Phil Spencer Decode estate agent talk to reveal its real meaning

Why you must do your research when picking a company to sell your home, and tips that will help you make the correct choice

It won’t come as a surprise to hear that recent polling has found estate agents are among the least trusted professionals in Britain. Just 28pc of respondents to the Ipsos survey said they trusted them to tell the truth … although they did come out above politicians and journalists.

Back in the 1980s I think this was a fair characterisation. The industry had no standards body and there were some really shoddy practices.

But times have changed. There are very few rogue agents. And nearly all professions have one or two bad apples who will make the headlines.

If you are looking to instruct an agent to sell your home, you need to do your own due diligence and there are some simple steps you should take.

Customer reviews are a good place to start. If an agency hasn’t got any reviews that should ring alarm bells.

Likewise, everybody uses property portals these days, such as Zoopla or Rightmove, that’s where most people start their search. If your agent doesn’t, is that a sign of their lack of proficiency in a modern market? Possibly.

Being on a portal isn’t the sole indicator of an agent’s capability but do have that discussion. Ask what their marketing strategy would be for your home and why they don’t use a portal.

A good recommendation is worth its weight in gold, but make sure the house of those making the recommendation is similar to yours. There is no point instructing a smart agent specialising in studio flats if you are trying to sell a four-bedroom house. A big name brand may have a smart looking office, but are they involved in the town? There is nothing that can replace good local market knowledge.

The next big indicator is whether they have opted to be regulated by an industry standards body and their practice is covered by the ombudsman. While estate agents are not required by law to be regulated, there are a number of industry qualifications and standards they can sign up to.

Propertymark is a good one to look out for. Where an agent is a member of Propertymark you know the company who has a client money protection scheme, and the agent has signed up to a nationally recognised code of practice. They will also have insurance and be suitably qualified. Full disclosure, I promote Propertymark through my Move iQ business, but I wouldn’t do so if I didn’t believe in its standards.

It is also valuable to check they are signed up to the Property Ombudsman as it offers an alternative dispute resolution service if you run into issues.

A couple of other rules of thumb are that legitimate agents will never ask for cash and should be using a secure system for managing your deposit. Added to this, a reputable agent will allow you to take your time making a decision about appointing someone, rather than pressuring you to choose them.

A good agent knows it is an important decision and will give you space to think about it. This leads me onto another important element, what price they say they can get for your property. Highest doesn’t necessarily mean best and this is an area I think where agents are at risk of being unprofessional.