Some agents say they have as many as one in 10 vendors taking their properties off the market and seeking to sell either privately or via another agent, and then trying to avoid fees to the original firm commissioned.
Amber Golding, national accounts manager at MIL Outsource - which operates a monitoring, investigation and litigation service to recover lost fees for agents - says her company’s study suggests that some agents suffer this in as many as one in 10 instances.
The problem fo agents is compounded, she says, because many transactions then happen without the first agency realising, unless they have a routine and staff time to check on HM Land Registry records.
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Not sure £4bn is right - even if it’s accurate it’s out by a factor of ten. If it’s really MIL’s claim I’d be a bit concerned?
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