Knowledge Share: WHY MATERIAL INFORMATION DOES AND SHOULD MATTER TO YOU

WHY UPFRONT MATERIAL INFORMATION DOES AND SHOULD MATTER TO YOU

The delivery of timely and accessible upfront material information has the potential to hugely improve most aspects of the property transaction, and it’s now a case of ‘when’, not ‘if’ the industry adopts it as standard. So why should you get ahead of the game now in using it in your property transactions?

What’s changing?

Trading Standards Consumer Protection Regulations now give a legal obligation to include material information from property listings. These changes are split into three phases, with Part A already in place (Tenure, Price and Council Tax). Parts B and C phases are likely to include information about utilities provision, parking arrangements and features that might affect someone’s decision to look any further at a property, such as non-standard construction or proposed developments as well as restrictive covenants, flood risk and other specific factors that may impact certain properties.

So, doing nothing is no longer an option. Change is already here and is inevitable, so it’s time to accept it, embrace it and understand how and why it will be a benefit to all those involved in the property transaction.

Why the changes?

Upfront material information has clear benefits for all. Buyers have increased confidence in the property they are purchasing, sellers ensure they have a committed buyer lessening the likelihood of a fall through, and crucially for estate agents and conveyancers, the transaction times are sped up, resulting in a quicker turnover on pipeline. Everyone wins.

Help is at hand for estate agents

Change can be a daunting process. That’s why mio supports estate agents throughout the sales process with a range of integrated services and products all in one convenient, easy-to-use digital platform, designed to make property listings, sales progression and CPR compliance simple and effective.

The mio Sellers Information Pack (SIP), including a legally-accepted, digital BASPI Property Information Form (PIF), Land Registry and Local Authority Data, offers a secure, quick and convenient method of obtaining, applying and sharing CPR compliant material information to prepare the necessary information for listing and transaction - from instruction.

For continuity, you can use mio’s intelligent sales progression management system, with a single view of the entire chain and Consumer App, to ensure fast, efficient and successful transaction outcomes.

Together, with one easy login, mio gives you the tools to speed up the sales process, ensure compliance, control your sales, generate additional income and provide a more transparent and assured customer experience.

What are the benefits?

Increased consumer confidence

Lack of transparency and information available to movers before entering into a property transaction can cause great emotional distress the consumer when things go wrong later on. The Sellers Information Pack gives you the power to do things differently, in the consumer’s best interests, and help your buyers make properly informed decisions about the property they want to purchase. Greater insights and assurance at viewings and with buying decisions means better matched sales and a lot less stress for everyone involved.

Reduced financial risks

Typically, around a third of all property transactions fall through, and in many cases, movers face financial losses, with around 25% incurring wasted costs of more than £1000*. That’s a huge waste of time, energy and money. The Sellers Information Pack improves consumer confidence in the way you approach the sales process and work to alleviate their financial risks – and yours too.

Improved profits and reduced fall throughs

Properties completing quicker, with fewer fall throughs, means faster transaction times, improved profits and operational efficiencies. The mio Sellers Information Pack kick starts the sales process early and together with the mio sales progression platform, properties complete more often and quickly, so you can earn more sales commissions and improve your pipeline turn.

Closer tech-enabled collaboration

The industry is crying out for closer collaboration as seen in our ‘Back to the Future’ research report. mio delivers a simple digital experience for agents, sellers, buyers, and their solicitors to complete and share more detailed information from start to finish, and reduce transaction times and mitigate fall-throughs - the two biggest worries for agency owners.

The mio Sellers Information Pack gathers the necessary property information for CPR compliant listings, while enabling legal ground work to begin. Shared with instructed conveyancers early, any issues can be highlighted and resolved before they become problematic. Such collaboration further minimises the risk of buyers pulling out and supports the legal process to proceed quickly and smoothly.

The future is bright

The property industry has the power and solutions to work more efficiently, as mio Product Director, Jon Horton, explains, “Our vision is to streamline the property transaction for the benefit of all. And that starts with the customer experience. As a profession. we all have a duty to the customer to finally put them first and make property transaction easier, quicker, more transparent, less frustrating and less stressful.”

“Together with mio technology, the Property Data Trust Framework and the will to make it happen, upfront material information is the key to unlocking a new age for the property transaction.”

Check out the mio Sellers Information Pack

Here’s a quick insight to the new mio Sellers Information Pack. It’s well worth a watch. Check out our page for a no-obligation full demo or chat about mio’s sales management solutions.