Rics launches consultation on estate agents’ fees

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by Gill Montia

The Royal Institution of Chartered Surveyors (Rics) is launching a consultation on the transparency of fees charged by estate agents.

The body is currently gathering data from its members, which will form the basis of proposals that aim to benefit both the consumer and businesses.

The exercise involves seeking out examples of good practice, which the Rics then hopes to promote.

The consultation will cover: declaration of insurance remuneration and commissions; service charges in leasehold property; commission on letting renewals; commission on Home Information Packs and Energy Performance Certificates; valuation fees; fees for loan valuations.

Stakeholders will have until 10th July to submit responses.

In March the Ombudsman for Estate Agents revealed that last year’s decline in house sales was not reflected in his caseload.

According to Christopher Hamer, sales activity plummeted by up to 60% in 2008; however, the volume of disputes dealt with by his office fell by just 3%.