Free trial Sign-up

Please leave your name and email and we'll be in contact shortly.



Contact Number


Please complete the sum:        
20 + 4 =

Call for evidence highlights opportunities to make compliance pay

23rd October 2017

The recent call for evidence on the home buying process from government will take views on:

  • Gazumping
  • Providing better guidance and encouraging the provision of more information up front
  • Building trust and reducing risk of fall throughs
  • What innovations could make the home move quicker…

among other subjects. among other subjects. And with the potential for even more regulation there needs to be “buy in” from stakeholders already burdened by extensive regulation… and the way to get “buy in” is to demonstrate that compliance with regulation can benefit the business and add value.

What’s in it for me?

This is the crux of the issue for estate agents. Competition has driven down the fees achievable while increased regulation has seen further erosion of revenues as agents increasingly absorb the cost of compliance.

With the Department for Business, Energy & Industrial Strategy highlighting that over 80% of purchasers only view the property twice or less before putting in an offer is it any wonder “…although 1 million homes are bought and sold in England each year, around a quarter of sales fall through and hundreds of millions of pounds are wasted.” (https://www.gov.uk/government/news/government-acts-to-improve-the-home-buying-process

Providing better guidance and encouraging the provision of more information up front can only be a win-win-win-win for the agent, vendor, buyer and solicitor. Agents and vendors evidence compliance with regulations; more informed and committed purchasers means fewer aborted transactions; sharing of information presents the potential to introduce the solicitor on day one and make a start on the legal process ultimately saving time on the transaction.

Further Regulation

The introduction of the 4th Money Laundering Directive in June 2017 now requires agents to carry out customer due diligence on purchasers as well as vendors.

Some agents have gone down the route of electronic checks, for which there is a fixed cost allocated to each check. Others continue to request paper ID the responsibility for which often falls to the valuers; while there is no direct cost, this often ends up taking time in chasing vendors and prevents proactive revenue generating activity.

Instead of requesting paper ID from purchasers and potentially slowing the transaction, how much more positive an experience are you providing your client with electronic checks? Instead of valuers chasing photo ID or paper documentation, what if that time could be used to chase new leads and valuations. What impact could this potentially have on your business? What is the perception this leaves your customers with of your business?

Whichever route is preferred, the vast majority of agents have absorbed these additional costs.

Turning compliance into an opportunity

Compliance Packs from Landmark add value to your customers and streamline the whole compliance process into a few clicks from one place;

  • Undertaking and demonstrating compliance with AML responsibilities
  • Providing buyers with more information up front, introducing more committed purchasers and reducing the risk of fall throughs
  • Identifying key information relevant to property including leasehold information, flood risk, EPC rating, rights of way and access and covenants


Get ahead of your competition, and turn compliance from a sunken cost into an opportunity. Complete the contact form below, contact Samantha Peacock today on 01524 220013 or email sam.peacock@landmark.co.uk.

Register your interest today



The client and experts view...

  • thumb1
Latest newsspeech Bubble

Case Study: Noise issue could cost agent £9000

Our latest case study come from a recent news item to have hit the industry and national press.

A disgruntled tenant is claiming £9,000 in damages from an agent and landlord who, in his litigation, he claims rented him a flat with an excessive noise issue. (more…)

Crack down on AML with “Flag it Up”

The government have moved to crack down on Money Laundering in the UK with a new campaign focusing on the accountancy, legal and property sectors. (more…)

How to write your AML risk assessment

The Money Laundering Regulations require estate agents to risk assess their business relationships and apply an appropriate level of investigation to ensure that they understand who their customer is, and why they are involved in the transaction. (more…)

Fines for failure to identify beneficial owners

Agents are falling foul of money laundering regulations by not having a process in place to identify third party ownership and beneficial owners. (more…)

NEWSFLASH: Funding doubles for industry regulator

The government have announced a significant funding increase for property industry regulator the National Trading Standards Estate Agency Team (NTSEAT).

There has long been criticism of a lack of resource in the team whose responsibility it is to police and enforce various regulations estate agents are governed by; including the Estate Agents Act 1979 and the Consumer Protection from Unfair Trading Regulations 2008 (CPRs). (more…)

newsletter sign-up

Sign up for our e-newsletter

Email Address

trial sign-up

Click the Apply button opposite to use our software on a trial basis...

  • etsosnews

  • etsosnews

  • Linkedin Twitter Facebook
    This site uses cookies. Find out more about this site’s cookies.