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19 March 2019

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Are you doing everything in your power to push transactions through?

Tuesday 19 February 2019

NAEA Propertymark has been leading an industry group of agents, conveyancers and other stakeholders in recent months, looking at the house buying and selling process and considering barriers that could be removed and improvements that could be made.

The group have been looking at the TA6 form with the aim of speeding up the buying and selling process but themes have emerged repeatedly in sessions.

Many agents are focusing on their next instruction and improving the proptech solutions in their business and analysing their competitors but are you or staff missing a trick?

Everyone agrees that the longer a sale is delayed, the more likely it is that all parties become frustrated and a sale falls through.  Delays can occur throughout the process, but the seeds are sown at the start, making it vital that agents are doing thorough groundwork right at the start.

Getting the basics right

Many of your processes will be aimed at getting a property market ready but if you get a property transaction ready instead, you will remove many of the common barriers that emerge later. Many of this is based on communication and the relationship that you build with your vendors but there are concrete steps that all agents should be taking as well. While some of this sounds obvious, the reality is that many agents need to refocus on these areas.

Does your pro forma carry full, accurate names?

Ensure you are providing conveyancers with the full names of the parties to the contract from the point of offer, accurate details from the start mean the sale progresses more quickly and if it emerges that you have an initial rather than a first name or even that ownership is in a different name, contracts will have to be redrafted, creating unnecessary delays that will never be made up.

Find the FENSA certificates now

Explaining to vendors the importance of having documentation ready (or resolving outstanding issues with permissions or certification) right at the beginning of the process, will go a long way towards heading off the delays that come from conveyancers raising enquiries and waiting for documentation to appear.

Be realistic about dates

While conveyancers are constantly being told that an early exchange is essential, good conveyancers will respond to genuine hard deadlines. Is there a baby due or a month long trip to Australia on the cards? If so tell the conveyancer, they will assess this information with the context of the sale and should do their best to meet a practical deadline.

The Chain

Likewise share any relevant and appropriate information about the chain with the conveyancer. If they are aware the length of the chain or relevant complications it may well help them to anticipate and avoid issues.

Property Information Questionnaire - take part

A streamlined property information questionnaire is being tested by several agents. If you are interested in taking part in a pilot project using an improved Property Information Questionnaire please email rachelhartley@propertymark.co.uk