A recent study by Property Industry Eye found that buyers who paid for upfront searches completed their purchase in 79 days – without a single fall through. Those who didn’t take up the offer took 41 days longer and 42% fell through. And they are not alone – three independent studies conducted over the last 9 months achieved identical results.
These findings are extraordinary, and they suggest that upfront client and property information can have a major impact on the speed and certainty of a real estate transaction.
There are several reasons why this data is so important.
- It allows buyers and sellers to make informed decisions. When buyers know the condition of the property, they can make an informed decision about whether or not to make an offer. Similarly, when sellers know the true condition and market value of their property, they can enter the homeselling process with realistic expectations.
- It helps to speed up the sale. When buyers and sellers know what they are getting into from the get-go, they can move more quickly to close the deal and avoid last minute surprises. With all fact-finding done before a buyer is found, the legal work only takes days.
- It reduces the risk of fraud. When buyers and sellers have access to all of the relevant information, they are less likely to be taken advantage of. Any red flags are detected early on in the process.
The benefits of upfront information are clear. However, estate agents are still reluctant to provide it. They may worry that it will give buyers an advantage or that it will make it more difficult to sell a property.
As a broker, these are valid concerns – but they are rooted in a short-term mindset. The truth is that upfront information is in everyone’s best interest. It helps buyers and sellers make informed decisions, it speeds up the transaction process, and it reduces the risk of fraud. And – it generates far more revenue for estate agents than pushing for higher ask prices.
In the Conveyo pilot, a single London Zone 2 estate agent sold 32% more properties for the year 2022-23 thanks to a combination of streamlined processes and reduced fall-throughs from upfront information.
In addition to the benefits mentioned above, upfront information can also help to build trust between buyers and sellers. When buyers know that they are getting all of the relevant information, they are more likely to trust the seller and the agent, leading to a more positive and productive transaction experience for all.