An estate agent has called for a regulatory body to prevent property firms over-valuing homes in order to win instructions.
Jersey estate agent Harry Trower (pictured, below) of Broadlands Estates says he is frustrated by rival agents on the island who ‘wildly inflate’ property values when bidding for instructions and that a regulatory body to police the practice should be set up.
He also says the body should regulate agents and ensure that they were properly trained before being allowed to complete valuations, and that three supporting examples of recent sales should be supplied with each valuation.
“This may seem odd coming from an agent in the industry but I am becoming more convinced that regulation of estate agencies in Jersey is becoming a necessity,’ he told The Jersey Evening Post.
“Feedback from vendors, applicants and the agents in Broadlands is becoming more and more erratic, with values and advice being given out that not only varies wildly, but also veers on the side of irresponsible.
“If someone gives a valuation and yours is £100,000 lower, then it is very difficult for you to get that customer. But then when it comes to the sale the price is whittled down and people can end up very disappointed.”
But the agent’s claims have been contradicted by local mortgage broker Peter Seymour who said in his experience local agents did not vary more than £20,00-£30,000 from each other when bidding for an instruction.
“Many estate agents are very experienced and are able to provide very accurate valuations,” he said.
Read more about the Jersey property market.