A leading estate agent boss has said that the public should learn to love estate agents.
Ed Mead, the executive director of London agency Douglas & Gordon says that people blame estate agents for any problems with buying or selling their homes.
He asks that when property dreams don’t become a reality, who else do people have to blame?
Mead explains: “Given the absurdity of our property-buying system, the cheapest in the developed world and one the Government refuses to regulate in even the most basic way, there are plenty of weak links where those who could face blame enjoy hiding behind the estate agent.
“Most of the public erroneously think that, once an offer has been accepted on a UK property, it is sold – it’s not. Until contracts have been exchanged, anyone can pull out of a deal – buyer or seller – and 35% of people do. That’s a lot of heartache, and lost money.”
Mead argues that if a buyer pulls out, as the deal is taking too long, it could be for a number of reasons and none the fault of the agent.
He says: “The solicitors could be slow but it’s much easier to blame the agent rather than a lawyer.”
It is neither the agent’s fault if there is gazumping or gazundering.
Mead continues: “There is one very good reason why you should love your agent. Very few property dreams come true without one. It may surprise you, but only 20% or so of the work an agent does goes into advertising your property or putting details on one of the massive property portals.
“80% is reserved for the bit that cajoles, begs, drives, counsels, buys, kicks, obsesses over and finesses all the elements mentioned above. Given we are the undertakers, the last involved, we very rarely get any thanks.”1