chalk street estate agents

When deciding which estate agent to choose what influences your decision? Is it the fees they charge? Their performance in the local area? These are valid reasons to choose an estate agent, but do you question that they are all qualified and covered by professional bodies?

As it stands, anyone could open an estate agency and start selling houses. There are currently no qualifications required which is frightening to think about considering they could be handling the most valuable asset you own – your home.

The good news is that under new government rules estate agents will be required to hold a professional qualification. Whilst the finer details of this are yet to be laid out, there are professional bodies that your estate agent should be a part of, but what do they look like and what do they do?

The National Association of Estate Agents, more commonly known as the NAEA Propertymark, aims to ensure that those buying and selling property are guided and protected throughout the sales process. This is done by offering the consumer:

  • Client Money Protection (CMP): In the case of an agency holding on to money, it is held in a designated bank account and will be protected in the event of the agency going under.
  • Proof that their agent is an expert: Propertymark agents provide professional and high quality advice.
  • Proof that they’re dealing with a trustworthy agency – NAEA Propertymark licensed estate agents have their accounts audited every year and have to abide by a code of conduct to remain a member.

Look for the NAEA Propertymark above when choosing an estate agent – if they are honest professionals then they have no reason not be a part of this professional body. More information on the NAEA can be found here.

The Property Ombudsman (TPO) scheme provides buyers and sellers with a free, fair and impartial alternative dispute resolution service. Approved by The Trading Standard Institute, the scheme has a code of practice that over 95% of the residential sales market has signed up to. The scheme is important as any disagreements you may have with your estate agent can be escalated to an impartial panel who will review and rectify the situation. Estate agents that are a part of the scheme should be clearly displaying The Property Ombudsman badge on their website and shop window. More information on The Property Ombudsman can be found here.

Estate agents must keep in compliance with the National Trading Standard Estate Agency Team’s (NTSEAT) guidance on property sales. The Consumer Protection from Unfair Trading Regulations 2008 and the Business Protection from Misleading Marketing Regulations 2008 layout clear guidelines as to how estate agents should advertise their services and handle the process of selling homes. Despite every estate agent being made aware of these, there are a few that breach these regulations in their every day marketing by:

  • Advising a likely selling price in the market appraisal that is not based on a fair and honest assessment of current market conditions, but is quoted as a tactic to acquire the instruction.
  • The use of phrases such as ‘contact me urgently’ on direct marketing materials (business cards, leaflets etc) which could create a misplaced sense of urgency.
  • Giving the seller a false impression of the interest in their property, by inventing or exaggerating feedback from viewings.

The NTSEAT guidance on property sales can be found here and provides a full list of regulations. Treat these breaches as red flags when it comes to choosing an estate agent – a company not in keeping with compliance should never be responsible for the sale of your home.

Under the Data Protection Act 1998, every company processing personal data must register with the Information Commissioner’s Office. ICO ensure that all personal data is processed and stored in a way that complies with legislation, and has tools in place to help both individuals and organisations in dealing with data requests. At Chalk Street we take personal data seriously, we’re registered with the ICO and will continue to keep up with any changes to compliance and data protection. More information on ICO can be found here.

Registering with the HMRC is required for any business that acts on instructions from a customer to buy or sell land in the UK. This is for the purpose of money laundering supervision, and it requires estate agents to follow a guide of anti-money laundering practices to help minimise the risk of their business being used by criminals and terrorists to transfer money. All buyers and vendors using Chalk Street are checked in line with anti-money laundering obligations.

At Chalk Street we’re member’s of NAEA and The Property Ombudsman, and we abide by all regulations and compliance that is required of us. We’re local, honest experts who believe in a transparent, regulated industry that makes the home buying/selling process smooth, efficient and stress-free.

Thinking about selling your home? Choose a fixed fee accredited agent today. Choose Chalk Street.