The Estate Agency industry is often reported as being under regulated, however there are several bodies working to ensure Estate Agents follow a code of practice and observe professional standards.

Mackenzie Smith is a member of the NAEA, overseen by the Property Ombudsman and The Office of Fair Trading. This means you can be sure you are dealing with a trustworthy professional agency that is responsibly following codes of practice.

 

NAEA

The National Association of Estate Agents (NAEA) is the UK’s leading professional body for estate agency and was founded in 1962. The goal of the NAEA is to uphold good practice and high professional standards in UK estate agency by providing help and guidance for property professionals across a broad spectrum of disciplines while continually campaigning to make the property market more efficient and user-friendly for the home buying and selling public.

As NAEA members you can be reassured we are covered by the Client Money Protection (CMP) Scheme, that we have Professional Indemnity Insurance, that our agents are qualified and trained to give you professional up-to-date advice and guidance and that you have a route to redress should something go wrong, through The Property Ombudsman. We voluntarily follow the Code of Practice and Rules of Conduct laid down by our professional body to meet standards relating to professional and ethical practice including our duty to protect and promote clients’ interests while acting in a fair and proper manner. The NAEA upholds high standards with disciplinary processes including issuing cautions and warnings, expulsion from the NAEA, and monetary fines.

The NAEA have their own property portal PropertyLive.co.uk which only lists properties from affiliated agents, providing peace of mind to buyers and sellers that they will be dealing with a professional Agent during their sale or purchase.

For more information visit www.naea.co.uk

The Property Ombudsman (TPO)

Christopher Hamer, The Property Ombudsman

The Property Ombudsman’s role is to provide reasonable and fair resolutions to disputes between members of the public and TPO registered Estate Agents. The Ombudsman offers a free of charge service to the public and is able to make awards of compensation for financial loss and/or aggravation, distress and inconvenience, where appropriate.

TPO also offers guidance for buyers and sellers detailing the roles of different parties involved in the buying and selling of a house, and highlights matters to be considered when dealing with estate agents during a search for a property or entering into a contract with an estate agent through.

TPO provides a Code of Practice for Residential Sales, which has been approved by the OFT under the Consumer Codes Approval Scheme, which covers topics such as; market appraisal, terms of business, marketing and advertising, duty of care, offers and deposits.

More information is available online about the Property Ombudsman, Code of Practice for Residential Sales and Guidance to Buyers and Sellers www.tpos.co.uk.

The Office of Fair Trading (OFT)

The OFT enforces consumer protection law and competition law and reviews changes in the market such as proposed mergers and conducts market studies to ensure the market works well for consumers while ensuring that businesses are fair and competitive.

As well as implementing law, the OFT makes practical recommendations to assist estate agents in meeting their legal obligations in line with The Estate Agents Act of 1979. The purpose of The Estate Agents Act is to explicitly address how agents act in the best interest of their clients and that both buyers and sellers are treated fairly, honestly and promptly. The law is outlined within The Estate Agents Act and estate agents who don’t comply could be banned from working as an estate agent, and beyond that, prosecuted and fined.

For more information visit www.oft.gov.uk