Proptech

‘Properly provided material information can make sales 70% faster’

Estate agents who fully implement the recently-introduced material information rules required by National Trading Standards will see fewer sales falling through and transaction times getting faster, it has been claimed. Figures Moverly reveal that the provision of upfront information enables transactions to complete up to 70% quicker and reduces the chances of a sale collapsing by a third. The firm says sales fall throughs cost the industry some £1.1 billion last year alone based on TwentyCI data that shows some 260,000 lost sales and an average fee of £3,975. This means that last year sales fees worth £357.4 million would have been kept while during the first quarter of this year, it’s £85 million. While Moverly, which announced a partnership with Alto in April, admits fall-throughs are inevitable for a host of different reasons that are hard to control, it says there are steps that can be taken to minimise the potential of a sale collapsing. This includes the accurate provision of material information early in the sales process because it provides agents, vendors, buyers and conveyancers with better visibility of problems, giving all the parties a greater opportunity to solve them. Concrete “With the introduction of NTSELAT guidelines, agents…