Nearly a third of estate agents are concerned that further upfront information rules will be “another admin burden”, a new survey has found.
Ahead of further details on the requirements of Material Information Parts B & C, iamproperty asked agents how they felt about the upcoming changes.
Their survey revealed that while 37% of UK-based agents see it as a great opportunity, 28% still see it as another admin burden. Another 35% said they don’t know enough about it.
“It’s promising that over a third of agents see the upcoming changes as a great opportunity, as there is still some uncertainty around the new requirements and what will be required of agents to meet them,” said Ben Ridgway, Co-Founder of iamproperty:
“We want to support agents so that more of them see it as an opportunity, because if embraced, it could be transformational and the change that the industry has been calling out for.
More information upfront has the power to increase pipeline turn, reduce time spent on sales progression, and reduce fall -throughs.
Getting the right tech in place to automate the collection of data will be key to help agents to stay compliant and free them up to focus on the parts of the job that add the most value.”
iamproperty is calling for more agents to see the opportunity that this could bring for the industry. They report having seen the benefits of upfront information on auction transactions over the last decade.
“[Property auctions’] 56-day completion timescale wouldn’t be possible without collecting and making information available upfront, supporting vendors with speedier and more secure sales,” said iamproperty.
They also suggested their movebutler tech is already supporting agents with Part A requirements during private treaty transactions, reducing the admin burden.
One Response
Estate Agents should be doing far more for the fees they get paid so no sympathy from me. At times their fees are 5 times what Conveyancers/Solicitors get paid despite taking on little to no risk and responsibility.