Following recent guidance from the National Trading Standards Estate and Letting Agency Team (NTSELAT), the owner of a Redbrik Estate Agent is stressing the importance of providing material information upfront.
Mark Ross says presenting full material information early in the process will avoid unexpected issues during the conveyancing process and reduce sale fall-throughs.
Redbrik has long prepared properties for sale before going to market by providing buyers with a information pack, including searches, at the start of the process, which Ross says has helped to minimise the risk of fall-throughs, whilst providing more certainty to all parties, and he is urging other agencies to adopt the same approach.
He said: “It’s becoming increasingly important for estate agents to present a property’s material information upfront, so buyers can make an informed decision on whether a home is right for them or not and reduce the number of issues that arise throughout the process.”
“Buyers and sellers have confidence in our service, and we want to share this with other agents to make a positive change in our industry,” he added. “We believe estate agents should put their clients first, and we urge others to adopt this material information-first approach to help transform the home buying and selling process in our country for the better.”
Trading Standards tells agents to ’embrace’ material information guidance
Apparently, on average, there’s 70 days between first listing and an offer accepted.
That’s dead time when so much could be done to ensure that once an offer is accepted the time to completion is as quick as is necessary.
NTS has created guidance and checklists to assist estate agents.
Having a seller instruct a Solicitor early is key. There is a lot of work that is currently done post offer accepted that could be done in advance.
Completing the new TA6 is not for the faint-hearted. Inserting an inaccurate response carries potential legal repercussions.
If you refer to a conveyancing factory because the fee paid is important then not much will change. Many Solicitors are achieving completion within 8 weeks of receipt of MoS. These tend to be the ones that don’t over rely on technology and apply legal thinking.
If you really do want fewer fall-throughs and to offer greater certainty to buyers and sellers then now’s the time to get Sales Progressors redeployed as Sales Preparers and to engage with Solicitors who utilise legal thinking rather than over rely on technology.
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Totally agree with Mark on this. We at Gazeal have been banging this drum for many years now and without a shadow of doubt, it makes total sense to prepare sellers to be ‘Sale Ready’ as early as possible. In all cases, agents should be expecting to sell the property at some point so why not encourage clients to use the initial few days of marketing to collate the information they are going to need to use to move successfully, rather than run around when a buyer is eventually found?
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