Ireland’s largest estate agents has welcomed the increased regulation of the auctioneering industry.
Commenting on the report Mark FitzGerald, Chief Executive, Sherry FitzGerald Group stated, “This announcement is very good news for the property industry and vendors and purchasers of property alike.”
Mr FitzGerald said the business of buying or selling a home is, for most, the biggest single financial transaction people ever make. “In this, as in any transaction you make, you want certainty, transparency and fairness. The reforms announced today, which focus on an increased level of regulation of the industry, will provide the public with a greater degree of comfort when buying or selling property.
“I do believe that the vast majority of professionals in our industry have nothing to fear from greater regulation. What it will provide is certainty against others who may have a lower standard of ethics,” he stated.
Mr FitzGerald welcomed the recommendation that information on residential sale prices in particular and on the residential market in general should be made available. This would provide the consumers with greater knowledge of the property industry, he believed.
“Property consumers have for way too long found that access to information on property transactions was very limited. Indeed in advance of the launch of Myhome.ie, even searching for a property was arduous and time consuming. Taking this to the next level, the enforcement of the publication of information on all property transactions would provide the public with up to date data on property transactions thereby taking a lot of the mystery out of the process.”
The Review Group also recommended that where an interest arises on the part of an auctioneer or a relative or associate in a property that the auctioneer is selling, any such interest should be made clear in writing no later than when the initial bid from the party is being put to the seller. Mr said that this policy was long overdue in an industry where trust was paramount.
“In our own company, we have had a policy in place since 1989 that no member of staff, at any level, can purchase a second-hand property, which is for sale through Sherry FitzGerald Limited. It is a policy which is welcomed by our customers as it removes the element of doubt from a customers mind.”
Mr FitzGerald also warmly welcomed the introduction of a new pricing policy for all property transactions in the form of an ‘Advised Minimum Value’.