Huge improvements could be made to the lettings process if agents used the property data available to them, it’s been claimed.
PropTech provider Information Works says property-specific data assists both in the acquisition of new customers and in the provision of consumer-facing details such as those requested in a new initiative led buy the National Trading Standards Estate and Letting Agency Team.
By the end of April all property listings must include the council tax band or rate (for lettings and sales), as well as the property price and tenure information (for sales). Over the coming weeks, data fields for these particulars will start to appear on the portals.
Then later phases led by NTSELAT will mean agents will have to add further ‘material information’ - for example, restrictive covenants, flood risk and other specific factors that may impact certain properties.
“Waiting until the last minute to acquire access to sufficient property data is not necessary…the real obstacle is agents need to ensure they are using the data to its full potential from Council Tax Bands, Tenure, Sales and Lettings history, Planning, Curtilage dimensions and Mapping” explains Nigel Ross, managing director at Information Works.
He continues: “Better use of property data will prevent misinformation, misunderstandings, and uncertainty throughout all processes. As a result, transaction from acquisition to completion will be more fluid with fall-throughs likely to be reduced through a better understanding of what’s on offer from the start.
“Making use of the vast amount of granular data that is available keeps agents, buyers and sellers informed and this allows them to make better decisions right at the beginning of their journey - overall, lowering the possibility of transactions falling through.”