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Buyers’ packs would help agents through market frenzy - claim

The current housing market frenzy would be easier to deal with if upfront buyers’ packs were available, improving transparency and cutting the chance of fall-throughs.

That’s the view of digital reservation provider Gazeal, which argues that agents should educate buyers at first contact about the importance of them providing more upfront information regarding their position and seriousness. 

“Sellers will want to know they are dealing with serious buyers from the off. In an ultra-competitive market, sellers won’t want to waste their time with buyers who aren’t 100 per cent ready to buy.” says Gazeal co-founder Bryan Mansell. 

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“The pandemic has in many ways helped to create a more streamlined system, with the lack of viewings focusing minds, cutting out timewasters and making sure that only buyers who are really ready to commit are making it through the door on an in-person viewing” he adds.

Mansell believes the information should include clarity on a buyer’s mortgage position - “at the very least should be an agreement or decision in principle” - as well as ID and other paperwork that can be dealt with at the earliest stages of a transaction.

He says this becomes particularly invaluable if it can be completed digitally and transferred instantly, after an offer has been made and agreed, to any conveyancer.   

The Gazeal chief continues: “It’s been well-established that a better-informed buyer is both less likely to withdraw from a sale and more likely to be bold in putting forward their best offer – a win-win for all parties. 

“The reputation of buyer packs is still stained by the experience with the short-lived Home Information Packs (HIPs), scrapped by the government more than a decade ago, but they are making a comeback as movers demand more upfront information.” 

Calls have been made to introduce conveyancers into the process at an earlier stage; many experts also insist more should be done while the property is being marketed, including requesting searches and the collation and review of key documentation. 

According to a recent buying and selling survey in The Times, 98 per cent of home movers want more information upfront, highlighting huge consumer demand for a better, more transparent, more efficient system. 

Mansell concludes: “Everyone has the same goal here – to cut delays, improve fall-through rates and make the process of buying or selling a home much less onerous – but it seems an obvious, simple solution is staring us all in the face and not yet being acted upon.” 

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    Music to our ears. Buyers want to be more informed and the current system does not assist them in any way.
    A number of companies are looking at different information buyers could find useful. With our PIP Vaults we are providing a space where this information can be collated and stored, as well as displaying it to potential buyers before they offer. Estate agents can register and offer their sellers and buyers the benefit of the dataroom, for free.

  • Daniel Hamilton-Charlton

    The solution is out there and has been for over a year now. We enable prospective Home Movers to prove their identity, complete proof of funds reports, source of funds reports and account verification reports all delivered to the agent within minutes of the client engaging.
    No need to scratch heads and work out solutions, they already exist.
    Agents just need to ask buyers, and vendors for that matter, to get engaged with up front information.
    It shows commitment and weeds out the 'property tourists' and 'give it a go vendors' that all cost the industry millions each year.

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    It is only fair that buyers are prepared to show they are serious and committed to moving, particularly if they are asking for more information from a seller.

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