From the end of May, new rules from the National Trading Standards Estate and Letting Agency Team (NTSELAT) will come into effect.
Under the new rules, estate agents must list material information within property listings.
This is why agents across the country are now looking to revise their processes and ensure all required information on the property details is clear.
The National Trading Standards Estate and Letting Agency Team (NTSELAT) the regulation of estate agency work in the UK.
According to their Business Plan:
The team is primarily responsible for the regulation of estate agency work in the UK and lettings agency work in England, specifically:
The new rules will be rolled out in three phases A, B and C.
In part A, agencies must ensure that they disclose the tenure, and the council tax band or rate. Also, listings will still have to show key information like the property price, past owners and property’s conditions.
For part B and C, agents will have to disclose any restrictive covenants and things on the title that might be difficult to discuss. This can sound a little fearsome for agencies, as closing deals could become harder for some titles in the lists.
Nonetheless, let’s remember that the goal here is to improve transparency.
More transparency throughout a property transaction can really lead to a smoother process for estate agents, buyers and sellers.
These two phases will apply later this year and will require agents to make more material information available to consumers.
Keeping up to date with new rules over time is majorly important.
Agents still have the option to manually source and publish essential material information. But many branches are questioning if they have the time or resources to accommodate this increased workload.
As a result, agents are considering where they may need to invest in appropriate technological solutions, and collaborate with legal partners.
In fact, agents will be given time to improve their processes but a commission may organize visits to branches and check their compliance.
Complying with regulations is important, but finding leads and prospects too. Are you are looking to expand your agency’s sphere of influence? Consider listing your properties here.
If you want to know more about the latest trends for agencies, homeowners, and market trends, check our blog by clicking here.
Andrè Pitì
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