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News: NAEA introduces radical change to estate agency

The beginning of a massive change in estate agency took place today with a ground-breaking announcement by the National Association of Estate Agents.

The NAEA is making it compulsory, rather than advisory, for all firms who have a principal, partner or director who are NAEA members, to belong to the Ombudsman for Estate Agents. The only exceptions are those who belong to the Royal Institution of Chartered Surveyors which has its own scheme.

Peter Bolton King, chief executive at NAEA said that the announcement marked the beginning of a massive change in estate agency.

He said: "The government has made it clear it wants all estate agents from each and every section of the industry to belong to a single redress scheme. The NAEA has taken this groundbreaking move one step further. All NAEA lettings members who are principals, partners or directors, must also be members of the OEA and from 1 June 2006 the OEA will be accepting residential lettings complaints as well as the current residential sales one. To date, there has been no redress for letting agents what so ever."

"The fact that independent redress will now extend to private lettings is a significant step towards giving industry experts and consumers more confidence in the profession. This is an important move towards improving the industry dramatically and helping to ensure that in the future there will be no need for programmes such as BBC1’s Whistleblower, as any rogue element will be quickly stamped out."

"However the NAEA still urges the government to carry thought their pledge, follow the NAEA, and make it compulsory for all agent to belong to an independent redress scheme"

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