Push for Regulation of Property Agents in UK Continues
Push for Regulation of Property Agents in UK Continues
In the UK there is a growing movement among real estate agencies to have legislation that regulates property agents, Greycoat adds. Education and training will separate the skilled agents from the mediocre. With the changing market offering continuous training and courses for agents keeps them up to date on the newest trends.
Just recently the House of Lords Industry and Regulators Committee chairman wrote to the housing secretary. They stated that home buyers, sellers and renters are being hurt by the lack of legislation and regulation in the real estate industry. And this is when Greycoat agents come in.
Agencies want the housing secretary to institute minimum qualifications, licensing, and training for agents as part of the regulation program. Since 2019 there has been an interest in regulating property agents by high performing real estate agencies.
Greycoat Real Estate adheres to a code of practice in its real estate dealings. Lord Best and the industry reps want agents to be licensed, follow a code of practice, and be at least a level 3 agent. It was suggested that managers and directors should be at least a level 4.
In the private rental sector Wales and Scotland have legislation to regulate letting agents that act as mediators between tenants and all over the world. The Working Group For the Regulation of Property Agents in the UK will focus on estate agents, letting, and managing agents. Greycoat Real Estate, an independent real estate agent, supports regulation and training of property agents because it provides quality customer service to all our clients.