In connected moves this morning, it was announced that the Property Misdescriptions Act is to be repealed and the Estate Agents Act is to be amended.
The amendment of the EA Act 1979 means that new entrants will be able to operate within estate agency without having to comply with the legislation.
The change, which will 'help home owners privately advertise and sell their houses', comes as part of the Red Tape Challenge being carried out by Vince Cable's BIS department.
A consultation on the proposed change, which will allow online agents and the likes of Tesco to operate in the market, was held this summer, but very few knew about it.
The Government said of the amendment that it will ensure that new business models 'do not face disproportionate costs as a result of regulations intended for traditional agents'.
Consumer Affairs Minister Jo Swinson said this morning: "A flourishing housing market is hugely important to the economy . . . These intermediaries help buyers and sellers contact each other at a low cost but don't engage in other estate agent activities, so it's unfair to expect them to go out and check all the property details of all the sellers on their websites."
Also this morning, the Government has announced that it will repeal the Property Misdescriptions Act. Instead, traditional agents and other operators will be bound by other legislation.
More on this major story in EAT tomorrow morning.
.jpg)
%20(002).png)
Comments
Why answer a qesution when you then own up to not knowing what you are talking about!?
Let's all subscribe to a MLS system and sort out the men from the boys.
Simples.
Happy chappy
The PMA as I am sure you know limits what can be said about about a property so that regulates the agent and protects the buyer.
........but given the OFT revised issued guidelines this morning nothing has/will change!
........So it's all a bit moot really but I will let you read it.
I am off to another blog!
stevechonew -
Who is the regulation there to protect the EA's the vendors or the buyers?
So how does the PMA effect someone's property?
@ Baracus baby...no I have no idea how a PLC works. Someone asked a question and I answered it. I was stating why I thought they had bought back some shares, from a laymans's point of view.
Please don't be sarcastic.
Mr B. A. Baracus - wow you really understand how a plc works thanks so much for the childish interpretation!
Everyone seems to be banging on about Rightmove etc.
.....But surely the point here is when Mr Cable/BIS wants to increase regulation in other industries to protect the consumer they are doing the opposite in property!
.......yet property is most peoples single biggest asset!?
I should imagine they have bought them back to reduce the number of shares on the open market so that if dividends are paid out on those shares in the future then Rightmove itself will get more of those dividends because it owns more shares?
Or, they think they are cheap and are going to go up uin value?
Rightmove Share buy back programme - Any one know why?
14 September 2012
Rightmove plc
Share buy-back programme
Rightmove plc - Transaction in own shares
Rightmove plc ("Rightmove"), the UK's no. 1 property website, announces that,
yesterday, it purchased 17,000 of its 1p ordinary shares at a volume weighted
average price paid per share of 1596.1033p. The highest price paid per share
was 1600.00p and the lowest price paid per share was 1582.00p. Rightmove
purchased these shares through Numis Securities Limited.
The number of shares purchased represented 0.0161% of the voting rights
attributable to the total ordinary shares in issue prior to such purchase. The
purchased shares will be cancelled.
Rightmove has purchased to date 23,755,131 of its own shares since announcing a
share buy-back programme on 28 December 2007.
The total number of ordinary shares in issue (excluding treasury shares)
following this announcement is 105,644,847. Rightmove holds 2,505,430 shares in
treasury.
Does anyone know which is the current leading private sale website? (genuine question, I don't know the answer).
Looking at this from outside your marketplace.
Alot of talk about Tesco's - i assume due the fact they are mentioned in the article and also the major portals.
Have Tesco's actually showed any interest since 2007 (these were the only articles I could find)? They have a lot of issues and problems currently both globally and in the Uk without adding the UK property market to the list. (Personally I think if any try it may be ASDA/Wallmart)
From what I can see here the portals are yet to comment so maybe it is time not to panic and look are why people use agents:
Yes a big reason is they want to see their homes advertised on Rightmove and rightly so it has a massive audience but I for one would choose to use an agent for many other reasons too. Also I personally would not want to get involved buying a home through a private seller and would think I am not alone.
I work with the press (not for them) and they are very good a creating news and problems. I find many articles on this site can cause this and get everyone wound up (which is done to get people here, to sell advertising - good model carried out for years).
Sit back gather the facts, understand was is going on first then if necessary start worrying - this creating problems and issues and saying this and that won't happen, Tescos this, rightmove that - will give sleepless nights. Look for solutions make your self better, understand why your customers use you and make yourselves a MUST.
Share ideas and solutions but some articles and comments on many posts here actually promote not listening to your customers and not supporting what they want. Stop giving them this they will go and find it THEMSELVES happened many times before as this focus on supermarkets just look at Tesco's and Sainsbury's
I think Blue is supportinig the repeal of the PMA because it was never adhered to or enforced anyway. He thinks that claiming people may be burgled or assaulted becuase Intermediares that can act outside the EA act is hogwash. He is also correct that spelling and grammar on here is poor, Mine is and I agree with him on everything else too. :0)
Exactly Blue, WTF is your little rant all about?
Just got in and read every post below (11 + pm).
Full of grammatical and spelling errors, scaremongering, and downright bo11ocks... From professionals? if you don't use an agent you may be burgled ? wtf ?
Property misdescriptions ? spacious? superb views? not overlooked? designer kitchen/bedroom/bathroom etc etc. Ring any bells ? No ? desirable, sought after area, light filled? Who is guilty of (mis) descriptions ?
Bottom line ! yours, or any description, is only that, an opinion. It's purpose ? to get someone to view. VIEW. Not buy. VIEW. Not spend any money, not enter into any contracts, just turn up, view and made up their own minds. Like it, don't like it.
A viewing, followed by a survey, followed by a solicitor doing the necessary searches etc. More than ample protection. Be honest agents descriptions come with a disclaimer.
Ebay list properties. Do you think anyone buys a house on ebay without first viewing it ? without a survey? and without a solicitor?
after writing my rather lengthy ramble below, i see the comment from 'prediction' who does sum it up much more succinctly!
Bravo! my point exactly.
How many clubcard points do you get for selling your home with tesco?
How many clubcard points do you get for BUYING a home through tesco?
For ordering a survey through tesco? Your mortgage? Your insurance? Your home valuation? Your photography? Your floorplan? Your brochures?
They are biggest employer in the UK...with a HUGE marketing spend and although they possibly dont have the web traffic like rightmove does, they could easily buy rightmove out. Think tesco mobile - Welcome to Tesco Rightmove
In an average town with 10 agents (and 10 valuers?) tesco could easily adopt 5 valuers to go out and 'value' local homes. A lot of 'traditional' agents dont accompany EVERY viewing - some vendors want and are happy to show their home themselves if costs are less, others EXPECT 'traditional' agents to show buyers to justify their fees.
Some people have a lot of time on their hands and will upload photos online and spend some time writing their own glorious over enthusiastic descriptions of their homes (have you uploaded any photos or posted a status update to Facebook??? sure you have its easy and where you spend your free time!)
There are others that have no time to do this (think cash rich time poor)
so....conclusion?
If you want cheap and cheerful...go sell you home with Tesco Rightmove and have your home on display in your local tesco supermarket and online, get your buyer enquiries emailed to you for you to contact yourself when you have time and let any tom dick or my gyspy wedding through your door to 'think' about buying your home. Then file your police report next week after you let them know your away on your hols in cyprus for a week.
or....
if you have a home and possessions thats worth more to you than your clubcard points go interview an AGENT, who will interview buyers, check them out, mak sure they can actually BUY your home, be there to show them around your HOME, take the time to consider how best to present your home to suitable buyers not just online but in print too and verbally (think sales skills), use their DAILY experience in negotiating the best price for YOU as they act for YOU.
I could go on..
But i also want to say to some that have pointed out about agents not dying out because of their facility to take photos for vendors or providing an accurate source of property valuation advice
....er i have seen some 'agents' attempts at taking photos and presenting their clients homes and to be honest you fall far from the mark. And those agents that offer 'professional' photographers to take photos....hmmmm..a vendor can call them too you know.
and as for valuations and people reactions on here to the 'automated' valuations that zoopla/findaproperty offer...again..hmmm...sure their 'range' of values leaves a lot to be desired, but there's a definite similarity between their valuations and those of the agents that offer a better valuation to gain the instruction. Shame on you!
Differentiation is the key now - be the expert, offer truly unique service or marketing, be there for the home owner, understand them their home and their needs and be there for them (and that means not being a call centre in some other country, it means being THERE in their home town) - be known to them. Offer quality. (think primark and prada)
and last of all, suck it up....its gonna be an interesting ride!
Alex
www.abodahomes.com
Rightmove etc. will now have to host tesco and other private websites data, they will continue hosting agents too, they may change their fee structure so they charge per listing instead of per office subscription. The savvy Joe public will use the private sites for cheap access to rightmove etc. they will also instruct traditional agents but insist that the traditional agent doesn't upload to the Internet which will kill off traditional agent. This will Be a widespread tactic for homeowners on the middle/lower incomes to save some much needed cash. The 'prime' market will
Be less affected as these Vendors are not motivated by cheap fees.
W i have read it many times - Ommision is the safest option for EA's when describing and marketing a property with pylons or other undiserable aspects. The clients dont get annoyed with you for mentioning it and the buyers expect it.
This change represents a bigger threat to theonline agnets not traditional agents... why?
There will always be a market for the traditional agent offering a full service ie. accompanied viewings, advice, photography and negotiation this change just makes it easier for the portals to accept private listings (if they want to) As for EA's removing listings from RM if they do, how is that acting ion the interest of the existing client,
Heres a question do you think Tesco will list on rightmove or Zoopla if vendors can do this themselves?
One rule for one! One rule for the other. What on earth is this government Thinking?? BONKERS
THEY WILL BRING hips back next
The public will NOT benefit they will fall into the hands of low lifes with no knowledge skill etc in the property market which in the end will cost them £1000s
After 35 years in Residential sales, Retirement is a word that now springs to mind!!! Before the free for all starts!
Get ready for a free-for-all and a race to the bottom. With traditional estate agents competing with the likes of Tesco and uncontrolled online agents!
This is the start of what happened in the Insurance Industry in the 1980's with the start of Direct Line Insurance. Within 10 years the likes of Commecial Union, Norwich Union, General Accident and Sun Alliance had all gone to merge into one called Aviva. Nearly 300 years of traditional companies wiped out by the lets go direct because it is cheaper and misses out the middle man broker. I know I was a broker in the early 90's caught out by this business model. I have been saying this for years. The day Rightmove open the door to direct selling to Joe Public and this act goes through, the days of the high street estate agent SELLING AT 1% PLUS ARE DEAD IN THE WATER.
This is a very sorry story waiting to repeat itself.
The only way to survive is to give excellent personal service as alot of us already do. But hey price and fees are all Joe Public wants. If we can't compete on a level laying field , then guess the rest.
How good is your memory? remember "Homes on line"
way back pre Rightmove I met Homes on line at PCS in the Masonic Building in Queens Street. Homes on line was multi listing capable before RM ever existed.
I asked specifically because independant agents needed to work together then in order to compete against corporates and now need to work together to fight every jo blow who isn't an agent.
There are 43 software systems but 90%+ data is on less than 10, but that tends to change depending on the Marketing Directors' whim
I don't get the Zoopla/Rightmove can now or will take private listings comments? Surely they always could if they wanted to, like private ad's in papers - they made the choice not to and have used PMA as a way to stop private sales companies advertising.
Am I missing something?
I guess the question is if they don't want them advertising can they still stop them now, not will they start doing it themselves?
Maybe a chance to get behind or them to support them if they try to block them. They must be able to right their own terms surely?
As I say may take maybe be totally wrong but it is how I understand it and don't see this changes what they can do but makes the choice they have made harder as there is no reg's in place.
Also when is or where is the new legislation published?
We already have a lettings and sales account and now Rightmove want to charge us an extra £100.00 per month per property to advertise commercial property outside our so-called area.
Any better offers ?
@ B.A barracus. Your post sounds very similar to the ending of Godfather 1 when Don Corleone told his son that the one who offers a meeting on neutral turf is the traitor and they will assasinate him at that meeting. Who is the traitor in this parody?? Zoopla or Rightmove I wonder :-)
What is worse than the con that uses NAEA? Answer INEA! If you clean to toilet you can put bog against you name.
Sad, take a qualification!
In light of this decision by the Government I also think that we should all be prepared for a 'fact finding' mission from the portals. We had this about 10 years ago when the portals we being developed and unfortunately we were all slightly too eager to give them information about our businesses which they legitimely used to come up with their business models.
I think they will be doing this again to see if they can somehow attract this new type of 'agent' as well as private sellers whilst keeping us traditional agents as well. It may be a meeting with the rep or a simple survey but it will be a fact find dressed up as something else.
I, for one, shall be keeping my mouth firmly shut!
siroje - Yes you can offer other agents subs, so long as the main agent tells the vendor who they are.
Now pitch to an owner that rather than 1% for just one portal you can offer exposure through another 3 local agents who gain leads from portals your not on at 2%.
The cost of not selling is often greater than paying an agent say 2% rather than 1%
If portals ban private sellers listings - agents are the go to route.
If portals continue to increase fees a cluster of agents can best get fees up and save web costs by working with fellow agents who get buyer leads from different portals.
So agents then gain value by being able to list where private sellers can't and agents gain worth by networking their listings.
Private sale £100, secondary portal and a board and NO advice or help and get £190,000
3 local Estate Agents where main agent quotes 2% for extra agent marketing to reach buyers from all main portals: 2% fee at £200k as more buyers came in and asking price achieved. Agent negotiated up from £190k which private site is not allowed to do, agent chain progressed which private site not allowed to do. Fee £4k + VAT.
With agent £5k better off and hand held as and when negotiation needed and should things go off rail.
Yesterdays private sale model TESCO could have offered financial services, conveyance etc. Today they can't, funny the EAA stopped them before due to the board issue making them an agent.
Today they can have their board, but won't be able to offer FSA or conveyance.
in my opinion this may well 'get the housing market moving' BUT will put estate agents out of work. Well done to the government again. This will be HIP's all over again.
Sorry, terrible English there
*Therefore, Rightmove would have a site with no properties on it and all the buyers would go to Zoopla.
@siroje
If Rightmove decided to actively accept private listings, then every single estate agent would pull their listings off of Rightmove and stick with Zoopla.
None of the sellers would be able to pay their £50 to Rightmove because their agent would make them see out their 12 week contract.
Therefore, Rightmove wouldn't have a site with no propertries on it and then all the buyers would go to Zoopla.
The period in which Rightmove had no properties, the contract period running out and a percentage of vendors deciding to pay their £50 to list with Rightmove would be too big for Rightmove to cope with, there meaning the end of Rightmove. They wouldn't do it.
Hi Trafford. RM created the RM feed which has become the industry standard but in design created a one directional data flow. It has fields missing that back in 1995 would have allowed a MLS (multi-list platform to grow).
Take 50 different agents and they'll use 40 non interoperable softwares due to the fields missing in the RM feed to make MLS work. The missing fields are only NOW there.
My point being that agents have complimentary marketing that another agent may not fund. By agents working together the can provide clients greater exposure. Shunting the data about has been the difficult bit across non interoperable softwares. As such more agents pooling resources can create a pitch thats worth more to clients and the upsell can pay for intro from another agent.
This is something that could greater evolve from the changes and the fact portals are getting so expensive.
Main other changes are that private sales site operatives have gained a board, but in the changes they will now have to remove some ancilliary services such as financial services, conveyance and maybe even taking a photo for private seller or even putting the FS board up, even though one could be supplied.
I see this as an opportunity for agents to define that agency service holds value and together agents should be able to now get fees up that budget boys that are neither agent or private site fully, who before sat in the grey zone we should now see have to decide their model as watered down, or upgraded and charge more.
Service should sell higher fees to clients who want more than just a board and being on a secondary property portal. As such portals need to start oofting out some of the private sales operatives
If the average number of properties listed is 70 per agent and they pay Rightmove say £700.00 per month and Rightmove then allows Jo Public to advertise their own property for say £50.00 per month.
Then Rightmoves income will suddenly jump five fold to £3500 per month per 70 properties.
Which way ultimately do you think Rightmove will be going?
anyone got any idea when this is likely/scheduled to happen and if this even means it definitely will?
Righmove will allow one off property owners (non agents) to list their Commercial Properties for £100.00 per month per property.
The attitude of rightmove and Zoopla are key to this.
If Joe Public can get his property on these sites for a low, one-off fee, then (in the public's eyes) that THE major reason for using an estate agent GONE.
Perhaps EAT will be interviewing the portals to tease out their views?
Will agents now be able to sell other agents listed properties?
Happy Chappy -
"Chris - be specific? Does it just have a lot to say or its it specifically illegal not to mention such things?" (referring to PMA)
HC - go read it yourself.
It's online, easily accessible on Govt websites. Why should we have to type it out for you?
the actual reason transactions are down 50% is because prices have been over inflated and kept inflated by the economics of madness courtesy of boe/hmg
they have stopped markets working and estateagency was traditionally a totally free market offering total consumer choice
Trevor said "The big portals knew that agents on different softwares could not cross share data (listings) today this can be done. Offer vendors sole at x% and extra coverage at Y% "
that has been possible since about 1996 Trevor
Hello Ros, how about you put in a Freedom of information act to find out the whole sordid stor?
I can't help but think that there is corruption and collusion afoot in this. If not thing Vince Cable and Jo Swinson are ignorant beyond all belief, not because I fear competition on a level playing ground but because the field is so heavily tilted, one must comply with onerous legislation, one doesn't.
Then it is back to the whole question of Valuation, accurately valuing property is the key to attracting buyers. All of the valuation tools that have been made available to the general public are incorrect, negligently wrong. The valuation tool data is being feed to lenders and advisors as the basis of lending money.
This change in legislation is a Charter for criminals, and the catalyst for the next banking crisis. Buy property, re mortgage it at the much higher Calnea/Zoopla figure checked only a bint in a remote office and Yeeeehaaaaaa Bob is your mother's brother. Split out the difference as the next deposit buy another, Flog ‘em of privately just below the Calnea figure and without a single agent involved the new system bypasses the money Laundering act. Voice from the back…. Money laundering act? Oh shit we forgot that agents have to comply with that too.
Advice and negotion will still fall under the act, so this legislation is more to aid the Gumtree-style of portal with the addition of a for sale board.
However, consumer education will be required in order to ensure that any intermediaries providing advice to either parties or aid the negotiations are understood to be acting illegally and will be reported.
In addition, the government still needs to make clear what the punishment for these portals will be if they are found to be undertaking activities under the scope of the Act. I would also be concerned whether the consumer would receive a route to redress, given that the company operated illegally outside of the Act and wouldn't be part of an Ombudsman scheme.
The change doesn't encroach on the traditional model, although it's announcement will probably make a higher percentage of consumers to think about selling privately as they are more aware of the choice. However, such portals do exist already yet consumers still turn to the traditional agents due to time constraints and also because they prefer to receive a service and expert advice.
Therefore agents that differentiate themselves on service and show themselves to provide value-for-money for the fee they charge will still continue to operate - this is not just the difference between online intermediaries and traditional agency service, but also between agents who provide excellent service and have long-term businesses versus those who go out of business within a few years.
I completely agree with concerns about the safety of sellers if they invite strangers unaccompanied into their homes - my first thought was that local agents may want to start offering an 'accompanied viewings' service, whereby a private seller could 'buy' your negotiator's time for a small fee.
Despite suggestions to the contrary, I think the OFT is actually reminding 'other operators' outside mainstream estate agency that they very much ARE subject to The Consumer Protection from Unfair Trading Regulations 2008, and The Business Protection from Misleading Marketing Regulations 2008 Acts, and TSOs will be able to monitor their activities more closely. So don't lose all hope my friends!
Chris - be specific? Does it just have a lot to say or its it specifically illegal not to mention such things?
I am no expert in this though I believe I am right in saying that an offence under the PMA is a criminal offence and therefore an agent's PI cover will not be available to them to defend/pay?
Anyway can someone answer me this.
When was the last time an agent (or anyone) was actually prosecuted for an offence under PMA? And if they were and guilty what was the punishment?
"Changing planning policy, Estate Agent Regulations etc are welcome but far from enough (Finance available please)"
Where do you want the finance to come from and who should they give it to?
Would you have estate agecy profits taxed to fund lending to low earning potential FTB'ers?
Happy chappy. The PMA has quite a lot to say about misdescription by ommission.
This was announced this morning, and, an hour or so later, I received an acknowledgement of my input to the 'consultation' exercise that was reported in EAT early August; timing is everything, apparently.....
"Thank you for responding to the Government's request for views on its proposal to amend the Estate Agents Act 1979.
I am writing to advise that Government's response to the consultation has been published today. The consultation response is available to view at http://www.bis.gov.uk/assets/biscore/consumer-issues/docs/r/12-1006-response-estate-agents-and-property-misdescriptions.
In the interest of transparency and in accordance with usual practice, the Government proposes to publish the content of the individual responses received in relation to the proposal and to do this before the end of the month.
If you wish your response to be treated as confidential or for any part of it to be redacted, please advise by 20 September. It would be helpful if you could also explain why you regard the information you have provided as confidential. "
Mark - This is how democracy works, it's been the same since the romans.
Typical government - Another knee jerk reaction to solve the problems with the economy and the recession. They knew the economies backbone was the housing market and yet it's taken 5 years for them to start doing anything about it...Changing planning policy, Estate Agent Regulations etc are welcome but far from enough (Finance available please) and won't make any immediate difference!
5 years too late Government!! AGAIN
The PMA has always been flawed and is in itself a product of the creeping nanny state that successive Governments of all colours impose. Buyers should accept some responsibility for the buying decision they make and not rely on draconian laws that 'protect them' from buying a house that is advertised as something it isn't. The advent of the internet rather helps them in this respect. So let's not mourn the passing of the PMA.
The question here is whether the portal sites decide to accept properties from private sellers and from private seller websites and whether the EA Act amendments suggest that they must. That seems to be the ethos of the Minister's statement on not having to physically visit each property in order to comply with being an 'estate agent'.
Will Rightmove become an 'all comers' website? Will they still be able to charge the same to agents if they do? Will agents then abandon them? What will Zoopla Property Group do in response?
A clear backhander from Tesco straight into the pocket of Vince Cable.
I fear that "democracy" has come to a juddering halt since laws are being dictated by money and not the best interests of the people.
@ Geoff, around 50% of agents do not comply with current legislation anyway.
That said, who will bother to police a disjointed system like this, agents will just revert and ignore, its no real issue other than private listings on rightmove, there have always been private adverts, so not an issue!
Potential private sales hold no fear for me, despite the inane negatives from some bigots on here, clearly with some axe to grind, the majority of folk realise why the need agents.
TIME TO START SELLING ON SERVICE TO DISTINGUISH WHY AGENTS FEES ARE 1 TO 2% RATHER THAN LOW FEES FOR NO SERVICE
Joe public will see private sales sites getting boards up, and many will misjudge cheap pricing as agency services. But the rules are fairly rigid on ancilliary services which could mean from sending a guy out to put the board up, to photography, mortgages, conveyance etc.
Step over the line and agents quite rightly MUST have support from BIS to treat those passive online property marketeers to court for doing agency practice.
OPPORTUNITY FOR CHANGE AND HIGHER FEES BASED ON SERVICE - Agents for TOO LONG have seen the agent up the road as a competitor and undercut each others fees. Rather than knocking the agent up the road, find good ones to work with and offer fellow agents on other portals as part of your marketing and for doing more to get more exposure up your fees. Subbing is an easy way to increase fees by at least 1/2%
The big portals knew that agents on different softwares could not cross share data (listings) today this can be done. Offer vendors sole at x% and extra coverage at Y%
In a harsh market clients want more so they can move on. No sane client will refuse on a No Sale - No Fee basis to pay more if you can do more.
The changes are a great opportunity to offer what the passive models are not allowed to.
If Joe Public did place their home on through a Supermarket, when it comes to negotiation, if the Supermarket gives any advice they step over the line.
I can envisage Supermarkets offering £0% to sell homes and selling FS and To Let boards at £25 and soon ASTs for £19.99 and section 21s for £8.99.
What they can't do is sell 'service'
This could be a good time for agents and bad for the budget boys who wouldnt be able to compete with the supermakets, or allowed to offer agent services.
You agents really need to get over yourselves. You have always had this problem of over-stated importance, going around in your cheap suits thinking you are impressive. Really most people dislike having you in their houses, you never get anything right anyway and vendors do much better showing people round themselves, if they're concerned about the viewings then they can get a neighbour or friend to help......
Oh and with regards to valuations, really? Most vendors would do a lot better at it than most of you. You sell less than half your stock every year, why is that? You over-value and at the end of the day halg the problems you have are caused by yourselves.
Wake up and smell the coffee. You need to get over this and quick...
As someone who doesn’t know the difference between their and there. I would use an agent.
My point was people should and do have a choice Baracus post was scaremongering
Happy Chappy -
"what about those that dont want accompanied viewings or etstate agents with access to there property when they are not there."
Well, what about them? What's your point?
The PMA did not help buyers at all.......without viewing a property you had no idea what you would find.....did the PMA make it illegal not to mention the electricity pylon next door? Nope
Baracus....if the little old lady wants accompanied viewings she can have them via a traditional agent. what about those that dont want accompanied viewings or etstate agents with access to there property when they are not there.
I really hope it doesn't happen but I have a terrible feeling that some little old granny somewhere is going to get burgaled or mugged (and perhaps even worse) by someone masquerading as a buyer who has contacted her direct through one of these new types of agencies.
And in the absence of PMA there will also be one or two abortive purchase stories that will come to light in the press because someone has said they are selling a house with a garage or a large garden or a driveway - which doesn't actually belong to the house and only comes to light way down the conveyancing process.
I also agree that we should ALL now start charging for valuations as suggested by the previous poster, xFNAEA, rather than give our expertise free of charge to potential private sellers and to the 'new style' of agencies.
It's a very poorly thought out decision by this governement.
Roll on the next general election and Liberal annihilation!
Typical Sociialist legislation which is what you could expect from the good Doctor - prediction, the PMA will be re-enacted within five years. The PMA is sensible legislation; actions which skew the marketplace are not.
Just tell the CML to lend, and set up schemes to allow borrowing at 90-95 LTV - but at sensible multipliers of income. That's what will get the market moving for the good of the economy at large.
Wonder how many points Vince has on his Club Card!
..and, in a happy coincidence, the OFT publishes new 'guidance on property sales'
http://www.oft.gov.uk/?itemId=888132
* Could be a good time to start shorting Rightmove shares, until they go direct to the public and and cut out agents?
"These intermediaries help buyers and sellers contact each other at a low cost but don't engage in other estate agent activities, so it's unfair to expect them to go out and check all the property details of all the sellers on their websites."
So it's fine then, if these intermediaries provide incorrect information?? Surely 'description of what is being sold' is a major part in any home selling process and should be as correct as possible? The idea of PMA was to ensure that information provided by sellers and their agents was accurate and could be relied upon by the buyers - now we will have some details which can be relied upon and some which can't.
That's really helpful!
Could be a good time to start shorting Rightmove shares, until their go direct to the publicand and cut out agents?
With immediate effect ALL property valuations should be chargeable. Suggest £150/hour or part thereof, with a credit if the property is sold through the agency./
Let them pay for our professional advice and service or let them suffer from using the negligently flawed valuation tools availble from the portals.
If sellers want a hand to negotiate a deal charge them a fee or percentage of the deal otherwise let the rot in the mire that this is going to create!
Yah boo sucks Mr Cable I am the new breed of Agent you just created, I know every dirty and dishonest trick in the book, I resigned my NAEA membership and you just gave me a license to rip people off.
Surely a big question here is what will Rightmove and Zoopla Property Group do - bearing in mind there will very quickly up to 50,000 properties that would then be missing from their sites...
This is no threat to the traditional agent.
There are loads of for sale by owner type businesses and theyve been around for ages. They just about work in a really good market, let alone now. As much as homeowners and the government may not like it, agents exist because buyers and sellers dont always get on. Because sellers expectations need to be managed and because houses arent just commodities and therefore need a spot of salesmanship to be sold. Not to mention professional advertising, being able to answer the phone, fielding enquiries etc etc.
Moreover, I've always made a point of deliberately not selling to people who have sold privately as they tend to be the most unreliable chains.
Tesco and alike should stick to their knitting.
At first I thought UNBELIEVABLE but on reflection I thought TYPICAL!! Does this government know what they are doing????
I still don’t understand why doing the job properly and describing a property correctly adds disproportionate costs? PMA has never cost me a penny other than staff training.
Funny old world.
How will the Govt define a 'traditional estate agent'?
Wow. Consultation closes August 10, decision made and announced barely 30 days later.
Decision already made in advance of pointless consultation exercise, maybe?
Talk about discrimination against Estate Agents. One Law for online house sellers like Tesco, etc and one law for Estate Agents.
Do we all now de register as Estate Agents and ignore the Act?