught!
Sandra Durham, Atlanta, Georgia, USA
Look on the bright side. In this country you pay less than 2.5% to an agent and you can pull out of buying or selling at any time up to exchange of contracts. In the US the realtors take anything up to 10% (yes, 10%) of the price and a legally binding contract can be drawn up within days of a verbal agreement. So they take more money for less work.
Jonny, England
The issues with poor services levels don't just relate to Agents' selling/buying techniques but to their Property Management services. This is something which many of us have to rely upon and pay dearly for due to overseas postings which require us to source agents to take care of our UK homes whilst we are overseas. I have been appalled at levels of service from our Managing Agents despite the fact that we were made to pay considerable fees in full, up front. The dissatisfaction with estate agents' customer service levels is not something new.
Mrs Godwin, NY, USA
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I take my hat off to the many excellent agents in this country
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I've worked as an Estate Agent in England after having worked as a licensed agent in South Africa for 12 years. The English system is open to abuse by all but, in my experience, the buyers and vendors were often greedy, underhand and unreliable. I take my hat off to the many excellent agents in this country who have to contend with a ridiculous conveyance procedure, a government who thinks that Sellers' Packs are going to stop gazumping and tardy, incompetent solicitors.
Msmo, London UK
The fees are low compared with Europe and 5% in America, however, Estate Agents work on a no-sale no-fee, so can spend thousands on marketing a property and not be paid a penny. So maybe Estate Agents should lower their fee and charge everyone whether they sell the property or not.
James, London
Haven't we been here before in the late 80's early 90's. Self regulation doesn't work, but in my view, the government won't do anything because of the effect it may have on the economy
John Cleeton, Ipswich
Estate agents have been required since 1979 (Estate Agents Act) to keep records of offers and they have to be confirmed in writing on the day of receipt.
Dudley Gillham, Blackheath, London
The estate agent I used last time was fantastic. Even though I was the buyer, they still made me feel like a valued customer, and assisted me in every way they could. They always called back when they said they would, and have kept in touch. Personally, I think it pays to deal with the smaller firms - and I would suggest liaising with a partner or director who cares about his reputation and business (rather than a greasy trainee with just 3 weeks worth of training!).
James, Dorset, UK
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To say that we don't earn our fees is an insult
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The people in the Office of Fair Trading should do more to remove the "rouge traders" but to say that we don't earn our fees is an insult. They should try and do the job for a month, then they might understand just how hard the job is and what we have to go through to get a sale to exchange of contracts
James, Surrey
We're currently buying a property and dealing with a 'sales progressor' at an estate agents who should more accurately be called a 'sales deteriorator'. She seems to exist to create distrust and confusion between buyer and seller and their solicitors, and uses tactics such as bullying, wheedling, lying and emotional blackmail to get her own way. She also likes to shout a lot. I'm sure there are some great agents out there, but it can be very scary when your future is in the hands of a bad one...
David , London, England
Having recently moved I do wonder why I paid over so much to my agent. The house sold in less than two weeks and we conducted most of the viewings ourselves. The only letter we received was to confirm their fees and they made no effort to help push the chain along. Since settling our account we haven't heard a peep - not even to wish us well in our new home. The standard of customer service was abysmal. Next time we sell I'll do it myself !
Jon, Southampton, Hampshire
I was totally unimpressed when we sold our last house. They kept promoting an obviously unsuitable buyer, and we later found out that they had claimed the property was under offer, even though we only had this one offer. They seemed to be working for purchaser rather than ourselves, but after that collapsed and we complained to Head Office, service suddenly improved drastically. As with all professions, there are good and bad operators. Unfortunately, the whole system with Property in England is slow and antiquated, and the housing market is dominated by greed, so this report is hardly surprising.
John C, Bath, England
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I sold my house in 1998 with a 'For Sale' card in the front window
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You don't have to use an estate agent. I sold my house in 1998 with a 'For Sale' card in the front window and bought from a private advert. We organised our own surveys, solicitors and mortgages. It was not a problem, just a little bit of effort. I cannot see how estate agents justify the fees they charge.
Ginger, UK
When an estate agent attempted to unfairly keep some money of mine from a holding deposit, I found there was little help available from any agencies. I only got it back as my partners father is a lawyer and threatened legal action - something that I wouldn't have been able to afford otherwise. Surprise surprise, the day they got the letter, I got a call saying that the cheque was ready for me to collect!
Adam, London UK
I am currently living in Germany where estate agents take 5.8% of the value of the house. Despite this whopping fee, in my experience they usually do a fraction of the work of their British counterparts! I suppose that as they can make a decent living selling one house every few months there is little need to make much effort! I have much more respect for UK estate agents now.
Julian, Germany
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When you make an offer, always send a copy to the vendors
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When you make an offer, always send a copy marked "subject to contract, contract denied" to the vendors. If you don't know their name find out: a good method is when viewing an empty house to pick up the post from the mat! Or there's the electoral register. Or get the phone number quietly if they are there. That way you know they will see the offer and not suppress it in favour e.g. of another from people who are instructing them on the sale of their own property!
Andrew, London
Well now that I have recently completed the house sale and purchase process, I have come to the conclusion that I am quite capable of taking a photograph of my house, together with the house details and posting to a web site for what is in comparison to the estate agents fee a ridiculously small amount. It's the legal side that is most important so I definitely think the conveyancing solicitors fees are worth paying, but even they will sit on the fence and do nothing unless constantly prompted.
Chris Mitchell, Brighton
I've used local and national estate agents in the past and have never had a problem with either. However, I have had serious problems with solicitors. Now there's an industry in desperate need of a review!
Julie, UK
Forget Estate Agent fees. Get rid of stamp duty. What a joke that is.
Owen, Reading
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I just wish the UK would adopt the rules and regulations that govern our profession here
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As an ex-pat and estate agent in Canada, I just wish the UK would adopt the rules and regulations that govern our profession here. The training and licencing here is very strict. Before we can practice we have to pass exams in Agency Relationship, Appraisal, Mortgage Financing, Commercial Financing etc. When we meet a prospective client we have to sign all sorts of documentation. We're rigorously monitored and the licencing body will remove your licence at the drop of a hat for unethical or poor practice. We also have a national Multiple Listing Service where each house for sale is placed - at the agents cost - and the agent has to market, negotiate, arrange financing and surveys in order to sell the property to the Vendors satisfaction. If the MLS system was adopted in the UK, it would change the face of your industry which sounds very dodgy and would give it the professionalism which we have here. It's similar to the Scottish system but a tougher and wider ranging.
Mary, Oakville,Canada
I have never used an estate agency - just advertise in a paper and use a good solicitor - it is far cheaper and quicker
cookie, Notts, UK
We are currently selling our home through an Estate Agent and we are always having to chase them for even the basic things from putting up the board to putting info on the web site. The report does not go far enough and should set out specific codes of practice etc. I will be looking at the fees I pay when the time comes
Julie Clarkson, Chorley, Lancashire
A local estate agent described the house as 'immaculately presented". It was a dump with power sockets falling off the walls, a leaking roof (not reported by a full survey), a filthy kitchen and dozens of other horrors. This estate agent (and the surveyor) should be struck off if that were possible.
Chris, Bishops Stortford
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I have sold three properties in the past 6 years and have nothing but contempt for this so called 'profession'
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I have sold three properties in the past 6 years and have nothing but contempt for this so called 'profession'. They desperately need to be regulated, it would take some of the hype out of the housing market if many of the questionable tactics employed by these agents were banished for ever.
Tony, Ruislip, Middlesex
I won't give their name as I am sure law prevents publication, but when buying my first flat, the Estate Agent bought it at the asking price from the owner, told me it was off the market, and then 5 weeks later tried to sell it to me at £10K more. A practice that this particular agent has been suspected of by a number of people I know.
Simon Jones, Aylesbury, Bucks
I work for an estate agent - a very good one. They do exist! Over 90% of our customers are happy with our service. Bring in licencing - the good agents will welcome it, and the terrible ones can stop making us all look bad.
Nicole, Yorkshire
We sold our house a few months ago and the agent charged a flat fee. They have to compete in a local market of about 20 agents, so they can't afford to rip people off or make a bad name for themselves. They receive most of their business through referrals, which wouldn't be forthcoming if they had a poor reputation.
Jake Perks, Shropshire, UK
Estate agents are a good example of a service that is not improved by competition. They drive up the price for the buyer, they add no value to the exchange and take no financial risk. Also, if you are looking for a house, you have to register with several estate agents in an area to ensure that you see all the suitable properties for sale. I believe that the French have a council-run system, where all properties for sale are registered. This seems far more logical.
Richard Parmenter, Enfield, England
I found the estate agents to completely lose interest once the monies had transferred. The seller's estate agent would not do anything when the sellers failed to move out when agreed. We had to get police and solicitors involved.
Stuart, Whittlesey, England
Working as an estate agent, I find many people are unaware of the large amount of time we spend chasing house sales once they are agreed. Estate agents charge relatively low fees compared to most of Europe and I defy any private seller to chase a complicated chain and buyers who are not always transparent in the way they act successfully and maintain a full-time job. Changes in the law in terms of the house-buying process and the regulation of financial products sold by estate agents would address most complaints that are often unfairly directed at a generally hard-working and honest industry.
Mark, Solihull
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I couldn't agree more with the findings of this report
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As a first time buyer, trying to buy for a year now, I couldn't agree more with the findings of this report. The fact is, house selling is very easy for estate agents which leads to complacency. If I don't buy a flat they know someone else will, so my custom means nothing to them. The thing is, estate agents do not appear to realise that I am the same person who in 20 years time could be looking to sell my property at the top end of the market and not using them because of how they treat me now.
Dave, Winchester, UK
In an industry which trades in millions of pounds per year, it is unacceptable that there is not a formal regulatory regime in place. All too frequently estate agents come in for criticism and they need to work within an agreed visible framework which the customer can then see what they are actually paying for.
David, UK
I work part-time in an estate agents and have to say that the attitudes of some people towards estate agents in terrible. I agree that there are some untrustworthy types that work in estate agencies, but on the whole we are a good bunch of people. Also, a word of advice to anyone buying or selling. No estate agent is going to do there best to sell or help you buy a house if you are rude.
Camilla , Bristol
I'm in the middle of selling my house. The solicitor will get £500 and the estate agent £3500 - how can this be remotely justified, and does it cost any more to sell a house that is £100k or one that is £200k? There should be fixed fees, like solicitors regardless of the value of a property.
Graeme, England
When I sold my house in 2003, the estate agents were great. It was the solicitors who did not return calls and delayed the completion date.
Dale, Bury St Edmunds, UK
Never use a large estate agent with a chain of branches. Always use a small local estate agent with a lengthy history. Past experience has shown me that this is by-far the best way to buy and sell.
Stephen Power, Hounslow UK
I sold a house a couple of years ago and when the initial offer was made by the purchasers I accepted it. The estate agents then went back to the couple and told them that I had rejected the offer so they increased it by £1k. I found that absolutely disgusting and told the estate agents to call them back to rescind the increase and put the house back at the initial price which they refused. When I bought my next house I actually agreed the price face to face with the vendor in the house over a cup of coffee. That way we both knew where we stood.
Neil, Derby
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They tried to intimidate the seller from actually speaking to me in person
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I am trying to buy a property at the moment and the estate agent advised the seller to go with a different offer because I chose not to take a mortgage from the same company. I think this is unacceptable and should be regulated and completely separated to avoid this. Also they tried to intimidate the seller from actually speaking to me in person and told him he was in the wrong for giving me his phone number. On a side note they also gave him confidential details of my finances and I am going to sue for breach of the data protection act!
Brian, North UK
I have bought and sold houses both north and south of the border. I want to know why the English can't change to the Scottish system where the whole process is much clearer / transparent. You go through solicitors rather than estate agents, and you can't be gazumped. I felt I got reasonable service for what I paid from my solicitor in Scotland, but felt had by estate agents in England.
Chloe, Scotland
The trouble is that estate agents have little incentive to give a good service, as they naturally get very little repeat business. After all, most people only sell a house once every few years, and then often in a different area. If the OFT wanted to help, they could set up a website where house buyers and sellers can record their opinions of estate agents they have dealt with. If you are choosing an estate agent to sell your house, you could then check the website to see who the good ones are.
Adam, London, UK
As a seller, I've no problem with the commission and the amount of work estate agents put in to each sale. However, if they want to be taken seriously as a profession they are the ones who can change the stupid conveyancing system we have in England. It's wasteful of time, money and encourages unrealistic expectations. It is also too confrontational allowing inexperienced, macho buyers to act out their soap opera roles. The ball is in the agents' court. Go earn your credibility!
Ross, Harpenden, Herts
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Most agents work very hard to sell properties at the right price
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Most agents work very hard to sell properties at the right price. They are however, hindered by the fact that vendors seem to believe they know more about the market than the professional. I would say that this is down to the minority of bad agents, and good agents get tarred with the same brush. Very much like the NHS everybody knows of a horror story, very few have had one.
Eleanor, London
I have an acquaintance who was an estate agent, he happened to be looking for a property himself and spotted one he liked in the course of his daily rounds, he under quoted the owner by £30,000 and then bought it in his wife's name. Apparently this happens frequently although it is illegal. Always get more than one valuation!
Tom Grange, London
I bought my first flat in UK in July, 2003. I was dreading an encounter with estate agents as I had heard so many horrid stories about cheating, lying, pushing etc. But I was rather surprised when we went to meet Wilkinsons in Brighton. I would recommend them as the nicest estate agents you could possibly deal with. They were most helpful. I just could not believe my luck!
Inga, England
Part Exchange! I am buying a new house and have part exchanged our house with the builder. Although we have to deal with agents as the builder is now trying to sell our old house before we move, I do not get stressed about the level of service, number of cancelled viewings etc as it does not affect my move!
Peter, Farnborough, Hants
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They seem more interested in selling me a mortgage than a house
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I am re-locating from London to West Yorkshire and am finding the general standard of estate agents appalling - it takes days or weeks for them to get back to me and they are almost never able to answer my questions! AND they seem more interested in selling me a mortgage than a house.
Michael, London, UK
Don't use an estate agent. We sold our last house - a £500k one - perfectly well via the internet site and bought our current property the same way, saving ourselves more money as we negotiated the agency saving with the seller. We had no problems with either transaction and would certainly do it again.
Kein Blick, Braintree, UK
During recent times I have found a particular Estate Agent in Ware to be totally honest, open and a breath of fresh air in her treatment of me, the house sale and in dealing with other agents. I would recommend REG Homes to anyone in the Ware/ Hertford area.
Robert, York
I "worked" in estate agency for around four years in the 80's & 90's & the same complaints were being made then. There has been talk of a code of conduct for 20 years & until it is made compulsory & is enforced the underhand practices carried out by these sharks will continue. I remember sitting in meetings & watching the company "financial adviser" discussing with the manager which of the 5 or 6 offers we had received for a particular property we would make the most mortgage commission on. Guess which one was passed on to the vendor, our supposed client?
Laurence, Margate, Kent
One of the problems with estate agents is that they seem to be people who have failed to get into a proper profession. In order for them to gain respect they need to establish a professional body with as strict policing (and sanctions for bad behaviour) as lawyers, accountants and doctors. They would also find it easier to behave professionally if English house-buying regulations allowed a more ordered sales process and outlawed practices such as gazumping and gazundering.
Edward Turner, London, UK
Having been in Scotland a while, where we don't really have estate agents, the solicitors charge far less for advertising and selling. Better still, you show people around yourself and don't get a slimy salesman glossing over things.
Ian Smith, Edinburgh, Scotland
Corruption is rife. After closed bids, I got the house of my choice, but then heard nothing for 4 weeks. The estate agent said the house sale had "fallen through" but refused to commit anything to writing. I suspected dodgy dealings, and after many phone calls, visits and a final solicitors letter, I eventually got them to confirm my house was off the market but by this time, 3 months had passed while house prices continued to rocket. I will never use one again. Money for nothing.
ash, Sheffield
We moved in 2001. The property was sold within 5 days. The Estate Agents made £1500 for a 30 minute visit and one newspaper ad. The staff were unfailingly rude and I would never buy or sell through the Agents concerned again.
Jonathan, Preston UK
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The estate agent can only do what the owner tells them to do
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As a former estate agent, it never ceases to amaze me how these reports always conclude that estate agents are to blame. What they always overlook is the fact that the estate agent can only do what the owner tells them to do, and the house owners are not innocent bystanders in all this!
Stewart, Putney
We recently moved house after being stuck in a chain for 6 months. The chain fell apart 3 times but the estate agent didn't tell us for fear of us pulling out. Each time we only found out when we attempted to exchange contracts. We found out why they didn't want to tell us: they were selling a 500K house further up the chain and didn't want to lose the commission. There should laws that demand that all relevant information is made available to all parties in a chain the moment something happens.
Ian, Cambridge, UK
Having worked in the industry for about a year and a half, I have seen the other side that buyers do not see. If you want to argue about fees, why should the agent work himself to death (often many hours after you arrived home from work...) just to be told that they are not worth their fee? If you don't want to use an agent, you face the consequences without anyone to offer you any support if things get complicated. It's like insurance, you don't realise the value until you need to make a claim!
Llewellyn, London, UK
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It's a supply and demand thing
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The major reason that estate agents are behaving so badly is that the housing market is doing well. It's a supply and demand thing. When the market goes down, customers are harder to come by and we shall see them appreciating their customers more.
Jason, London, UK
I bought my first property at the age of 25, 18 months ago. I found most estate agents didn't want to help as I was buying at the lower end of the market and they couldn't make any money out of me as I was a first time buyer. On the other hand, when we sold my Nan's property, we used a local estate agent and the people there were lovely - always had time to talk to you and their fees were much more reasonable than the standard high street chains.
Sandy, UK
I pass a number of estate agents' offices each day and the proportion of BMWs, Mercedes, Jaguars etc far exceeds the number at the local solicitors who do a much better, more complicated and legally binding job. Perhaps they are simply less brash!
Robin Wills, Haywards Heath, West Sussex
We sold our flat in London 2 years ago and we successfully reported the estate agents to the Ombudsman and won damages. A catalogue of errors led to our complaint including the estate agent losing our keys.......! We were so lucky really that they were part of the 36% who have signed up to the code of conduct otherwise I'm not sure we would have had much power.
Sarah, Somerset, UK
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It is about time people realise that you pay for what you get
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Let them go to mainland Europe or America where the seller and buyer pay at least 7-10% fee. It is cheap to sell in the UK, it is about time people realise that you pay for what you get. An agent charging 1% will do less work for you as he has to do twice the amount of business for the same income. The OFT cannot condemn a market that allows such choice to its users.
Matthew Fine, London, England
I am in the middle of selling my house and buying another. My main gripe is that they consistently tried to 'arrange my mortgage'. We were always badgered that they could find a good deal for us etc etc. They should concentrate on selling the house!
David Holmes, Northampton
I used two different estate agents in two different house purchases and both were really helpful and reassuring throughout the entire process - getting us the best price for our house, providing an excellent builder to do some remedial work on our property and making sure everything ran smoothly. We also negotiated with them to accept a flat fee rather than a percentage of the sale price! How honest is that?!
Karl, Leeds
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Estate agents work solely for the seller and it is solely the seller who pays the commission
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The very fact that the report states EAs should be fair to both buyers and sellers makes the report a shambles. Estate agents work solely for the seller and it is solely the seller who pays the commission. I will never sell a property, or anything else through an EA again.
Jools, Southampton
Don't use them! If you live in a reasonably popular area selling your house yourself is so easy. Just get a board made - look in Yellow Pages under printers - and be realistic about your asking price. Support that on a couple of the websites that specialise in private property sales and you will sell, you'll also save yourself a small fortune - and have a much nicer experience into the bargain.
David, Guildford
Several years ago, I was an estate agent. I was amazed at people's double standards when buying and selling a property through us. Even after they'd accepted an offer on their own place, they'd ask for people to still be shown round and any offers communicated to them: but on their purchase, they of course wanted it taken off the market instantly to ensure they wouldn't be gazumped. People must remember that estate agents are acting on behalf of the vendor and although they can advise them on the best course of action, at the end of the day if the agent wants to keep the property on their books, they have to do what the vendor says, whether that's continuing to show the house and take offers, or increase the asking price above its true market value.
Emma, London
I have dealt with various estate agents over the last 6 years and find the service appalling. Feedback is never constructive, viewings never consistent, and I believe the agents work for the quickest sale from the buyer rather than in the best interests of the vendor.
David, Poole, UK
I believe the majority of estate agents do a good job, there will of course be a few that are not, but no different to any other profession. The problem is with the law and the length of time it takes to exchange on a house purchase, allowing people to change their minds or other people to come and make higher offers, which leaves people unsure and vulnerable. I think that when a sale is agreed the purchaser should be given a set period of time (say four weeks) to have a survey, searches and check the contract at which point the sale becomes legally binding. I feel this is a better option than the Scottish system where purchasers can spend a lot of money on surveys etc and not even get an offer accepted.
Simon Attfield, Grafton Underwood, Northamptonshire
2 weeks ago a house in my street went up for sale. It was described as a 3 bedroom when in actual fact it was 1 bedroom and a bedroom with an adjoining box-room. I went to view it with my partner and to say it was a hovel would be an understatement. Rentokil would have had their work cut out for them. And it was occupied! A week later I saw the same property in the local newspaper with the following line attached to the description "must be viewed to be appreciated". They weren't joking there!
Kiltie, Staffs, UK
I don't entirely lay the blame on UK estate agents themselves, but the process. I would like to see offers only accepted by estate agents if backed up by real evidence from the lender. The lenders should say we can lend you a maximum of this amount as long as the valuation comes up to scratch. This way buyers know what they can afford before having to identify a property in the first place.
Douglas, UK/Netherlands
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Haggle on fees at the outset or sell privately
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Justify their fee? If the fee is for finding a buyer and the transaction is completed, then surely that justifies the fee? Whether your property is sold in 5 minutes or 5 months, in the end you are paying for a successful sale. Haggle on fees at the outset or sell privately - there is a choice!
Rebecca, Hampshire
This report is long overdue. The timing is good coming as it does on top of the recent documentary on estate agent based financial advisors seeming to encourage people to 'inflate' their income in order to qualify for mortgages - icing on the cake. It probably won't go far enough but it's a start...
Michael O'Sullivan, London
When I bought my house I was extremely sceptical when the estate agents told me they already had an offer higher than mine. I thought that the estate agent was just saying this to get a higher commission by getting me to pay the full asking price.
Col H, Manchester
Having booked a viewing we turned up to find that the agent was showing 3 more people at the same time - obviously to "talk up the price". This had the opposite effect - we walked away!
Ian, Buntingford/ UK
I am using them at the moment, and in the main, find them fairly amiable (apart from the pushy sales closers who think they are selling a packet of sweets!) However, I do wonder exactly what they do to justify their fees of many thousands, especially when the conveyancer, who arguably has a much more complex and potentially negligent task, receives a far smaller fee.
Al, UK
I think the way estate agents charge is a rip off. They charge a percentage of the house value. Yet regardless of whether they are selling a £100k, £250k property, the sellers of the £250k property don't get any more for their money. I think they should charge a flat rate and let that be the end of the matter.
Bill, UK
After a sale was agreed on our home, our estate agent continued, without our knowledge, to show our buyers around other, higher value, homes in the area without informing us. The result - the buyers went elsewhere and the estate agents got the commission on the higher value sale. This was not the kind of service I'd anticipated paying a large amount of money for. Estate agents must be regulated by a compulsory code of conduct.
Richard, Berkhamsted, Hertfordshire