Agents should, by now, all be familiar with the National Trading Standards Guidance for Estate & Lettings Agents (NTSELAT) November introduction of Material Information parts B&C. We recently sat down with Sally Holdway, Director of Teal Legal, to deep dive into the importance of Material Information and how Street.co.uk’s CRM can help agents reduce the administrative burden, attract more committed buyers and delight their vendors.

‍Understanding Material Information

Material Information refers to key details about a property that you need to disclose to potential buyers under the National Trading Standards Guidance for Estate & Lettings Agents (NTSELAT). This guidance aligns with the Consumer Protection Act and aims to ensure transparency in property transactions, thereby reducing the risk of sales falling through due to undisclosed information.

Material Information is split into three parts:

• Part A: Basic property details (e.g. price, tenure and council tax band).
• Part B: Additional information (e.g. flood risk, utilities and ground rent).
• Part C: Further insights specific to the property and its environment (e.g. planning permissions, parking arrangements).

Now clear guidelines are in place, it’s never been more important for agents to make sure they meet the Material Information regulations. Failure to comply with parts B and C of material information regulations can lead to serious consequences for estate agents, including unlimited fines, bans, or even imprisonment.

In 2023, 35% of all property sales fell through, with 49% of these failures attributed to buyers either changing their minds, attempting to renegotiate the price, or withdrawing after a property survey. By providing comprehensive Material Information upfront, agents can significantly mitigate these risks.

The role of tech

Previously agents would collect property information from vendors through various channels such as email, google forms or even via the phone. These collection methods can lead to key information being misrecorded or even missed altogether, with the introduction of Parts A, B and C this means an increased risk of penalty.  

Our technology has revolutionised the collection of key material information via Property Information Questionnaires offering innovative solutions to streamline processes and enhance data transparency.

Street.co.uk is the only CRM solution on the market with fully automated, integrated digital Property Information Questionnaires that streamline the process of collecting material information and elevate the experience for your vendors.

Here’s how Street.co.uk makes managing Material Information simple:

• Automated and integrated: Fully automated, digital Property Information Questionnaires (PIQs) for efficient material information collection.
• Customisable form builder: Intuitive, customisable form builder with options to hide, add, reorder questions, and include help text.
• Compliance guidance: Pre-populated questions with material information requirements, marked for Parts B and C compliance.
• Vendor app integration: PIQs are sent directly to the Vendor App for swift response and task notifications.
• Efficient workflow: Automatically inform vendors, sync data with CRM, eliminate double data entry, and reduce errors.
• User-friendly experience: Modern, mobile-friendly questionnaires for easy completion and quick access to stored information.

Turning Material Information into a win-win

Providing detailed Material Information is beneficial for both buyers and vendors:

• More Informed Buyers: When buyers have access to detailed property information, they can make well-informed, confident decisions, reducing the likelihood of post-survey renegotiations.
  
  
• Satisfied Vendors: Transparency and simplified processes build trust with vendors, alleviating financial risks and boosting their confidence in the agent’s capabilities.
  
  
• Reduced Fall-throughs: Comprehensive information upfront minimises the risk of unexpected issues, leading to fewer sales falling through.

For estate agents, this transparency translates into tangible benefits:

• Boosted Profits: Early identification of potential issues allows for quicker resolutions, ensuring that committed buyers proceed with their purchases.
  
  
• Enhanced Productivity: Streamlined workflows and simplified data management reduce the administrative burden, allowing agents to focus on high-value activities.

How the wider Street Group network helps agents with material information

In addition to our automated PIQ workflow, the wider Street Group network offers a suite of tools designed to help agents manage Material Information efficiently:

• Spectre integration: Spectre accounts now include extensive Material Information data at no extra cost. This includes details on EPC ratings, council tax bands, and flood risks. Clear markers indicate which part of the Material Information the data covers (A, B, or C).
  
  
• Street Insights: This tool provides comprehensive data on council tax, tenure, mobile signal coverage, and flood risks. Agents can generate and share detailed reports with ease, integrating seamlessly with Street.co.uk to ensure accurate and up-to-date property listings.
  
  
• Portal integrations: New integrations allow listings to be posted directly to property portals, with all necessary fields automatically filled in, ensuring compliance with Material Information requirements.

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Incorporating Material Information into the property listing process is not just about compliance; it's about enhancing the entire sales experience for buyers, vendors, and agents. 

Street.co.uk’s advanced PropTech solutions empower estate agents to provide comprehensive, accurate property information from the outset, reducing the risk of fall-throughs and fostering a smoother, more efficient sales process. 

By leveraging these tools, agents can attract more committed buyers and achieve faster property completions, solidifying their position in the competitive estate agency market.

For a deeper dive into how these solutions work, check out the full webinar here. Or if you’d like to see our PIQ workflow in more detail, book a demo with one of our team today.

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