The release of the full material information guidance from National Trading Standards (NTSELAT) means that now the industry must collectively take stock of where we are today, and how agents should set about embracing the changes that lie ahead.
For many, the Consumer Protection Regulations will not be top of mind, particularly as agents navigate the current tricky climate. Other priorities loom, and good intentions can often fall to the bottom of the agenda. It could feel like this full set of guidance has landed at not such an ideal time. Moreover, I think it would be fair to say that even though part A, which has been in place for some time, still remains unfamiliar and – perhaps unclear – to large swathes.
However, for many having parts B and C fully defined will help them to now forge the path ahead with greater clarity.
The benefits of getting ahead, and collaborating where needed
As a national sales progression business, we are naturally fully supportive of the NTSELAT guidance, and all it is trying to achieve. From the thousands of transactions we are involved in, we can see – at first hand – the benefits of having material information and transparency as early on in the sales process as possible.
It is proven that providing a dedicated resource for managing information, acting on that data and fostering strong relationships with all stakeholders will always work towards minimising fall-throughs and accelerating transaction times. Equally, the quality of upfront information also plays a significant role.
The fact that – as an industry – we are now being given greater depth of information should drive the need for more collaboration with companies that have higher levels of knowledge and can support agents in how best to navigate the guidance. Part C, as an example, can be quite complex in places, so working collaboratively with good solicitors will be key.
Change should come from within
Change should (and can) come from within. We should be focusing on shifting the overall industry mindset. This week’s news will – unsurprisingly – have been received both positively and negatively by the industry, but it is vitally important that we take it in how it is intended and move forward accordingly.
Where there is a focus on material information as early on as possible in the sales process, then fall through rates will inevitably reduce, not to mention the time and effort that is wasted when a sale does collapse.
This was recently reinforced by the Home Buying and Selling Group (HBSG) with their roadmap and guidance/recommendations around ‘quality upfront information’.
Many agents are already operating in this way, and they are seeing the results. As an example, we are working with a few agents who don’t put anything on the market until all the information is collated. For this handful, it is clear to see that their turnaround times are staggeringly good.
The importance of quality and consistent practice
Spurring our industry on is not only about placing focus on agents, but bringing all stakeholders together, and cultivating strong relationships.
Providing a dedicated resource for managing the process around material information from the outset is vital, and then ensuring that all interactions around that data are purposeful.
As ever, technology will evolve and will have an important role to play in helping to streamline the activity around material information. From efficient document management, to case tracking and communication, click button solutions just aren’t here yet, but it’s only a matter of time until they are.
Of course, there is no ‘silver bullet’ in creating a smooth process, and all those involved in the HBSG are working towards finding that overall solution as part of the Property Data Trust Framework. Ultimately, this cross-industry collaboration is going to be essential in finding the solution and helping change the mindset so that material/upfront information becomes compulsory, whether mandated or not.
In the meantime, it is critical for agents to educate vendors on the importance of transparency from the outset, and to encourage collaboration among all parties involved in a sale, which will ultimately benefit everyone.
Tony Hill is commercial director at ASAP
Comments (8)
Part C is drivel.
‘Change comes from within’ Yes of course it does!
The wording might not to be to your liking Stephen but what it is trying to achieve is both possible and achievable.
I’m not sure how the industries affected will cope with the full ramifications of what’s been issued but having successfully trialled 3 years ago what Part C is trying to do, reduce aborted sales and reduce the time between M.O.S and exchange there’s only a few issues to deal with but one of those things is quite large. How will the conveyancing industry adapt to being brought into the process on instruction.
First Robert, we are not part of an industry. And that’s a big problem obviously for you.
Secondly, Part C is ambiguous and potentially unworkable.
Thirdly agents sell. They should not act as ‘quasi-lawyers’.
These ideas, forerunners for the dumbing down of legal processes implicit in the long-term objective of Upfront Information, are not in the public interest. The reasons put forward to justify them are based on a confected narrative.
Have a good day
It really isn’t a problem for me. I’m working hard to minimise the unworkable and the disruption this legislation will cause for those who didn’t see it coming or who want to burn the looms.
It isn’t about dumbing down the legal process its simply changing the order in which things are done.
(Any relation to Nick in Seaton Stephen?)
Looms are fine provided they are capable of being digitised. I am a consultant to a digital law practice.
The real issue for the debate is hyperbole.
Larcombes are everywhere in Thomas Hardy country. Not related to Nick of Seaton
it would be good to catch up Stephen. domain knowledge in your space is something I’m keen to talk to so the factors affecting that vertical are important to understand.
“Part C, as an example, can be quite complex in places, so working collaboratively with good solicitors will be key.”
100% agree. Work with the good conveyancing solicitors and conveyancers that you already work with.
would be nice if they could ring a client once in a blue moon