Wednesday, May 23, 2007
How would they have coped with HIPS?
Firstrung: Ombudsman of Estate Agents (OEA) see complaints increase by 41% in 2006
The number of enquiries about estate agents to the Ombudsman for Estate Agents rose to 8,472 in 2006, an increase of 41 per cent from 2005. This resulted in 586 cases being referred for formal review and resolution, an increase of 18 per cent over 2005 in a year that saw OEA membership rise by 52 per cent to 7,666 offices, but still below the peak of 615 in 2002, when membership was only 4,251 offices
Posted by converted lurker @ 12:57 PM (146 views) Add Comment
6 Comments
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1. paul said...
And the simple answer for dodgy estate agents?
Don't become members of the NAEA. In he current climate of "don't slay the sacred property cash cow", there's no way the government will step in with legislation.
Problem solved for estate agents, problem created for end consumers.
Welcome to Britain.
2. mike said...
I wonder how difficult it is to set yourself up as an estate agent. make a website, make some calls, get 1 or 2 properties... sounds like easy money to me, all you have to do is have the uri geller powers of spoon bending and apply it to costs, market value etc and voila! instant money!
Then after a few deals just employ somebody to do it for you, transfer the slime, sit back and enjoy the money roll in!
3. Orwell said...
I really don't think it is as easy as all that. I don't do much conveyancing but know one old school EA who is really decent. He has to pay a fortune in adverts etc. and then he gets undercut by a monkey in a call centre. I think possibly and I only say possibly, the reason for the problems are that the RICS used to be pretty much the sole providers of Estate Agency Services and therefore there was less dishonesty until they were able to sell out to the banks and insurers.
When banks and insurers take over the conveyancng market from Solcitors it wil be all the more interesting! Cross selling dodgy financial products like endowments and 'savings' vehicles? not a smidgeon of it? Mandatory Title and other insurance all thrown in making the process mopre expensive than ever under solicitors? No of course not!. Making a secret profit out of the conveyancing client (probably through connections with EA's especially those owned by banks and sub selling to 'arms' of a conveyancing company? No of course not!
And the average claims percentage by solicitors doing the job properly? 5% (average amount £20k) This pretty much has to be paid by our indemnity insurers. When monkeys do the job thats not a problem - after all nobody really wants the title looked at properly do they? Just point and click as AOL used to say nothing to it , only the terms of the contract, whether it is bought jointly or in percentage shares, what the title says about restrictive covenants and rights of way that have to be adhered to, registering it properly..to name but a few things.
And insurance companies and banks are great at avoiding any liability aren't they? when the risk increases to say 15%, what excuses will they use not to pay out on insurance policies if there are any? Non Disclosure is a favourite one at present isn't it?
4. David said...
Really how suprising!!!
This is the tip of the iceberg, if you watch the agents they are like a flock of lemmings crossed with sheep, the market is very slow in our area (Wirral / Cheshire) and wierd things are happening such as sold signs appearing one day then houses are back on market then sold again and so on... It is clear they are faking sales to try and kickstart market, the same happens on rightmove, one day a house is sold next day it is back on market.. Do agents really think we are that stupid.... If they are faking sales now it must be a clear indicator many agents will cease to exist soon shame because it is largely the agents that have pushed prices up because of sheer greed, we have never had a shortage of properties in our area not like London.. So all in all what a shame maybe they will have to send the porsches back?? LOL
5. converted lurker said...
I'm on the Wirral too David, mirrors my exepriences
6. speculatorone said...
David I agree.
Another scam 'stamp duty paid' why don't they just value houses properly? and another thing bugs me, they employ people from dead end jobs one week, then the next week they are valuing your property, a lot of training put into that then.
One agent by me is currently over valuing property. A barn conversion by me that has been on the market for a year at £450k and not sold. The agent has now started marketing it last week for £475k, explain that. The same agent also leaves up all his old sales signs and changes them to sold...