With Parts B & C moving closer to launch, we spoke with Beth Rudolf about what will be expected of agents, the dangers of non-compliance and how technology can support in easing the transition.
Speed up your sales with upfront Material Information
Upfront Material Information can speed up transactions and prevent fall throughs – benefits that consumers have said they are willing to pay for. Parts B and C of new Material Information requirements will give Estate Agents a chance to maximise opportunities from clients.
To help agents make the most of this new opportunity, we hosted a live webinar with our Customer Success Manager, Dan Milne, and movebutler Product Manager, Tania Bonesi, to answer agents’ questions, solve common challenges and demonstrate how iamproperty’s end-to-end onboarding solution can support your team with Material Information now and into the future. Dan and Tania were joined by Beth Rudolf, Director of Delivery at The Conveyancing Association, to answer agents’ questions on the announcement for Parts B and C. You can catch up with the session here, alongside a roundup of insights from the experts.
Material Information explained
Covered within Part B are the things that apply to every property, such as construction and utilities, and for Part C, things that may or may not apply to the property, such as any restrictions or covenants. Tania explains that the benefit to both agents and vendors of more upfront Material Information is the ability for both parties to move forward with the sale with confidence.
Dan highlights the range of opportunities that come with upfront Material Information, including increased sales pipeline, time reduced on sales progression and speeding up the PIQ process – all of which can help you to speed up your sales and enjoy a better transactional experience.
How technology can support your agency
To support agents in making the most of the opportunities that come with more upfront Material Information, Tania explains how technology can assist in streamlining processes and generating additional revenue.
iamproperty’s movebutler solution allows agents to seamlessly complete the end-to-end onboarding of vendors, carry out the due diligence required for the transaction and to configure the solution to include any additional services they would like to offer.
The solution was recently updated with new Material Information and PIQ forms, which can be completed by vendors at the point of onboarding, to help digitise the process and make it easier to share information with potential buyers. The update also includes new TA7 and TA10 protocol forms, which supports in speeding up transactions by getting clients legally prepared quicker. As a whole, the solution helps to save agents time and retain the peace of mind that they are one step ahead of the legislation.
Your questions answered
During the live Q&A, our webinar hosts answered all of your questions about the upcoming changes and how our technology can support with this.
Will Material Information slow down getting a property on the market?
“Within movebutler the forms are completed within an average of 2-4 days, so by the time you’ve carried out the initial admin involved in getting a property on the market, this could all be completed. The recent Material Information pilot also showed a significant reduction in transaction times, decreasing from 22 to 12 weeks. In addition to this, the introduction of Scotland’s Home Report, which contains all the information a vendor needs to know about a property, has demonstrated 60% lower fall through rates than those being seen across the rest of the UK.”
Will more information upfront result in less people viewing a property?
“While there is some upfront Material Information that can put off some buyers, it supports agents in attracting the right buyer who be less likely to withdraw from the sale further down the line.”
Does the Material Information form include a new Enhanced Form?
“Yes, it covers Parts A, B & C of Material Information to general information, to keep you up to date with all of the latest requirements.”
Catch up with the full webinar here on demand, where you can watch the new Enhanced Forms in action and hear full Q&A with our webinar panel.