Referral fees are under fire!

30/1/2019 8:16 AM

It seems the estate agency sector is under the spotlight this year... Whilst it's already a legal requirement for agents to be completely transparent about referral fees and commissions, the Government aren't happy. They state that unless the industry becomes more transparent, they will look to implement a ban.

All agents must clearly outline in writing if they may receive a commission or referral fee when referring to third party services. They must also advise their client if a potential buyer has been referred by the agent to the panel of solicitors or mortgage team (for example). Furthermore in cases of offers received, it is illegal for the agent to discriminate where the party making an offer have elected not to use the agents recommended suppliers.

I set up my own business because I wanted to change peoples opinions about Estate Agents, and I'm glad that the Government are working to improve standards.

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