Bryan Mansell, CEO of Gazeal, explains: “We’ve seen a lot of focus on sellers providing info, and understandably so because this is vitally important. But we also feel that buyers should be obliged to do the same so it really is a two-way street.”
“When it comes to upfront information, the more the better, and it needs to be from both sides to ensure the full picture is there for everyone involved before a transaction progresses any further.
“Buyers need to state, sign and submit their offer in writing, outlining their position, the state of their finances, timescales and offer details. This not only provides a huge deal more information, but it also protects agents from having to deal with tiresome he said/she said arguments later during the sale.”
From the end of next month, all property listings must include greater levels of material information after a joint announcement by the government and Trading Standards.
As a result of the changes, a property’s council tax band or rate (for lettings and sales) and the property price and tenure information (for sales) must be included on all property listings by the end of May.
The major portals have started to include data fields for these particulars ahead of the deadline. This is the first phase of a three-phase plan to increase the amount of upfront information provided on listings.
Mansell adds: “As we said before, we fully welcome this change and it will make a big difference, but the focus shouldn’t just narrowly be on sellers – or agents on their behalf – providing more information, but buyers too. It’s just as integral that prospective purchasers get used to offering up more information as they start their home-buying journey.
“When submitting their offer, there is a host of useful information that buyers should have prepared or be prepared to submit alongside it, to show sellers and agents they are serious, motivated buyers. For ultimate transparency in the sales process – and that should be the end goal to prevent or lessen fall-throughs – we need all sides to play ball.”
Mansell says there are too often issues with unserious or time-wasting buyers, which in turn slows the whole transaction process down.
He says: “Of course, many buyers are committed and fully motivated, but by compelling buyers to put more effort in when it comes to submitting an offer, we hopefully managed to cut out those who aren’t really that interested in a property. Fortunately, providing this upfront information needn’t be labour-intensive or time-consuming with the right tech and processes in place.”
Mansell concludes: “The necessity is absolutely there for sellers to improve the upfront information they provide, but this shouldn’t negate the need for buyers to do the same. The two aren’t mutually exclusive. For a better property market all round, and greater levels of transparency, more material information from buyers should be just as prioritised.
"We need to change the agent’s mindset, too, so that they get into the same space with buyers as they are with tenants in terms of gathering all that crucial information. Here at Gazeal, we are rolling out a digital offer form that can help to resolve the above issues.”
