A survey has revealed that 90% of homebuyers want greater regulation of the property marketing industry – which remains one of the least trusted professions.
The result is indicative of a “shocking lack of trust” says the Royal Institute of Chartered Surveyors, which was responsible for commissioning the study.
Regulation Needed to Increase Consumer Confidence
The results highlighted that a lack of universal regulation made it hard for members of the public to have confidence in their property marketing pros if they had were not members of a voluntary regulatory scheme.
Almost half (46%) of homebuyers who had not checked their agents industry credentials reported that they were unable to trust property marketing professionals to give “honest and truthful”.
Property Marketing Pros Trade on Public Perception
However, estate agents and others involved in the property marketing field have long been aware of the prevailing public perception, even turning it to their own advantage for guerrilla and viral marketing campaigns – showing their savvy sales initiative off at its best.
Despite this the problem does have a more serious side as industry insiders believe that increasing consumer confidence in property marketing professionals could help bolster the housing market – a situation that would be welcomed by RICS residential director Peter Bolton King who said of the current situation: “It’s crazy. There needs to be a better approach.”
The president of the the National Association of Estate Agents (NAEA) agreed and said: “This survey underlines the critical need for better regulation across the housing sector.”