CUSTOMER service will deteriorate and the estate agency business will suffer from cut-throat pricing unless agents agree on a standard commission structure, industry leaders say.
But agents remain divided on whether to set industry guidelines for fees or to maintain the practice of agents setting their own fees.
Many agents say privately it will require formation of a regulatory authority, which is likely next year, before any action is taken on this issue.
Agents fear that delay in resolving the issue will hurt industry credibility.
Others say lack of clear guidelines on commissions will serve only to encourage the present under-cutting, which hurts the industry as a whole.
There seems to be little pressure being brought to bear from outside the industry for adoption of an industry-wide fees structure.
