X
etsos

Free trial Sign-up

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

Name

Company

Contact Number

Email

Please complete the sum:        
40 + 2 =

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.

Register Now; we'll be in touch

 

Verification

 

 

The client and experts view...

  • thumb1
Latest newsspeech Bubble

Is a passport enough for AML? Blog 1

The Money Laundering Regulations 2017 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…)

What to do with a refer result?

You’ve done your AML check and you’ve not got a pass… and you’re not sure what to do next.

Don’t panic! (more…)

Land Registry Suspension of Service 16/17th June

Land Registry have advised they will be suspending access to their services for the weekend of the 16th and 17th June. (more…)

TPO report highlights CPR risk for estate agents

Failure to comply with the Consumer Protection from Unfair Trading Regulations cost non-compliant agents £1.4m in 2017 according to The Property Ombudsman’s 2017 report. (more…)

Changes to The Coal Authority CON29M Report

From Friday 1st June 2018 The Coal Authority Con29M report will no loner include information relating to brine extraction.  (more…)

divider
newsletter sign-up

Sign up for our e-newsletter

Name
Company
Email Address
trialTop

trial sign-up

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

trialBottom
  • etsosnews

  • etsosnews

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