Ahead of the release of new guidance for Material Information Parts B & C later this year, we conducted a survey to gauge the sentiment amongst UK Estate Agents regarding the upcoming changes.
According to our recent poll, 37% of agents view this development as an excellent opportunity, while 35% admit to not knowing enough about it, and 28% perceive it as an additional admin burden.
Having observed the positive impact of upfront Material Information on auction transactions for over a decade, we advocate that more agents recognise the benefits this could bring to the industry. The Modern Method of Auction’s 56-day* completion timescale relies on collecting and providing information upfront, enabling faster and more secure sales, along with faster payments for agents.
Ben, our Co-Founder, expressed his optimism, stating,
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.
These benefits extend beyond financial gains for agents. Upfront Material Information can streamline the moving process, making it faster, more efficient, and less stressful for all parties involved.
Agents who feel uncertain about the impending changes can access valuable insights, tips, and guidance from industry experts via our dedicated Material Information Hub.
Equipping agents with the right technology to automate data collection will prove key in ensuring compliance and freeing up their time to focus on higher-value tasks.
Our movebutler solution is already supporting agents with Part A requirements, easing the admin burden. Once the full extent of requirements for Parts B & C is confirmed, movebutler will be enhanced to accommodate the changes to help agents stay compliant.
Agents using our Legal Prep module are already ahead of the curve, spearheading the effort to ensure their clients are sale-ready earlier in the process.
Take Robert Watts Estate Agents in West Yorkshire, for example. Their Office Manager, Nicola Astley, shared her positive experience, stating,
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.
More than 6,000 Estate Agency branches have now partnered with us to support transactions and get their clients moving faster.
*Based on standard properties. From receipt of draft contracts.
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.
Save more time by digitising your PIQ process and keep up to date with the latest Material Information requirements
Our Co-Founder Jamie Cooke explains how auction has already demonstrated the success that can come from providing more information upfront.
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