Four senior figures have tackled the key issues facing the property industry during a lively public debate including whether mandatory qualifications for agents is the right way to go,

The leaders also wondered why homes are taking longer to sell than ten years ago, the ongoing problem of diminishing sales fees, the threat of the Renters’ Rights Act and whether the online-only agent ‘threat’ has now gone away.

The pannelists included Connells Group CEO Helen Charlesworth, Zoopla boss Paul Whitehead, Propertymark boss Nathan Emerson and Lomond’s Chief Commercial Officer, Sam Mitchell,

All were in unanimous agreement that the sales process must be sped up and that the industry and the Government must work together to deliver it. Whitehead noted that while technology has “come on in leaps and bounds over the last ten years, the sales process takes longer and longer”.

However, several panellists questioned whether the Government was really focused on the housing market.

Mandatory qualifications

Agents take people from all walks of life, and we don’t want to add barriers to entry.”

Views were mixed on the prospect of mandatory qualifications. Several welcomed the professionalisation of the sector but warned against adding bureaucracy. Charlesworth said: “Agents take people from all walks of life and we don’t want to add barriers to entry”.

Quality counts

And Sam Mitchell argued that consumers already gravitate towards quality agents and questioned the need for compulsory qualifications.

Fees

Agents need to articulate their worth, as too often they sell themselves short.”

Low fees, which average around 1%, drew complaints from all sides. The panel agreed that raising them required agents to demonstrate the value they add, with Emerson advising: “It is about service. Agents need to articulate their worth, as too often they sell themselves short.”

Renters’ Rights Act

The sector will be all the better for it.”

Despite concerns about the impact of the Renters’ Rights Act, the panel saw it as an opportunity. Its complexity, they believed, would push more landlords towards full management. Mitchell added that after a 12-month bedding-in period, the reforms will “drive up standards and the sector will be all the better for it.” And Charlesworth said, “Only rogue landlords have anything to fear.”

Hybrid models

The panel said most agents now have such a significant online presence that they are effectively hybrid, anyway, but that having a physical presence was still vital for sales.

Lettings more successful

They agreed, though, that the hybrid model has been more successful in lettings, highlighting companies such as OpenRent. However, the self-employed model was thought to be the most likely area of growth, but one that often attracted highly inexperienced applicants.

Overvaluing

There was unanimous condemnation of overvaluing to win instructions, with warnings about its damaging impact on public trust. The panel said the best defence was robust data, while Emerson also noted that inflated valuations were often driven by vendors who had seen excessive online estimates or had made home improvements, not agents.