Barak Geffen, Executive Director of Sotheby’s International Realty, operated by Lew Geffen, who recently returned from an international conference held by the National Association of Realtors (NAR) in the US says, “It goes without saying that an agent who has been in the game successfully for 10 years is going to provide a higher calibre of service then someone who has been selling for 6 months.

“They will have a better grasp of property values in their particular area and will have a better feel for the housing market. Buyers and sellers are far more likely to have confidence and feel secure with an agent who has a solid knowledge of the industry whichever bracket of the market they fall into.”

Geffen notes that low entry barriers into the profession have made the industry exceptionally accessible, which is great in providing those with little or no professional background with a lucrative career option - however it has simultaneously given the industry a disreputable name. As the property market tightens and becomes more competitive, there is now a great need for increased professionalism, which will make or break the success of agencies in this kind of climate.

“In my opinion there needs to be a two tiered system of qualification that allows firstly for entry and then a second qualification, after a certain amount of experience, aimed at differentiating the seasoned professionals from the fly-by-nights.

“It seems fair that agents with more experience and higher strike rates in terms of selling, should earn higher commission and possibly also deal with more expensive properties which often stay on the market for longer periods, due to a smaller pool of potential buyers. Selling these properties requires more skill in terms of relating to the clientele and further in negotiation and marketing.”