Some agents say they have as many as one in 10 sellers who take their properties off the market and seek to sell either privately or through another agent and then try to avoid a fee to the company of mandated origin.
Amber Golding, national accounts manager at MIL Outsource – which operates a monitoring, investigation and litigation service to recoup lost fees for agents – says her company’s research suggests some agents are suffering in a case out of 10.
The agent problem is compounded, she says, because many transactions then occur without the first agency realizing it, unless they have a routine and staff time to check the records of the agent. UK Land Registry.
MIL Outsource, which is regulated by the Financial Conduct Authority, says the agency industry loses around £4bn a year in lost fees due to seller avoidance.
Golding makes the revelation in a video interview for Estate Agent Today with Angels Media’s Lee Dahill; she says the problem has gotten worse over the past two years because agents have become so bound by deals that have gone to completion that they have overlooked aborted deals that could then be closed. through a private sale or a rival agency.
You can see the brief interview under five minutes below, exclusively for EAT readers.
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