Much has been said within the media about the OFT report on home buying. It’s fantastic to see that the number of people satisfied with their estate agent has grown. And this sentiment has been conveyed during the most difficult time for the property market for many years.

However, it is disappointing that the OFT has failed to acknowledge that more consumer protection is needed. Buying a home has and always will be the largest financial transaction that many consumers partake in during their lifetime.

The situation still exists whereby those without qualifications can become an estate agent. There will always be a pressing need for the industry to distinguish between those people who are hard working, professional and qualified and those who are simply trying to make a quick buck.

We mustn’t forget that the reputation of ALL estate agents is undermined by those who do not adhere to professional standards. This is why the National Association of Estate Agents (NAEA) will press ahead with the launch of its licensing scheme later in the year. We must demonstrate – very clearly – the differences between those who work hard to acquire knowledge of the market and the area in which they operate, and those that assume that easy money can be made in property.

This month also saw the NAEA and ARLA speak out in joint support for the RICS’ report into Transparency in Professional Fees. This report assessed the clarity of financial transactions in the property sector from a consumer perspective, and did so with some very valid points.

As I’ve said on previous occasions, all of our members abide by a Rules of Conduct which binds them to ensure that all fees and charges are made crystal clear. This is why our customers use NAEA and ARLA members; it’s these strict guidelines which give them the reassurance they need when looking to buy property or rent a property.

Tags: There’s a growing need for regulation of property professionals