Howards Professional Membership

For those thinking of selling or renting their home at this time it cannot have escaped attention via both local and national press that each week reports of estate agencies either ceasing to trade altogether or consolidating with branch closures all due to the significant drop in the volume of house sale transactions.

Whilst estate agents have to ‘cut their cloth to fit’ like any business has too in responding to trading conditions a question for sellers and renters is perhaps who to favour their business with in order to minimise the aggravation of passing your housing business to an agent that folds its business either during marketing or worse still sale of one’s home, remembering that a seller would be duty bound to pay up an agents sale commission to the receiver even though the failed agent had not perhaps fully progressed the sale to completion.

Of course you cannot govern or indeed plan for every eventuality but it is now very much a worthwhile exercise to check the trading credentials when considering instructing and estate agent with your business. Estate agency is an unregulated business which means anyone can set up as an estate agent and act as sales or letting agent; indeed many have done so in the last ten years or so. Sales agents have to comply with the 1979 Estate Agents act and 1991 Properties Misdiscription Act, not forgetting the Governments Home Information Pack legislation. So what else can the consumer look for to gain comfort that their chosen estate agency service is on top of their game, I suggest the following:

• Members of RICS – Royal Institution of Chartered Surveyors – members are governed by strict codes of practice, RICS is one of the most recognised professional bodies in the property industry, members are audited yearly, and membership requires complaints handling procedure. Members carry letters after their name.
• Members of NAEA – National Association of Estate Agents – Members undertake examination to gain qualification, members work under a code of conduct. NAEA is the most widely recognised governing bodies in property sales in the UK. Members carry letters after their name and company members have to provide evidence of audited accounts.
• Members of ARLA – Association of Residential Letting Agents – This is the largest and most established association governing lettings and property management. Members undertake examination to gain qualification and are audited yearly providing evidence of audited accounts.
• Ombudsman membership – there are two government approved Ombudsman schemes covering estate agents, the SOS (Surveyors Ombudsman scheme) run by the RICS and the OEA (Ombudsman for Estate Agents). Both schemes allow independent redress should a member companies complaints handling procedure not satisfactorily resolve an issue.
• Member of N & DAEA (Norwich & District Association of Estate Agents), Norwich based association whose members work under a code of practice via articles of association, which include a commitment to operate ethically and in accordance with all laws governing estate and lettings agency. Members undertake application process which includes interview and voting process.