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Anonymous 8 – 2nd November 2021
Firstly, let me introduce myself. I am (Anonymised). I am currently working in the estate agents industry and employed to a company but had set up my own estate agents business, however, not used it as now happily employed.
In the past i have worked for (Anonymised). I was (Anonymised).
I was part of the team (Anonymised) that had sat down with "the property ombudsman" scheme and drafted up the rules for jersey.
I currently hold the NFOPP level 2 in residential sales qualification and working to level 2 in rentals and property management.
So i class myself as well informed, well qualified estate agent with 10 years experience.
Last year i saw first hand that a well known estate agent company advertised a two bedroom flat with communal garden as a 2 bedroom with sole use of garden space. The purchasers then had offer accepted and the lawyers didn't correct this and as result caused issues with the new purchasers. As a result the purchasers have now put the property on the market to sell again as its not what they wanted.
I have come across many estate agents that don't know what double block or a single block wall is. How a cavity wall is made. The qualifications that are currently available to estate agents cover building materials in one of the units.
I am all for estate agents to be regulated.
You can get joe public set up an estate agents and negotiate on a 20 million pound house and put someone in their biggest debt of their life and that estate agent doesnt answer to anyone and the purchaser has no come back. Is that fair?
Jersey Estate Agent Association is already set up and to be a member you have to agree to go by the set of rules in place, sign up to a redress scheme and they promote qualifications. To me this would give the public peace of mind that there is a "higher figure" to complain to, if needed. There is a redress scheme, and they would be knowledgeable.
I also believe that like any other profession there are some "cowboys" that give the industry a bad name. Some who i personally know have talked themselves into a sale whilst giving wrong information as the industry is mainly self employed and they need the money.
There is a shortage of houses in certain price brackets and that in it self will contribute to the issues. For example an estate agent is duty bound by law to give all offers to vendors. So if a member of public makes offer over the top of someone they have to tell vendors. Now the estate agent, if any good, should manage this carefully. However, self employed, un educated would be chasing a high pay day so could encourage the swap and lead a guzumping.
I truely believe if estate agents are regulated, educated and are part of a professional membership then it wont solve all the issues at hand however, it would reduce a large amount of them. The public should get an estate agent with a better knowledge of a property and its building makeup and have peace of mind they answer to someone higher and is a resolution process should there be an issue.
I also don't believe that anyone shouldn't be allowed to set up an estate agency without correct qualifications. Having just gone through the process, which took 5 months to do due to JFSC back log it wasn't hard to get the business license. So many single estate agents are now setting up with no experience or qualifications just so they can make a quick buck. This wouldn't happen in funds or trust etc. You would have to prove you are experienced and qualified. I believe this is where the first line should be drawn. The issuing of business licenses from JFSC to business that are not qualified or experienced should be regulated more stringently.
In summary, yes estate agents should be regulated, yes enforced to take qualifications, yes to join a national membership scheme which includes a redress scheme and why not a local one that is already set up.