Recent research has revealed that over half of consumers who purchased, sold or rented a property within the last five years have experienced problems in relation to it.
However, according to the findings from Propertymark, most respondents had failed to check if their associated agent was part of a professional body or if they were even regulated.
Of those who had experienced issues with their agent, the consideration of checking whether they were regulated did not occur to 42% of renters and 37% of buyers and sellers, prior to signing their contract.
For respondents that did check that their agent was part of a professional body, waiting times for property problems were shorter; 41% saw their issue fixed within a week. However, the proportion fell to a quarter for those who had failed to ensure that their agent was regulated.
Over half (53%) of buyers and sellers claimed to experience problems with their agent, citing issues such as feeling pressurised (10%), feeling as though their agent didn’t care about them (12%), and poor communication (19%).
Further, the research also revealed that the majority of buyers (70%) fear that even after their offer has been accepted, the sale won’t go through.
Commenting on the figures were Propertymark’s David Cox and Mark Hayward. Stressing the importance that consumers check for a regulatory mark, they stated: “Choosing a property, whether it’s to buy or rent, is a huge financial commitment and can be overwhelming, especially for first-timers. We almost always go with the agent attached to a property if we’re buying or renting, but it’s important to at least ask the question.”
