Property market: Hard times for agents
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Jobs are being lost in the industry, but buyers should benefit, Jessie Hewitson discovers Few of us feel much sympathy for estate agents, currently faced with the prospect of mass sackings. Reports last week stated that 150 branches are closing every week, with 4,000 job losses since the start of the year. Add to this the fact that it is now taking much longer to sell a home - more than 11 weeks according to the NAEA compared to five this time last year - and that buyers are shopping around a lot more, and estate agents are having to take drastic action. "It will have a cleansing effect on our industry, and that is great news," says Peter Rollings, former managing director at London agency Foxtons and now at Marsh & Parsons. "Buyers are now as important as sellers. Estate agents who are going to survive are doing what they should always do: show over weekends, call people back promptly, go the extra mile." Peter Bolton King, chief executive of the National Association of Estate Agents (NAEA), agrees. "There are two types of agencies closing," he adds. "There are the corporates that have to answer to the City, and if they are not providing the income they have to cut costs; and there are the agencies that have opened up in the last few years, when any idiot could set up. I have no sympathy with these agents going out of business." Some are using new tricks to woo back customers. Douglas & Gordon estate agency, which covers much of desirable London, has promised to cease all junk mail. They announced the news on, you guessed it, one last flyer. R House Estate Agency, in Devon and Cornwall, has signed up to a Green Agent initiative launched by property portal Hotproperty.co.uk, involving carbon offsetting and a commitment to reduce driving. So how, in these testing times, should you choose the right agent? Chris Wood, vice-president of the NAEA, insists you should ask directly about their qualifications and how they will market the property. He advises knocking on doors where the agency has a Sold sign up and asking if they were any good. He recommends the Ombudsman for Estate Agents' Referenceline for unbiased feedback (www.referenceline.com/oea). "Whether you are selling in the country or city, you can't beat local knowledge. Lastly, don't necessarily go for the cheapest agent - like most things in life you tend to get what you pay for." More |
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