OFT Report about Estate Agents - we aren't all bad!

OFT report says - Consumer satisfaction with the services provided by estate agents has improved
The Office of Fair Trading (OFT) last week published four research reports undertaken as part of its market study into home buying and selling. These comprise a survey of estate agents, a survey of trading standard services and both qualitative and quantitative consumer research.

Consumer satisfaction with the services provided by estate agents has improved - 88 per cent of both buyers and sellers were satisfied with the service provided by estate agents, a higher level of satisfaction than five years ago (72 per cent of buyers and 74 per cent of sellers). The majority of consumer complaints in the sector are about the individual buyer or seller on the other side of the transaction or their solicitor, rather than with the estate agent involved.

Most buyers said that the estate agent had described the options available for taking third party services, but did not push them - the majority (82 per cent) did not feel that they had received a 'hard sell'.

In the home buying and selling process, estate agents represent the seller. When asked whose interests they felt the estate agent from whom they bought their property was representing, 53 per cent of buyers felt that the estate agent was working equally on behalf of them and the seller, 40 per cent felt that the estate agent was working mostly on the seller's behalf, while six per cent felt that the estate agent was working mostly on their behalf, as a buyer.

Nineteen per cent of buyers said they had experienced a purchase falling through after they had made an offer that the seller had accepted - the most common reason for a sale falling through was another buyer made a better offer, followed by the buyer withdrawing after a survey showed problems with the house, and problems elsewhere in the chain