Introduction

Leasing agents play a crucial role in advertising owner’s properties to potential tenants, but according to the Trading Standards guide, the descriptions used by these agents need to be more accurate. Inconsistencies in terminology and failure to update property details promptly can lead to frustration and delays in the home buying and rental process. To address this issue, the National Trading Standards team has issued a new list of preferred terms that agents should adhere to when marketing properties. These terms aim to provide clarity, reduce confusion, and ensure fairness in the real estate industry.

The Importance of Accurate Property Descriptions

Homeowners are all too familiar with the various terms used by leasing agents to market properties online, in branch windows, and on boards. However, the lack of consistency in these terms can cause significant problems for prospective tenants. For instance, a potential tenant may contact an agent to inquire about a property, only to find out that it has already been rented. This not only leads to frustration but also disrupts the home buying and rental process.

In light of these issues, leasing agents are reminded of their legal responsibility to update property details promptly. The National Trading Standards team has identified the need for preferred terms that accurately represent a property’s status, preventing false advertising and deceptive marketing practices.

New List of Preferred Terms

In response to the challenges faced by the real estate industry, the National Trading Standards team has introduced a new list of preferred terms that leasing agents should use when describing properties. These terms include:

1. New on the market – Refers to a property that has not been advertised since its last sale or rental.
2. New instruction – A property that an agent has recently received instructions to market, even if it was listed for sale by another agent.
3. New and exclusive – A property that is new or new-to-market, exclusively managed by a particular agent or portal.
4. Let’s new method – A situation where an owner or agent decides to accept only sealed offers without prior exposure.

By adopting these preferred terms, agents can provide accurate information, preventing properties from being falsely advertised as “available” or “just released”. This ensures transparency, prevents unnecessary confusion for agents, consumers, and other organizations in the real estate industry, and upholds ethical standards.

Benefits of Clarity in Property Descriptions

Ensuring clarity in property descriptions enables a fair and efficient real estate market. Emma Kitchen, the Policy and Information Manager for the National Trading Standards Rental and Real Estate Agency Team, emphasizes the importance of consistent terminology. She explains that commonly used terms such as “new to the market,” “new instruction,” “on offer,” “sale/rental agreed,” and “sold/leave subject to contract” can now be clearly defined. This clarity facilitates better communication between agents, consumers, and other organizations involved in the real estate industry.

Sean Hooker, Head of Repairs at PRS, praises the new guidance provided by the National Trading Standards team. He believes that it will help real estate agents and their clients understand the fair and accurate descriptions to use in their advertising. By using clear and precise terminology, agents can avoid complaints regarding misleading or unfair terms. This ultimately safeguards their reputation and prevents legal issues under trade rules and consumer protection regulations.

Expanding the Discussion: The Importance of Accurate Marketing

While the Trading Standards guide primarily focuses on improving property descriptions, it is crucial to recognize the larger implications of accurate marketing practices. Not only do accurate descriptions benefit potential tenants, but they also contribute to the overall integrity of the real estate industry.

Accurate marketing provides clear expectations to prospective buyers or renters, ensuring that they have a realistic understanding of the properties they are considering. This helps them make informed decisions without wasting time pursuing properties that are not truly available or suitable for their needs. Additionally, accurate marketing practices promote fairness and trust between agents and consumers, establishing a solid foundation for the industry as a whole.

By adhering to the preferred terms outlined by the National Trading Standards team, leasing agents can build their reputation as reliable professionals who prioritize transparency and customer satisfaction. This can lead to increased customer loyalty, positive word-of-mouth referrals, and a stronger presence in the local real estate market.

Conclusion

The National Trading Standards’ new list of preferred terms for property descriptions provides a valuable resource for leasing agents, consumers, and organizations involved in the real estate industry. By using accurate and consistent terminology, agents can improve the leasing process, reduce frustration and delays, and foster a more transparent real estate market. Clear and precise property descriptions benefit everyone involved, allowing for informed decisions and minimizing the risk of misleading or unfair practices. With the guidance provided by the Trading Standards, the real estate industry can better serve the needs of tenants, buyers, and sellers alike.