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How to benefit from the Propertymark Sales Protocol Toolkit

Thursday 27 February 2020

NAEA Propertymark has today launched a new toolkit, designed to support agents to comply with Consumer Protection Regulations, speed up transactions and reduce fall through rates.

Practising agents working across different markets have been involved in trialling parts of the toolkit and have reported reductions in transaction times down to seven weeks in some cases.

Propertymark has been working with a group of stakeholders including agents, conveyancers, Land Registry, software providers, The Property Ombudsman and National Trading Standards Estate and Letting Agent Team on varied initiatives with the aim of reducing transaction times.

Improved transaction times and reduced fall through rates will improve the confidence of consumers and thereby increase supply levels.

REDUCED TRANSACTION TIME

Agents who have benefitted from the Sales Protocol Toolkit have adopted all of the components and significantly, they have trained their staff in supporting vendors. With the average length of time that owner occupiers stay put increasing, vendors are often confused by the questions that they are asked. FENSA certificates, septic tank compliance and boundary queries are often difficult to answer with confidence, therefore, the support of a local agent to explain the meaning of questions within the Property Information Questionnaire (PIQ) is invaluable.

Furthermore, uncertainty around the TA6 form that arrives from their conveyancer can lead many to shelve the paperwork for a few days until they have more time to think about it. In turn, this creates delays and inevitable answers of ‘Don’t know’. It is vital that agents take the time to explain the need for early completion as small delays at the start of the process are likely to snowball, lengthening the whole transaction while blank of incorrect answers to questions will lead to conveyancers raising enquiries which cause delays.

MARKET READY, SALE READY

The Sales Protocol Toolkit takes a fresh look at transactions, encouraging agents and vendors to work together right from the start to get the property both Market Ready and Sale Ready, finding all of the relevant documentation and taking remedial action alongside getting the photographs taken and sales particulars ready.

The Sales Protocol Toolkit comprises:

  1. Memorandum of Sale checklist
  2. The Property Information Questionnaire
  3. Declaration of offer form

To be used alongside:

  1. HM Land Registry title documents and plans
  2. Details of chain progression where data protection permissions are in place
  3. Sales particulars
  4. Proof of Funds and/or Mortgage Agreement in Principle (AIP)

INVEST IN THE BENEFITS

The PIQ has been trialled by agents working in different markets across the UK and all of the feedback from the trial had been incorporated.

Speeding up the buying and selling process is important to agents and offers the potential to increase consumer confidence and with it, supply levels.

However, the benefits of the PIQ are felt by agents who are using the full toolkit and investing time in training their staff to support buyers to complete the forms accurately. In turn, this is flagging issues and explaining the need to resolve them early in the process and reducing the need for conveyancers to raise enquiries which slow transactions.

The Sales Protocol Toolkit