New Property Information Questionnaire being piloted by NAEA

A working party of NAEA Propertymark is to conduct a pilot of a new Property Information Questionnaire - part of a series of reforms being considered right now.

Simon Wilkinson of The Wilkinson Partnership, an agency covering Milton Keynes, Winslow & Leighton Buzzard, has for the past 12 months been on the working party, which is looking at reforms to improve speed and transparency for house movers. 

In a contribution on the NAEA website, Wilkinson says: “As a front-line practising agent of some 30 plus years, the revolution is coming and make no mistake at the size and scale of the changes that are coming to our profession. 

“They are long overdue and like technological change it’s going to be rapid - those that embrace it will survive. My personal view is that a lot of estate agents and negotiators will disappear in the survival of the fittest. But there is real opportunity here, this is good stuff.”

One key change he says may be on its way is a new Property Information Questionnaire, which will - in his words - encourage vendors to be more “transaction ready.”

A version of the new PIQ will be downloadable from the NAEA website shortly but Wilkinson says some agents are already using it, or something similar. 

“Boy does it work well” he enthuses. “It saves a lot of time, makes the sale much easier and quicker, it reduces your fall through rate and if as in Northern Ireland, where it has reduced offer to exchange from 14 to 10 weeks, it has to help us all.”

Wilkinson says the revised PIQ requires more work than before, and says vendors could be asked to complete it while agents are in the property, compiling details and preparing floor plans and photographs.

“[Agents] then sit down with the client and run through it, explaining that any outstanding issues should be resolved now. That’s assuming 1. They are serious about selling and 2. They are motivated - both great indicators to you as to their desire to sell” he says. 

“The PIQ will often identify a lack of key documents, typically a Building Regulations certificate on an extension, this can often take weeks to get, so why wait – get the vendor’s conveyancer on the case now and get it done” he says.

Wilkinson’s piece on the website also considers a new Point of Sale protocol which he says is also key to a faster sale.

You can read about that, and see details of participating in the Property Information Questionnaire pilot, here.