Agents hold the key to buyers getting a move on
According to the Ministry of Housing, Communities & Local Government in an article in 2018 ‘Over a quarter of all transactions fail, costing hundreds of millions a year to consumers and causing undue stress to both buyers and sellers. Over 65% of all buyers and sellers are worried whether they will make it to completion following an offer being accepted’.
Surely, it is high time that buyers have access to important information up front? Not only are they then aware of the full details about the property, it also helps prevent delays further down the line and leads to less abortive transactions.
HIPs seem like a distant memory and one that many within the industry would like to forget. That being said, from a consumers perspective, they were a good idea implemented drastically badly. As consumers. we now crave information in all facets our lives. We deserve to kick the tyres of a car or read multiple reviews on the destinations we would like to holiday at. It has been well reported that the property transaction process needs a huge kick in the pants . . .even a reinvention. So what can be done about it?
There are many new and innovative solutions such as Move Hero who aim to speed up the transaction process and cut down on abortive transactions.
It may seem that full information about a property up front may cause some headaches for agents, but in practice it actually means that agents are left with more discerning buyers who have conducted their own due diligence on a property prior to making an offer. Now that there are searches available such as the unique Connectivity Search (an independent search highlighting exact internet speeds and recommended providers to a property) buyers are now able to understand what they are really getting themselves into at the very beginning of the process, leaving much less to chance later in the process and ultimately speeding up the transaction time whilst lowering the possibility of an abortive transaction.
Written by: Andy Payne of Northcott Beaton Ltd