More than 90% of homebuyers believe there is a need to have compulsory regulation to better protect buyers, according to a new survey from the Royal Institution of Chartered Surveyors (RICS).
Of those who failed to check whether their agent was a regulated member of a professional body, only 54% said they trusted them to provide honest and truthful advice.
While all sales agents are legally bound to offer a customer redress scheme, those who are not members of a professional body are not obliged to meet minimum standards, nor are they subject to regulatory monitoring. As a result, homebuyers are potentially dealing with an agent who could be providing inaccurate advice.
Only agents who belong to a regulated professional body such as RICS are bound to a strict ethical code and obliged to meet minimum competency levels. If RICS agents fail to act in accordance with rules of conduct, they are subject to investigation and sanctions. In extreme cases, agents can lose their chartered status.
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