Tech will ease compliance with new property listings guidance
The Open Property Data Association (OPDA) has offered strong support for new guidance on the essential information that property agents need to include in listings. The association says that the integration of technology and open data will make compliance with the guidance easy for agents.
The National Trading Standards Estate and Letting Agency Team (NTSELA) published Material Information, parts B and C, last week. The guidance is in response to property agents’ calls for clarity on what constitutes material information.
OPDA is a trade association dedicated to promoting open property data collaboration. It has delivered a property data trust framework which already covers Material Information part A and will map the new information requirements to the current open data schema.
Agents are already obliged under the Consumer Protection Regulations not to omit any material information on property listings. But, until now, there hasn’t been a defined list of the basic information required, leaving agents vulnerable to enforcement action. The guidance is also set to achieve a better outcome for the consumer.
The new Part B is information that should be covered for all properties – such as the property type and construction. Part C is information that only needs to be established if the property is affected by the issue – such as flood risk or accessibility issues. Part A was announced last year and includes council tax band or rate, and property price.
OPDA is calling on all sellers and estate agents to appoint a conveyancer before or on listing so the material information including title can be expert checked and the searches ordered as early as possible. A number of OPDA member firms have digital property pack solutions that provide this information, with the provenance attached to ensure compliance for parts A, B and C.
Maria Harris, chair of OPDA, says: “This is another key milestone on our journey to digitising the home buying process. This new guidance will improve transparency and interoperability, creating a better customer and user experience. Brokers, lenders, valuers and the buyer’s conveyancer will have the information they need from verified sources at the beginning of the transaction. This will mean fewer nasty surprises too late in the process, fewer fall throughs and delays. The guidance should also mean better protection for the consumer.
“Estate agents, conveyancing firms and their software providers can get support from OPDA on how to implement the tools to meet these standards and to make the data shareable between the transaction participants.”
Kieran Witt, founder and CEO of Kotini, an OPDA member, said: “Whilst some agents will see this as more work, many will see it as an opportunity. Being upfront with all the material information will mean agents are more likely to find the right buyer – and keep them. Avoiding surprises later in the transaction that might make the buyer think twice. And with all the new information for buyers to consider, the need for a trusted, experienced property professional has never been greater, excellent news for buying agents.
“Existing tech will make compliance with the new guidance easy. With the use of open property data, it can do much more than just keep agents compliant. Using the Property Data Trust Framework makes sure that material information gathered for the agent can be relied upon in the conveyancing process to save everyone time and cost.”
Sián Hemming-Metcalfe, operations director of OPDA member Inventory Base, said: “Since the release of Part A, there’s been hesitation to fully adopt the processes needed to not only speed up the collection of data but also to integrate it within everyday operations. Now we’re armed with the full picture, agents need to act now, embrace and start to leverage the right tech to help create, capture and share information. This is where the OPDA can really help, as the right guidance can be the difference between a stumble or a confident stride through the property landscape.”
The new Trading Standards guidance follows on from the recent government launch of pilot projects to explore digital solutions to improve the home buying and selling process.
