The property industry is undergoing a significant transformation in how properties are marketed and listed. With the National Trading Standards Estate and Letting Agency Team (NTSELAT) implementing new material information requirements, agents and property professionals need to adapt quickly to ensure compliance and maintain competitive advantage.

What is Material Information?

Material information is defined as “information which the average consumer needs, according to the context, to take an informed transactional decision.” In practical terms, this means any information that could influence a potential buyer or tenant’s decision about a property, from viewing it to making an offer.

The Three-Part Approach

The new requirements are being rolled out in three parts:

Part A – Essential Information

• Council Tax/Domestic Rates
• Property Price/Rent
• Tenure Information (for sales)
• Deposit Details (for rentals)

Part B – Property-Specific Information

• Construction and utilities
• Parking arrangements
• Flood risk
• Property size and rooms
• Broadband speeds
• Utilities information

Part C – Additional Material Information

• Building safety measures
• Known conservation area restrictions
• Flood risk assessments
• Planning constraints
• Mining areas
• Rights of way

Why These Changes Matter

These new requirements aren’t just about compliance; they’re about creating a more efficient property market. By providing comprehensive information upfront:

1. Buyers and tenants can make better-informed decisions
2. Fewer transactions fall through due to late discoveries
3. The sales/letting process becomes more streamlined
4. Trust in the property industry increases

The Business Impact

For estate and letting agents, these changes bring both challenges and opportunities:

Challenges:

• Additional time needed to gather information
• New processes to implement
• Staff training requirements
• Potential delays in listing properties

Opportunities:

• Reduced failed transactions
• Improved client trust
• More qualified viewings
• Competitive advantage for early adopters

Cost Implications

The implementation of these requirements does have cost implications for agencies:

• Staff time for information gathering
• System updates
• Training costs
• Potential delays in marketing properties

However, these costs should be weighed against the benefits of:

• Fewer failed transactions
• More efficient processes
• Reduced time wasting
• Better client relationships

Looking Ahead

As these requirements become standard practice, agencies need to:

1. Review their current processes
2. Implement new systems for gathering information
3. Train staff on new requirements
4. Update marketing materials and property listings

Calculate Your ROI

Want to understand how these changes might affect your business financially? Use our ROI calculator below to see potential savings and benefits from implementing efficient material information processes.