Agents see upfront information as a great opportunity but also an admin burden
Agents see upfront information as a great opportunity but also an admin burden, according to an investigation by iamproperty.
While the industry awaits further details on the requirements of Material Information Parts B & C, a poll has revealed that 37% of UK Estate Agents see it as a great opportunity, but many still see it as another admin burden.
iamproperty asked agents how they felt about the upcoming changes. The slight majority of respondents (37%) said they see it as a great opportunity, closely followed by those who don’t know enough about it (35%), with a proportion most concerned that it will be another admin burden (28%).
iamproperty is calling for more agents to see the opportunity that this could bring for the industry, having seen first-hand the positive impact that Upfront Information has had on auction transactions for over a decade.
The Modern Method of Auction’s 56-day* completion timescale wouldn’t be possible without collecting and making information available upfront, supporting vendors with speedier and more secure sales – and faster payments for agents.
And for Private Treaty transactions iamproperty’s movebutler is already supporting agents with Part A requirements, helping to remove the admin burden. When the full extent of requirements for Parts B & C are confirmed, the platform will be enhanced to take care of the changes and help agents stay compliant, although agents using the Legal Prep module are already one-step ahead of these upcoming changes and are leading the way in helping to get their clients sale ready earlier in the process.
Nicola Astley, Office Manager from Robert Watts, which has branches in West Yorkshire, and is one of iamproperty’s Partner Agents, said:
“iamproperty’s Material Information and Legal Prep modules really speed up the process for us.
“We recently completed on a sale where the vendors opted to get sale ready upfront using movebutler and completed in 29 days after the offer was accepted.
“Part A provides useful information to us which helps when we are marketing the property.
“If the Legal Prep part is also completed, contracts and supporting documents can be issued as soon as a buyer is found.
“As well as speed, working with iamproperty takes some of the pressure off our team.
“We can get involved if we need to, but know that if we don’t, the iamproperty team will be working in the background.”
Agents feeling like they don’t know enough about the upcoming changes can access insights, tips and guidance from industry experts via iamproperty’s dedicated Material Information Hub. New content is being added all the time in the run up to further guidance being issued.
Ben Ridgway
Ben Ridgway, Co-Founder of iamproperty, said:
“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.
“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 through.
“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.”
Over 6,000 Estate Agency branches are now partnering with iamproperty to support transactions and get their clients moving faster.
Kindly shared by iamproperty
Main article photo courtesy of Pixabay
