An Irish estate agent has come up with a novel solution to the problem of homes taking longer and longer to sell on the Emerald Isle.
Dublin-based Hunters, which is not affiliated to the UK firm of the same name, says it will now only begin marketing a property when a contract of sale has been pre-prepared by the vendor’s solicitor.
This in effect would be a ‘home information pack’ or ‘seller’s pack’ of the sort attempted by Tony Blair’s Labour government in the UK during the late noughties in which any problems with title, planning compliance and local searches was sorted out before a property was taken to market by an agent.
Hunters, which says homes in Ireland are taking up to 200 days to sell, is calling on other agents within the country to do the same and only market properties once a contract of sale has been drawn up.
“Taking a property off the market because it is ‘sale agreed’ and transferring control of the process to the buyer’s solicitor is no longer appropriate – and it’s not in our clients’ best interest,” Rowena Quinn (pictured), Managing Partners at Hunters, told The Irish Times.
“Contracts should be prepared prior to the commencement of the sale process, and there is no reason that all solicitors cannot co-operate with this,” she said.
To ensure its new system works, Hunters has drawn up a list of local solicitors who are prepared to draw up a contract of sale within three weeks of the agency being instructed before the property goes to market.
The company says blockchain technology could reduce this period to five working days in the future.