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Quick Sale Compliance Packs turn sunken cost into a revenue generator

7th June 2017

The impact of the money laundering and consumer protection regulations has seen a further erosion of revenue from property listings. In a survey undertaken by ETSOS, 96% of agents absorbed the additional cost to their business as a result of new processes and procedures.

These include the cost of obtaining and verifying the ID of clients and establishing material information about the property.

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.

This, twinned with reduced fees continues to squeeze the sector.

Recent research by Landmark identified an appetite amongst estate agents for a greater transparency and availability of information for the home buyer. Indeed, the Consumer Protection from Unfair Trading Regulations 2008 (CPRs) requires material information, that is information which would influence a home buyer’s decision to make a purchase, must be provided up front.

Making Quick Sale Compliance Packs from Landmark a part of your process prepares and shares key information between sellers, buyers, estate agents and solicitors to save time and smooth each next step in the transaction.

The information collected evidences compliance with CPRs and AML, turning this sunken cost into an opportunity for stakeholders; more information means better informed buyers, higher quality viewings and ultimately fewer fall throughs. A win-win for both the client, who sells their property quicker, and the agent who gets paid faster.

Benefits of Quick Sale Compliance Packs

Vendors;

  • Protection from implications of CPRs
  • Can instruct conveyancer earlier to prepare contract pack prior to offer
  • Can market their properties as Quick Sale Ready ensuring they stand out from the crowd

Agents;

  • Win more listings with “Quick Sale Ready” service
  • Streamline the cost and administration of money laundering and costumer protection compliance
  • Present more information up front ensuring more committed purchasers are introduced reducing the risk of aborted transactions

For more information about Quick Sale Compliance Packs please contact Samantha Peacock (sam.peacock@landmark.co.uk) on 01524 220013 or register your details below.

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