Material Information powers fast transactions
Addressing the need to bust the myths, Ben asked Beth about agents who are worried that more Material Information upfront may put buyers off.
Beth explained: “Agents are so savvy, they sell houses all the time that may have cosmetic flaws or potential downfalls, but they use their networks and skill to help find buyers a bargain and get the best deals for sellers. It’s the same with Material Information. The more information they have at their fingertips, the more chance they have of finding the right buyer, not a buyer that will want to renegotiate as soon as they have all the facts and add weeks to the already tedious process.”
Paul added: “There are also concerns it will put sellers off, but in current market conditions where disinstruction rates are sitting at about 40% in England and Wales, finding ways to make a client ‘more sticky’ has to be a positive. Once they have invested in handing over all of the Material Facts to an agent they are less likely to move to another agent at the first hurdle.”
Beth said: “We see this working in practice in Scotland, the Home Report shows that Material Information regulation has had no impact on the number of properties going on the market but has reduced the number of fall throughs by 60%, which of course will naturally reduce the number of disinstructions.”