The property market can be a minefield for those involved in the process, especially when just last year, it was reported a 28.8% fall-through rate of property deals.
Which is why leading property data platform, Sprift carried out analysis of fall-through rates in the UK. They found a key trend that could very well help sourcing agents and property investors not only get deals over the line, but potentially get them there quicker.
What is Property Fall-Through?
A property fall-through occurs when a property transaction fails before completion, such as a property listed as “Sold Subject to Contract” (SSTC) may return to the market when agreements between the buyer and seller break down. There are various reasons why this could happen, with the most common being:
- Delays in paperwork or legal processes
- Issues covered during surveys that weren’t disclosed earlier
- Unrealistic or misaligned expectations between buyers and sellers
- Financial difficulties, such as mortgage rejections
Not all of these can be prevented, however in a number of cases – utilising upfront data could very well help to lower fall-through rates.
Why Upfront Data Matters
Informing a buyer in advance of a property purchase, could very well aid in avoid difficulties down the line.
If your investor is fully aware from the beginning of viewing a deal on all material information, such as boundary plans, flood risk assessments, conservation area restrictions, or details about listed status – they will have been given all of the data details to make an informed decision.
As part of their research, Sprift conducted compelling analysis of how upfront data can impact property transactions. After studying over 1.2 million listings from January to December 2022 they compared fall-through rates between estate agents who used Sprift’s platform and those who didn’t.
The study found that agents who used Sprift’s dashboard and “Key Facts for Buyers” report, experienced a 13.1% reduction in fall-through rates, compared to those who didn’t provide upfront data.
Reducing Property Fall-Through Rates Will Benefit Everyone
Fall-through impacts all parties involved in the property from the sourcing agent, investor, and of course the seller – it can lead to frustrations and even disputes.
By providing the right data upfront to your client could be the difference between your deal going through or not – which for many sourcing agents could be absolutely critical in moving forwards.
We know how much time and effort goes into finding investors, searching for the right property to meet their requirements, negotiate with the seller – then get that deal over the line.
Save yourself more challenges than required by making sure you are sharing all data upfront with your investors.
Your investor will be thankful and with all information presented early, it could even help accelerate your deals, or even land more opportunities at your door from the investor.
NAPSA Members Get 50% Discount Access to Sprift
Sprift has an extensive search and data platform readily available for sourcing agents to search on and offline properties in their area. Our team has used the platform and are thoroughly impressed by the ease of use and levels of data you can gather on literally any property in the UK.
As part of our partnership with Sprift, they are kindly offering all NAPSA Members 50% discount to join their platform. You can find out more by completing our Member form here.
Not a NAPSA Member?
No problem, why not book a free demo with Sprift’s team so you can make a decision on whether the platform is right for you. Simply click here to get started and complete the short form.
