Welcome to the first in our series – Fixing Frustrations – an overview of the solutions to the frustrations that can be experienced when working with Estate Agents.

According to Home selling expert Mathew Cooper, with a trust Net Promoter Score of 8 /100, Estate Agents are trusted less than Lawyers! So, what has earned them this reputation and what is your opinion of the reputation of Cambridge Estate Agents? Let us know your thoughts…

In the same article by Home Selling Expert their survey suggests the following as reasons for people distrusting Estate Agents. Let’s look at each of these frustrations in turn and, as it is easy to lambaste Estate Agents in general, let’s think about how you, the recipient of their services would like things to be different.

Ok so let’s go…

The first is Delays:

Delays are not always the fault of the agent, but a property owner would benefit from a good agent who has the time and inclination to chase progress and keep you informed.

Lack of Communication:

This is at the source of most dissatisfaction and frustration in whatever relationships we are in. Left to wonder what is going on (or not going on) in the background can fuel thoughts of the worst-case scenario as our minds struggle to join imaginary dots. Leaving purchasers, vendors and landlords feeling frustrated and unvalued. Yet even disappointing news can be received with understanding when we are kept regularly and frequently in the loop. Good quality and frequent communication are also key to keeping progress alive and aligned with the client’s requirements.

Valuation Tactics:

Such as valuing above market value to gain an instruction but then spending most of the time thenceforth attempting to agree reductions to sell or rent.

All the below legislations are due to be implemented to varying degrees this year.

Leasehold and Freehold Reform Bill, Building Safety Act 2022, Reform of security of tenure provisions for business tenancies, the likely passing of the Renters Reform Bill, and the expected release of the Competition and Markets Authority’s report on housebuilding in England, Scotland, and Wales.

Along with the implementation of tighter property and company law comes greater awareness of what is acceptable practice and what is not.

Appalling practice such as misinforming landlords & vendors of their valuation to profit the agent will hopefully, therefore lessen. However, as well as calling out such despicable practice, it is up to the reputable agents to shine brighter and for the others to perhaps realise that an honest approach will bring return business and or boost recommendations providing longer term property owner loyalty over fleeting short-term gain.

Ignoring customers best interests: to reach agency targets for numbers of valuations, instructions successful rentals and sales.

Similarly to the criticism of unscrupulous valuation tactics, this does unfortunately happen. Have you had experience of such shenanigans or perhaps the opposite? We would love to hear from you.

One easy way around would be a radical idea of no targets or targets focused on property owner satisfaction and not solely on money-based criteria. We all realise, property owners especially, that businesses must make money but repeat custom and word of mouth are the best forms of marketing and thus ultimately in improving sales.

Poor photos:

Another agent recently commented “an agent’s photos are your brand, so they have to be good”. There is no excuse for poor photography. Poor quality photos shout poor agent, lack lustre, uncaring and with no attention to detail. You must ask yourself as a property owner then, what will such agents be like in negotiating or matching your property to suitable occupants if they cannot get the basics, such as photography, right.

Failing to show for viewings:

At worst, this shows a complete disregard for the needs, requirements and value of a landlord or vendor. At best it shows a lack of organisation, a lack of communication, and the lack of ability to service those that the agents are contracted to serve. Have you had experience of agents failing to turn up for viewings? How was it resolved?

Viewings are the one of the key touch points if not the key touch point with potential occupiers.

Good agents will have enough staff to be sure of meeting their contractual obligations or at the very least adequate communication systems to alert interested parties of their temporary inability to do so.

Pressure tactics:

Pressure tactics such as overstating demand, stressing urgency, and overtly strong persuasive language, speak of a lack of confidence and desperation for business. An agent with a good reputation will not have to resort to such needy pressure tactics.

Contract terms:

If an agent is confident enough in their ability to sell or let your property, the agent’s contract should reflect this in its lack of any tie in. The fact that you will appreciate their service should be enough for you to remain with them. It should be the service not the contract that ‘ties’ you in.

Lack of market knowledge:

Market knowledge is extremely important in a city like Cambridge wherein the nuances are so peculiar to this historic, yet innovative, city of ours. So much so, that without it, or just relying on computer generated knowledge from sites such as Zoopla will place the agent in danger of being out of touch.

The best agents will be local people, with local knowledge developed over several years. In a city such as Cambridge you can simply not do without it.

Hidden fees:

Hidden fees are always a bug bare and if an agent is confident in being able to deliver their service, then why should they be sly about charging for it? Openness, honesty, integrity, and transparency are the values we would look for in an agent; all of which stand contrary to anything hidden.

Rudeness of employees:

An employee is an ambassador for the agent and as such reflects the agents’ values and training. Rudeness is inexcusable. It reflects immaturity, ignorance and a lack of emotional intelligence. Along with good service comes polite gracious agents who will actively listen to you and not try to shoehorn your requirements into what suits them. Have you had a particularly rude or perhaps particularly gracious agent?

Conclusion:

There will be good and bad Estate agents in Cambridge as anywhere else. The frustrations listed above have definitely been experienced by property owners in Cambridge, and there are plenty who will have also experienced very good practice.

It is up to the reputable service led agents to make a stand for good practice and begin to eliminate these frustrations. We need to be examples to the growing number of agents, who are adding to the choice of property owners in Cambridge.

We trust you have found this blog helpful and please do comment with your own opinions or experience of Cambridge estate agent practice.