Estate Agents Reveal Their Biggest Challenges

Statistics and Reports

Estate and letting agents can make the property buying and renting experience more efficient and less difficult. Their knowledge of local property types/prices, negotiating tactics and home marketing expertise can prove to be invaluable.

Interested in property agents, house buying experts, Sellhousefast.uk analysed the latest findings from Zoopla’s State of the Property Nation 2018 report, who surveyed 660 estate and letting agents to identify the biggest challenges they currently face.

Sellhousefast.uk found the biggest obstacle property agents face is the current turbulent economic and political climate (64%) – largely caused by the uncertainty and chaos surrounding ‘Brexit’. Thereafter, primarily to be more competitive, 51% of estate and letting agents feel the pressure to lower the fees they charge for their services.

Interestingly, 49% of estate and letting agents believe there is presently a lack of housing stock to satisfy the growing demand from potential buyers/renters. Given all the stages in the property purchasing process – from finding a competent solicitor to complete all the legal work to a qualified surveyor to conduct a valuation – 43% think the time taken from offer to completion is too long.

Contrastingly, only 21% of estate and letting agents are worried about the increased high-street competition posed from other rival agents. Slightly above, 30% presently view the housing marketing as having an insufficient number of serious buyers/renters.

Furthermore, Sellhousefast from the report, sought to find which major changes in housing legislation estate and letting agents are most and least aware of.

From this, it was discovered that a ban on tenant fees for granting, renewing or extending a tenancy (72%) is the legislation property agents are most aware of.

Subsequently, 64% are wary those properties deemed energy inefficient could face potentially heavy fines as punishment for not meeting set standards. Additionally, 60% know they must now give any new tenants they manage/acquire on a letting basis a ‘how to rent’ guide.

Just half of estate and letting agents are conscious of the mortgage interest tax relief being phased out for some taxpayers (50%). Even less are mindful of the new minimum room size regulations (34%) – implemented to prevent landlords from letting out rooms which are too small in proportion to the number of people staying/living in them.

Contrastingly, banning orders now being placed on a national database (17%) is the change in law that estate and letting agents are the least alert about. Likewise, a small percentage of agents acknowledge the tougher rules on mortgage financing coming into play for landlords with more than four properties (27%).

Robby Du Toit, the Managing Director of Sellhousefast.uk commented: “For many, estate and letting agents are a focal point of contact in their quest to the find the right property to buy or rent. Most times, their professional approach and know-how ensures the purchasing or letting process is carefully and diligently handled. Given the apparent benefits of using housing agents, this research highlights the biggest challenges they face from their own perspective. With the unpredictable economic and political landscape post-Brexit, perhaps unsurprisingly ranking as their top concern. Similarly, with some major changes in legislation occurring within the housing industry, it provides a fascinating insight into how aware estate and letting agents are of them. With some changes in the law evidently more prominent in the minds of housing agents than others”.

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