The property industry, long marred by issues of trust and transparency, is on the brink of a significant transformation. On the vanguard is Made Snappy 360, a Plymouth-based tech company whose innovative listing solution is reshaping the relationship between estate agents and their clients.
Recent statistics from MoveiQ reveal a troubling reality: only 14% of people trust estate agents to disclose the negative aspects of a property. This gap in trust underscores the critical need for transparency, particularly in providing material information for a property, essential when making informed decisions.
Recognising this need, new guidelines were introduced by Trading Standards Trading Standards for material information in Property listings in November 23, aiming to improve the clarity and consistency of the information that agents must provide when marketing a property. The NTSELAT worked with the property industry and major property websites like Rightmove and Zoopla to develop the guidance.
The legislation mandates that agents must disclose material information transparently and upfront. These guidelines are clarifications of existing legislation, designed to protect consumers from material loss, ensuring they receive accurate property details before making decisions. This applies to the entire transactional process, so any relevant information may influence the decision-making process of a potential tenant or purchaser, including the decision to view a property in the first instance.
Consider the frustration of attending a viewing and discovering awkwardly shaped rooms that weren’t clearly described or discovering that a “double bedroom” cannot function as such due to restricted head height. These misunderstandings, often unintentional, stem from difficulty in accurately describing such spaces. However, they have serious consequences. There have already been instances where agents, failing to provide this crucial information, faced private court cases and redress schemes, resulting in substantial fines and penalties. For this reason, Material information requirements should be near the top of every agent’s risk register.
A survey conducted by Moverley with over 11,000 buyers indicates strong support for agents providing more upfront information to buyers. The survey reveals that 31% of respondents had to dismiss a property during a viewing after discovering an issue that could have been disclosed earlier. Additionally, 15% encountered similar problems after submitting an offer. An overwhelming 93% of participants support the idea of upfront material information to ensure they are fully informed of any issues before viewing properties.
An additional 55% of participants in the Moverley survey noted that all the properties they viewed provided both Part A and B upfront information. However, this means many properties still lack the required information. Regarding Part C information, which is relevant to all properties, only 22% of buyers reported that most, or all of the homes they viewed provided this upfront.
A key element of the material information requires agents to provide detailed and accurate measurements on both Sales and Lettings. Agents typically take considerable time to manually measure, and sketch a property, then transfer it to their floor plan software of choice. In this evolving landscape, Made Snappy 360’s core offering emerges as a game-changer. Their technology enables the creation of virtual tours and floor plans at the press of a button, taking an average of just 10 minutes per property, it offers remarkable efficiency. This rapid turnaround helps agents comply with the new standards without additional resourcing or sacrificing the speed necessary to keep listings competitive.
Virtual tours combined with fully compliant floor plans provide a comprehensive view of properties, leaving little room for misrepresentation. This technological advancement transforms what was once a mere marketing tool into a compliance asset. For the lettings market, where rapid turnovers often preclude detailed listings, the new guidelines necessitate significant workflow adjustments. Here, Made Snappy 360’s solutions can alleviate the administrative burden, with a startlingly fast solution that allows agents to focus on client relationships, winning new instructions, and strategic business growth.
This moment represents a pivotal opportunity for the property industry to rebuild its reputation. By embracing transparency, agents can not only assist prospective buyers and tenants but also optimise their operations by taking ownership of the listing process. Accurate listings prevent wasted viewings, ensuring that both agents and clients invest their time wisely. As property portals and CRMs adapt to these changes, and Trading Standards prepare public education campaigns, the industry’s shift towards transparency will soon become a matter of necessity.
The challenge lies in overcoming resistance to change. Many agents may initially dismiss the need for such innovations, only to later regret their hesitation as enforcement comes into effect later this year and early adopters gain a competitive edge. Embracing these technological advancements will not only safeguard your business but dramatically improve efficiency and client satisfaction.
Made Snappy 360 is at the forefront of rebuilding trust through technology. Their virtual tours allow potential buyers and renters to explore properties in detail from their homes, mitigating the risk of surprises during in-person visits, and further building agent credibility before any physical visit. This transparency reduces the risk of misleading listings, fostering trust in the estate agent’s integrity and positively transforming the industry’s reputation.
The benefits extend beyond trust. Enhanced customer experiences enable clients to navigate properties at their own pace. This empowerment fosters a positive relationship with estate agents, who are seen as facilitators rather than gatekeepers. Efficiency gains are also significant; clients can narrow their choices online, while agents can concentrate on serious buyers, respecting everyone’s time and building a more trustworthy service.
As consumers become increasingly tech-savvy and are educated on what to expect from agents, their expectations will evolve.
Adopting innovative solutions like those offered by Made Snappy 360 aligns estate agents with modern consumer expectations, showcasing a commitment to improving the client experience. Imagine the impact of arriving at an appraisal with a 360 camera in hand, ready to market a property. This not only impresses clients but also demonstrates a proactive approach, countering the often-heard complaint that agents charge “money for old rope”.
The need to prioritise clients’ needs by providing upfront material information and minimising unnecessary property visits is clear. This approach offers a more compliant, efficient, and satisfying service for clients, but also pulls back huge amounts of time for agents addressing long-standing issues in the property market by creating more sustainable operations, both financially and also environmentally, by reducing agents’ carbon footprint.
The updated NTSELAT guidelines have given estate agents a definitive guide on precisely what should be included when marketing a property for sale. While many are making good progress in providing the required information to homebuyers, it’s clear that there is still some way to go to ensure full compliance across the board. New technology is critical to adoption, by improving professional standards and shaping the industry trajectory.
In embracing this property listing revolution, we stand to benefit collectively. Digital solutions are integral to the evolution of the industry and Made Snappy 360 is leading the way, showing that with the right technology, trust can be rebuilt, and the property industry can finally offer the transparency and efficiency that clients deserve.
