Fine & County’s Ben Madden has claimed that licensing of estate agents may raise the barrier to entry but it will not stop those with poor morals, as recently reported in estate agency press.
Madden also states that he thinks people are confused about what licensing offers. Estate agency commentator Russel Quirk recently said the lack of any regulation of estate agents is “completely outdated”. He said:
“Once you are licensed, it is a bit like having a driver’s licence, so if you mess up, do something bad or wrong, you are subject to sanction.
We are one of the only countries that doesn’t have licensing and I think it is completely outdated.”
In last week’s Propertymark One conference, agents backed the idea of licensing and professional standards. However, Madden said:
“There is conversation that it will clean out the industry, but there are doctors that murder people and nurses that kill children. They go through a lot of work to get to where they are.
There are plenty of people whose mortal compass is in a direction you may not agree with who are happy to get qualifications to do things badly. I don’t think licensing will clean up the moral side of the business.”
One of of the guests, Simon Bradbury, managing director of Thomas Morris Sales & Lettings, added:
“We have competitors who we suspect put houses on the market without doing the correct anti-money laundering requirements.
I find that abhorrent and irritating, but I can’t see who to report that to.”
