Newman’s welcomes code of practice changes

The Property Ombudsman is a voluntary scheme that is there to protect the rights of the consumer. As with all ombudsman schemes, the code of practice changes every so often to improve the service offered to the consumer by its members. It is mandatory that all members adhere to their ombudsman’s code of practice.

Effective from August 1 this year, the code of practice for residential estate agency was revised, and incorporated two significant changes in an attempt to make estate agents act more responsibly and professionally.

Change 1: Section 2a: When you give advice to someone selling their property, any figure you advise, either as a recommended asking price or as a possible selling price must be given in good faith and must reflect available information about the property and current market conditions and must be supported by comparable evidence.

Change 2: Section 2c: You must keep your general marketing strategy under regular review with your client.

Newman’s Leamington Spa branch manager James Morton said: “These changes are great news.

“At Newman’s we implemented them several years ago and have been championing them to be standard practice throughout the industry for a number of years now.

“Estate agents nationally, are still using opinion rather than fact to value property. The first change now means that they have to qualify their valuation with comparable evidence. This is documented evidence available to estate agents and the public alike, which should be based on similar properties that have sold in the area and the price they achieved.

“This should eliminate estate agents ‘buying’ listings by consciously giving improper or misleading advice on value to win the business.

“It will allow the seller to make their decision based on the service they will receive rather than a price they will not achieve.

“The second change is something Newman’s decided on as part of their best practice guide to clients in 2005. We do not just put a property onto the market and allow the property to stagnate over time if it doesn’t sell.

“We frequently meet with our clients to update them as to what we have been doing to sell their property, and how the market has reacted to their property. We then take a proactive approach to refresh the marketing and encourage buyers to view.

“When receiving a valuation unless the agent you are receiving advice on price from is able to qualify their valuation with fact,

“I personally would dismiss their valuation. Newman’s property marketing advisers spend over an hour before any valuation, compiling as much information about the property and comparable properties as they can, in order to help our clients identify the marketing strategy that will achieve them the best sale price.”

If you are currently on the market or looking to market your property, please call the team at Newman Property Services on 01926 431431 to discuss how they can get you moving.

Pictured: James Morton