Consumers back agency regulation but would they pay higher fees for it?
Wednesday, April 12, 2023
Agents and consumers have given their backing to minimum industry standards but there are differences when it comes to the level of regulation and the impact on fees.
Former Fine & Country global chief executive Simon Leadbetter has released the results of a new industry report through his unchained.marketing consultancy.
It includes a recent survey of estate agents titled Voice of the Agent 2023 and a nationally representative sample of UK consumers conducted by Opinium, regarding the industry's qualification criteria, regulations and fees.
The findings highlight significant differences in opinion on the appropriate level of regulation and fees for estate and letting agents across the UK.
According to the Voice of the Agent survey, just over 94% of estate agents believe that all agents should have formal qualifications and be regulated to provide minimum standards. Respondents said this would improve the industry’s reputation and lead to more trust and better service, justifying higher fees.
In contrast, the consumer survey revealed varying opinions on the ideal balance between regulation and fees.
Most respondents who have a preference – at 53% - preferred the current regulation and fees of around 1%, while 21% wanted lighter regulation and lower fees of under 1%.
Another 20% backed more regulation and higher fees of up to 4% and a small group of 6% desired strict regulation and much higher fees of 4% or more.
The survey also uncovered regional differences in consumer preferences.
Respondents in the West Midlands, London and the South West showed a higher inclination towards stricter regulation and higher fees.
On the other hand, lower levels of support for this approach was observed in Yorkshire and Humberside , Northern Ireland and Scotland.
Leadbetter said: "These findings, alongside the full results of the soon-to-be-released Voice of the Agent survey, provide valuable insights into the perspectives of industry professionals and consumers regarding the future of estate agency regulation and fees.
“Opinion is clearly divided with the industry seemingly significantly ahead of consumers in its desire for tighter regulation. The data can inform industry discussions and decision-making processes as the real estate sector evolves."
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