Rightmove are updating their platform to include essential Material Information criteria for agents to include in their advertisements.
Sourcing Agents must be aware too.
Understanding exactly what information you need to include in any presentation or documentation to an investor could be the difference between a happy deal or potentially an unhappy investor and a fine from one of the property redress schemes – TPO or the PRS.
Sourcing agents need to understand, particularly those operating direct to seller, exactly what information needs to be sourced and presented before sharing any deals with an investor.
NTSELAT Material Information Guide
The National Trading Standards Estate and Letting Agency Team (NTSELAT) provides guidance on Material Information that any property agent must follow when sharing information about a deal to an investor. Much in the same way an estate agent would need to provide to a potential buyer.
Three Sections to NTSELAT’s Guidance
There are three sections to NTSELAT’s guidance covered under ‘A’, ‘B’ and ‘C’.
These define what you must include in every presentation or advertisement about your property / deal, and those pieces of material information that are dependent on the type of property.
Direct to Seller
Sourcing agents working in this way really do need to understand all of the information and estate agent / solicitor would know, as it is your responsibility.
NTSELAT states that it is the selling agent’s responsibility to gather this information – and if you’re acting direct to seller – this responsibility falls on the sourcing agent.
You can’t rely on an estate agent in these cases to provide all of the relevant information for you – so how do you get it?
Sourcing Agents need to be aware of the same Material Information guidance. Especially is you’re operating direct to seller.
Tina Walsh, CEO NAPSA
Property Investors Do Complain
The issue with not understanding Material Information and what you need to cover in any presentation, is that if you do not disclose very important information and an investor is unhappy with their purchase, or the money spent in researching further, you could receive a find from one of the property redress schemes if they choose to complain.
The property redress schemes – TPO and PRS will firstly check what information you provided about the deal and if you fail to meet NTSELAT’s A, B or C criteria – chances are you’ll face a fine.
Learn More in Our Next Webinar – 27th June, 7pm
We will be holding a webinar for NAPSA Members to break down NTSELAT’s guidance into easy-to-follow take aways just for sourcing agents.
What we’ll cover
- What is Material Information?
- Why Sourcing Agents need to be aware and follow it
- NTSELAT’s Guidance – Sections A, B and C
- Propertymark’s Guidance
- Guidance for Overseas Entities
- The Property Ombudsman’s (TPO) Interim Report breakdown
- Example of complaints from property investors
After the webinar, all of our Members will receive a video recording of the webinar to rewatch when needed, as well as useful links and further guidance for when presenting deals.
Becoming a NAPSA Member is Easy
You need to be a NAPSA Member to join – it could very well be the best £195 +VAT you spend on your business to not only join this webinar but to also receive:
- 1:1 compliance support – our team will make sure you’re operating compliantly
- Become a compliant and credible sourcing agents that investors trust
- Access to a sourcing community to discuss issues, network and even co-source
- Get your own searchable profile for investors to contact you directly
- Discounted insurance and training
- Access to Member Webinars + recordings every month (including from industry experts)
- Ongoing business support
>> Join here for just £195 + VAT for the entire year: https://napsa.org.uk/join-us/
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