Agents support more material information but worry about the admin burden

Agents are supportive of new rules on upfront material information but there is concern about the administrative burden.

While the industry awaits further details on parts B and C of the National Trading Standards Estate and Letting Agency Team's material information rules, a poll has revealed that 37% of UK agents see it as a great opportunity.

However, the research by iamproperty found 35% admitted not knowing enough about it and 28% were concerned that it will be another admin burden.

The proptech firm is calling for more agents to see the opportunity that this could bring for the industry, having seen first-hand the positive impact that upfront information has had on auction transactions for over a decade.

Ben Ridgway, co-founder of iamproperty, said: “It’s promising that over a third of agents see the upcoming changes as a great opportunity, as there is still some uncertainty around the new requirements and what will be required of agents to meet them. 

“We want to support agents so that more of them see it as an opportunity, because if embraced, it could be transformational and the change that the industry has been calling out for.

“More information upfront has the power to increase pipeline turn, reduce time spent on sales progression and reduce fall through. Getting the right tech in place to automate the collection of data will be key to help agents to stay compliant and free them up to focus on the parts of the job that add the most value.”

When the full extent of requirements for parts B and C are confirmed, iamproperty said changes will be made to its platform to help agents stay compliant, although agents using the Legal Prep module can already do this.