Why Consumers Get The Housing Market They Deserve

Why Consumers Get The Housing Market They Deserve

Estate agents vary in quality with good and bad eggs however they do not enjoy a great reputation amongst the majority. One of the reasons for this is that the average person in the street still feels the money they earn is "money for old rope". Estate agents fees have remained the same for years and their fees can be as high as 1.5 or 2 per cent of the sale price. Going online to sell your home is a minority activity with consumers seemingly being presented with no alternatives.Official Survey Results.In early 2010 when the Office of Fair Trading (OFT) conducted a survey of people who had used a traditional estate agent when selling property, almost one third said that the fees they had paid to their estate agent represented poor value for money. Lack of creativity and innovation in the way we sell property only serves to reduce consumer choice.The Internet Has Been Ignored By Estate Agents.Whilst other industries have embraced the internet age and innovated accordingly, selling houses remains a very traditional process. Estate agents continue to charge large fees for their services and it is estimated that only 2 per cent of all properties for sale in the UK have been put on the market directly by the owner. This compares to twelve per cent in the United States. Estate agents are; of course, keen to protect the status quo. This ensures that fees remain high and that new business models are squeezed out. Innovation in the industry continues and is being encouraged by the Office of Fair Trading (OFT).Consumers May Be To Blame!It seems that many consumers are guilty of not shopping around, failing to consider other ways of selling their home and failing to negotiate on fees. This lack of comparing the ways someone can sell a home encourages the status quo.It seems this is probably owed to the fact that selling a home is not a process that people are used too. Consumers confused by the house selling process may be part responsible for the stagnation in development in the ways we sell our homes.The Cost of Ignorance Is Costly.The OFT estimated that a failure to consider alternative options is costing house sellers up to a staggering 570 million pounds every year. In the present economic climate it is more important than ever that people get a good deal when buying or selling a home.New methods is selling homes.Encouraging new business models such as online estate agents and private seller platforms could put useful competitive pressure on traditional models and lead to better value for buyers and sellers.Houses Are Homes Not Profit Vehicles.Those working within the housing market need to readjust the way they look at the housing market. Times have changed and continual house prices do not serve anyone except those being paid on a commission. The tradition of pushing up house prices needs to cease so that our children can buy a home in the UK.I think we need to take a fresh look in order that we have a house market which will survive in the future.

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