The Biggest Challenge Facing Estate Agents Today

TRUST.

It’s only 5 letters, but they make up a very big, powerful word. Trust is important in any relationship, whether that’s a friend, a family member, or a romantic partner. But it’s also important in other areas of your life as well. In a world where people buy people, trust is the basis of almost every interaction we have. Customers buy from businesses and brands they know, like and trust, which means businesses with a bad reputation will struggle to keep loyal customers.

But when it comes to estate agents, trust seems to be the biggest challenge out there. As a whole, estate agents tend to hit the bottom of the ‘trusted professions’ polls year in and year out as one of the 5 least trusted professions, with only journalists ranking lower. We just really don’t seem to like or trust estate agents!

But why is that? Why don’t people trust estate agents, and what can be done to change their minds? 

Fees

This is often where things go wrong, at least from the buyer’s end. Nearly 40% of people say they don’t feel like their estate agent was honest and upfront with then, particularly when it came to fees. And in the past, there have been a few not-so-trustworthy estate agents who have taken advantage of the broader term ‘fees’ to gouge renters in particular for more money than is necessary. The same goes for landlords. Many felt that estate agents were charging them extortionate amounts for tenancy renewals, as well as adding fees onto the services they helped provide – from tradesmen fixing issues to check-out agencies – and hiding those fees from the landlords. So across the board, fees became a big issue that made estate agents very unpopular. And even though those untrustworthy agents were in the minority – and reprimanded for breaking the rules – the damage has already been done.

Now that the new laws around tenancy fees have been brought into effect, this issue has been resolved, and while it might take some time to gain that trust back, renters are now seeing that estate agents are only charging what needs to be charged in terms of fees.

Harassment

When you sign up with an estate agent, their job is to find you properties that meet your needs, and show them to you. But the approach many high-street estate agents take is often seen as aggressive, and sometimes borderline harassing by many people. Phone calls multiple times a day, along with some high-pressure sales tactics, has led a lot of people to believe that estate agents are only really interested in serving the landlords on their books, by filling their properties quickly. This doesn’t make for a good experience for renters.

I’m not going to deny that there are some estate agents out there that do this – but they are very much in the minority. We understand how frustrating it can be to be bombarded with phone calls and emails, and so most of the lettings industry will be sensitive to this and contact you in a way you choose, and at the frequency you choose as well, so you don’t feel like there’s an estate agent-shaped fly buzzing around you all the time.

At Jo & Co Property Management, we’re not commission based at all, which means there is no incentive to just get any old tenant into a property as fast as possible. Instead, we take the time to find a good match between tenant, property and landlord, so that everyone will be comfortable and tenants will be happy to stay for a while. So no pushing properties from us! 

Not Independent

If you’re not in the housing industry yourself, then there are a lot of things you probably don’t know about. And while this is perfectly normal, it can mean you feel a little uneasy being led in one way or the other. Many people would like to be given all of the relevant to them and their situation, and make a decision based on that. But many people think that estate agents aren’t the people to give that information. That estate agents are biased, and will try to push you in the direction that best serves their interests, and the interests of their landlords, regardless of your needs. Which means you might be worried about them pushing you to rent a property that isn’t quite the right size, or a bit outside of your budget, just because they need to get it off the market to get their fees.

Is This View Justified?

Like most stereotypes, there is very little truth in the idea that all estate agents are like this. The bad reputation estate agents have now was actually formed a long time ago – back when the industry wasn’t nearly as regulated as it is now. Agents weren’t as well trained or vetted, and didn’t have as much investment in their jobs as they do now. In modern estate agents, landlords and tenants are both seen as valued customers, and are treated with respect and professionalism across the board.

At Jo & Co, we are passionate about building a relationship with our customers based on mutual trust. We get to know the tenants we work with, understand exactly what it is they’re looking for, and their short and long term goals for renting. We can then match them with a property and landlord that meets those needs. Not only that, but we try to foster a relationship of open communication, both with us and the landlord, so that tenants can feel comfortable in their new home. We encourage landlords and tenants to join a WhatsApp group with us, so that they can communicate anytime they need to.

If you would like to know more about our services, just get in touch with us today.