How do consumers view Material Information?

Material Information brought on a shift in responsibilities for Estate Agents and consumers as part of the property transaction process. While agents have been paying close attention to what the new requirements are and how to make sure they are met for every property transaction, how familiar are consumers to the new requirements and the benefits they bring?

 

Do consumers care about upfront Material Information?

Consumers are not thinking about Material Information with the same compliance lens that agents are, but they are keen to move quickly, avoid fall throughs and make informed decisions – and these are all things that upfront Material Information can facilitate.

Earlier this year we polled recent home buyers and sellers on what matters most to them during the home moving process.

  • 71% want a faster process from start to finish
  • 82% want to know that the other party is fully committed to the sale
  • 73% want to feel less stressed and worried throughout the process

Vendors trust their Estate Agent to give them the correct support to get their sale completed as smoothly as possible, giving agents the opportunity to advise that Material Information is a tool that can give them the transaction experience they are looking for.

 

You could charge higher fees if Material Information is done right

Since Material Information helps buyers make more informed decisions about the property they are buying, having this information upfront helps transactions move quicker and fall throughs less likely. This results in a smoother, more efficient transaction process and could see the opportunity to charge higher fees in the future, as industry compliance experts have explored.

Beth Rudolf, Director of Delivery at The Conveyancing Association said: “If we take the Nordics as an example, agents are able to position themselves as a higher value partner to clients, as realtors, they have fee structures much higher than standard UK fees. As well as valuation information they gather legal information and standard property facts, they can advise clients with all the information, help them to make informed decisions and have the time to seek out the best properties for their clients to drive their pipeline.

“Material Information success in the UK will offer agents the opportunity to take the hours saved and use it to provide an even better service for their clients and in time increase their fees but if nothing else, it reduces offer to exchange by 10 weeks on average in pilot. That’s 10 weeks less chasing progress updates for everyone – that has to be a FTE salary saved.”

Paul Offley, Group Compliance Officer at nurtur.group, added: “It’s a competitive fees market, but we’ve seen agents take the leap and charge for services like AML to accommodate for digital services which automate or speed up the process. Consumers aren’t shying away, we’re used to paying for a premium service.”

 

Will more consumers start asking about Material Information?

As the positive impact of upfront Material Information continues to be proved in recent transaction processes, we expect to see a bigger drive from consumers for agents to get Material Information right for them. Your branch may soon see more vendors asking how you manage Material Information and wanting to see upfront information at the early stages of considering a property.

At iamproperty we have taken action to make sure your branch has all the tools it needs to give buyers Material Information upfront. Our end-to-end conveyancing platform movebutler keeps our Partner Agents ahead of the latest legislation, and our latest innovation is no exception. Take the stress and hassle out of Material Information with our new pre-populated forms with Material Property Information, aligning with NTSELAT’s guidance, and giving you much-needed time back to focus on what you do best.

Our new functionality provides automated information at your fingertips, which coupled with a short Property Information Questionnaire, gives you everything you need to stay compliant.

For agents using our Legal Preparation module, movebutler automatically maps completed Material Property Information directly into TA forms; removing duplication for your vendors and helping to speed up transaction times.

 

movebutler is already helping more than 2,200 Estate Agency branches to succeed, with a modular approach that puts you in control. Book your personalised demo today.

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