Breaking Property News – 29/05/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Made Snappy 360 says 61% of letting agents omit property measurements from their listings – which NTSELAT now requires
Letting agents across the UK are proactively responding to an update from the National Trading Standards in Estate & Letting Agency (NTSELAT) regarding recommended “material information” in property listings. This update, covering 27 crucial pieces of information, including room measurements, diverges from current industry practices for many lettings operations.
NTSELAT’s Material Information Update: The NTSELAT document, “Material Information in Property Listings (Lettings) v1.0,” emphasises the importance of including detailed room measurements in lettings listings. NTSELAT defines “material information” as data that significantly impacts a tenant’s enjoyment of the property.
Industry Response: Kevin Hall, Director of Martin & Co in Ashford, has taken proactive steps by making measured floor plans standard in both new and re-let stock. He underscores the importance of staying ahead of regulatory changes, stating,
“I think it’s important to get ahead of the curve when it comes to regulation. It only takes me ten minutes to produce a measured floor plan through my provider Made Snappy 360 as I don’t need to measure or sketch anything, and I pass the cost onto my landlords.”
Angi Cooney, Director of C Residential in Rugeley, echoes this sentiment, leveraging innovative floor plan technology to provide accurate room dimensions quickly.
Insights from Made Snappy 360: Data from Made Snappy 360 indicates that over half of letting agents currently omit property measurements from their listings. Their analysis highlights the disparity between lettings and sales listings, with only 38.2% of lettings properties featuring floor plans compared to 88.2% of sales listings.
Benefits of Including Floor Plans in Lettings: Floor plans serve as a crucial risk management tool for both landlords and letting agents. By providing transparent and comprehensive information about the properties layout, dimensions, and features, floor plans help mitigate the risk of misrepresentation claims and disputes between landlords and tenants.
NTSELAT’s Broader Impact: NTSELAT’s guidance extends beyond lettings to sales listings, prompting discussions within the industry. While some criticise the definition of “material information” for sales listings, others see it as a step towards transparency, albeit with potential upfront costs for agents and vendors.
Made Snappy 360: Was established in 2018 by Mark McCorrie, a former mathematics genius turned letting agent, Made Snappy 360 has transformed the process for estate and letting agents in creating precise floor plans. With a simple method, agents capture one image per room using a 360 camera and Made Snappy 360 handles the rest – from measurements to floor plan creation.
The entire process takes less than 10 minutes for a 3-bedroom house. Moreover, clients benefit from receiving a 360 tour and enhanced photographs as part of each listing.
Among the satisfied clientele of Made Snappy 360 are renowned names such as Pattinson, Rook Mathew Sayers (a division of Connells), Goadsby, and various prominent franchises like Your Move, Hunters, Martin & Co, and many others. Made Snappy 360’s exceptional customer service has earned them recognition, including two prestigious ESTAS awards.
If you have a view – please let us all know by emailing me at editor@estateagentnetworking.co.uk – Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
You May Also Enjoy
Rightmove asks government to consider retaining first-time buyer stamp duty threshold
5 Steps to Becoming the Best Estate Agent in Your Town
Breaking Property News – 25/07/24
Rightmove’s weekly mortgage tracker
Why You Should Invest in Herne Bay Property