Gazeal insists that the vast majority of agents believe upfront property information should be mandated by the government, as well as information on how long sellers believe it takes to sell a home.
The PropTech platform conducted a poll during a recent webinar, attended by hundreds of estate agents, in which 91% of respondents said they believe the government should mandate upfront property information.
During the webinar, which was hosted by Gazeal co-founder Bryan Mansell, a former agent himself, a number of polls were offered up to attendees to gauge opinion on a range of crucial topics.
As well as the vast majority of agents agreeing that upfront property information should be mandated, with only 9% disagreeing, there was also a poll on how quickly agents’ sellers believe it takes to move.
For 57%, it was three months, for 29% it was four months and for 13% it was six months.
“The numbers suggest that most sellers, therefore, expect a fairly quick sale, with a turnaround of only three months,” Mansell said. “And the speed of a sale can 100% be improved by the provision of upfront information as standard, to move things along much swifter.”
A further poll asked agents when they are most likely to be instructed. For just 6%, this was before the initial appointment with sellers, for 24% instruction happens at the appointment itself, and for the lion’s share (70%) instruction occurs after the appointment.
Lastly, a poll asked whether the How to Sell guide should feature as part of an agent’s listing process, to which a massive 92% said yes, while only 8% disagreed.
“The webinar was a huge success, with hundreds of agents since requesting our comprehensive big data reveal report, which we’re working on rolling out this week. It was great to be able to speak to so many agents live about how they, and we as a whole industry, can improve the market to everyone’s benefit,” Mansell added.
“The poll results above show the industry is willing to change, and is ahead of the government in terms of upfront information, which is a no-brainer for so many.”
Mansell continued: “Here at Gazeal, we’re keen not to just be another PropTech firm, we’re here to help agents, to help them grow their bottom lines and enhance their business.”
“Gazeal truly cares about this industry and that’s why we are creating hundreds of reports to help agents win more instructions and win the battle for listings, which is going to be the dominant theme of 2022.”
He added: “Gazeal is not just a software business, we are your consultants – we can help you market better, list better and become the fastest and safest agent in your area.”
Up front info. An easy first step would be to get the seller to instruct a conveyancer when the property is first marketed, and not wait until an offer has been accepted.
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Whilst i agree this in an easy first step , it does depend on the legal represntative being willing to open a file on a not yet sold property as many wont do this. In additoon its putting a band aid on a chainsaw wound , the entire process both legally , and mindset wise is totllay broken, any progress , collaboration or innovation is being blocked by the encumbents for self protection . the whole conveyancing process is no longer fit for purpose
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I don’t believe it is self protection, it is apathy.
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Rob.
Agree 100% but there are still conveyancers who won’t “ Open a file” until a sale agreed and, despite the “results” of this poll, very few agents seeking, or actually doing so.
Making mandatory will be necessary as the industry is, unfortunately, slow to change and complacent, despite knowing that it would improve speed and certainty.
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Michael I totally agree was discussing the need for this with someone just last night, whilst I hate government intervention – Chancellor’s putting the housing market on steroids with stamp duty plays, and creating boom and bust problems, the really sensible approach would be for all land or property to be disposed of to have a digitally available oversight pack. With all the legals, plus all the data sets on the property or land, from survey (condition not price as a variable) to having finance available too – much like buying a car. We are getting closer to this position. Lenders and banks are still in the stone age, but software is leap-frogging their old ways, and with the ability through the highly detailed data sets now common, it is possible to assess the property asset, and the buyer via open banking, and provide finance on the same day. It just is not common practice. The legal sector needs to realise its consumers are digital locusts wanting to buy and sell and rent seven days a week, and that is 168 hours of time a week, so the typical 37.5 hours of legal practices are already often only open 22% of that span, but as we move towards 2030, and commerce that thinks digital transformation is not going to eat their shorts needs to try and pay a cheque into a local bank. If you can buy a car online for £150,000 in the next hour, why does it take 28 weeks to buy a two bed terrace in Newcastle at £56,000? Because to quote Simon Whale ‘We have always done it this way’. Take it from me – the 67% of the world’s population who are under 35 are doing it very much their way, and anyone who is slow, digitally not in the game – will not be getting their money. Agile businesses who understand UX will, there is a reason Amazon has a market cap of $1.7 trillion, it sells things digitally fast.
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Dude! Slow down…
The treadmill is already going fast enough. 24 / 7 / 365 is not essential.
I absolutely do not need to have a normal residential purchase ready to go within 86,400 seconds. A day or two would suffice. And you have to remember that there are mandatory “cooling off” periods too.
You might win it, but you’ll still only be a quick rat in the rat race.
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That said, I do agree that an up front sales pack is a VERY good idea.
I seem to remember something like that being introduced a few years ago.
Unlike others at the time, I was an advocate of the Home Information Pack. It had its problems but none of them were insurmountable.
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Some conveyancers will take early instructions with very little or no up-front cost. Whether it speeds up the process by a day or a month, only time will tell, but what is wrong with getting the seller’s ducks in a row asap? Talk to your local conveyancers, with the market likely to be more challenging soon, some will play ball, I am sure.
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I hear that using online conveyancers like Premier Property Lawyers can really Simplify transactions.
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Ignoring the certain chain estate agents who expressly state to ask the lawyers if the property they are selling is freehold or leasehold (and how many even obtain the title deed of what they are selling) I cannot see upfront information helping to any material degree whatsoever, as it already feels like it takes most conveyancers two weeks to send out a legal pack. Improvements on the two weeks is a greater priority.
(We send a pack out the moment we have the agent’s memo, sure with TA forms to follow if we do not hold them, but even then the buyers will be getting off searches anyway, and with TA forms to follow a few days later that’s fast enough……when we all have 70+ clients.)
So upfront information is a red herring unless searches form part of that information….then we are back to HIPs essentially, which I loved, as deals flew.
But way too many conveyancers don’t even check the selling client’s title these days or TA forms before asking their secretaries to chuck it out for the buyers to sort out.
80% – 80%!!! – of a purchase file we spend sorting out the legal pack that we are sent these days. So ‘upfront’ information won’t be read. either.
Take two examples of upfront information already:
1. auction packs – most are a dog’s dinner by lawyers who don’t care about their clients best interests
2. Developers’ packs for some housebuilders – what a shamble of upfront information so many of those are.
Instead….here it comes……improve the quality of the actual human being conveyancer allowed to touch a conveyancing file.
But there is no appetite, so conveyancing will only go one way sadly.
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I still don’t get your reluctance ImpressiveConveyancing. Even if it doesn’t help “to any material degree” (and it would) what harm can it do? You get instructed earlier on. Surely that in itself has to be a good thing? I agree, you can’t control how other firms work but you can control your own. Agent calls you: “Hi, could you tell me when you sent your contract pack out please?” You: “The same day we received your sales memo.” The ball is now in the buyer’s court. You can sit back and wait, or chase now and again.
If you keep doing the same things over and over, you will get the same results.
There is one Solicitor in Leeds who has been working with a few agents in the up front info way for a number of years now. Not only does it make everyone’s life easier, but it often helps achieve a quicker exchange. Despite the positive evidence she produces time and time again, most other agents (and conveyancers/solicitors) do not follow suit.
You can take a horse to water…..
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