A poll of agents shows 65% support for mandatory qualifications, as advocated last week by the government.
The qualifications, along with a mandatory Code of Practice, were included as part of a package of reforms unveiled by the Ministry of Housing, Communities and Local Government. The package also called for greater upfront information when properties are first listed, a form of home condition report at the point of selling, and the possible use of binding contracts.
But the survey of UK estate agents this week, commissioned by GetAgent, reveals that while support for qualifications is strong, most of today’s agents began their careers without them.
Some 65% of those surveyed said they support the proposal to introduce mandatory qualifications for property professionals: this is despite the fact that 72% of respondents said they held no formal qualifications when first entering the industry, with just 5% holding three or more.
When asked how necessary they believe formal qualifications are to maintain professionalism, 65% said they are either “very” or “somewhat” necessary. Meanwhile, 72% believe mandatory qualifications would improve public trust in the profession, with 37% expecting a “significant” uplift in reputation.
However, the findings also highlight concerns about the unintended consequences of the move.
Two-thirds (64%) of agents believe that the time and cost required to achieve mandatory qualifications could potentially deter new entrants from joining the industry, potentially worsening recruitment challenges already faced by many agencies.
Beyond qualifications, agents identified “standardised data sharing between agents, conveyancers, and lenders” (33%) and “binding contracts between buyers and sellers” (31%) as the reforms most likely to impact their day-to-day operations. However, confidence in the overall success of the reforms remains mixed, with just 21% believing they will “greatly” improve transaction times and reduce fall-throughs, and 42% saying the impact will be only moderate.
Overall, 53% of agents believe the reforms will benefit the sector in the long term.
GetAgent chief executive Colby Short says: “Mandatory qualifications will help lift the baseline and give sellers more confidence in who they’re dealing with. They’ll also make it harder for some of the low-cost, low-commitment operators to enter the industry, which isn’t a bad thing if it helps protect the fee levels of those investing in their ability to do a good job and provide a great service.
“ … If higher standards lead to better service and stronger trust, then good agents should be able to charge a fairer fee for the value they provide. The key is keeping the balance right – raising the barrier to entry without losing the entrepreneurial spirit that makes agency such a dynamic business. Get that right, and everyone wins: agents, sellers, and the industry as a whole.”
Source: Estate Agent Today
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