When it comes to selling a property, there are very few things more frustrating than time wasters – people who have no intention of buying, are unable to buy, or unable to commit to something and see it through.
It is estimated that estate agents and home sellers could be wasting hundreds of hours a year conducting viewings for people with no intention of buying their home, material Information and digital property pack provider, Moverly, has found.
Moverly calculated the number of hours wasted each year based on the average number of viewings it takes to sell a home, the average time each viewing takes, the number of viewers estimated to be a time waster, and what this equates to when you apply the figures to the total number of homes sold across the UK in a year.
The research shows that it takes an average of 14 viewings in order to sell a home, with each of these viewings taking an average of 28 minutes.
Last year, 718,127 homes were sold across the UK, which means that agents and sellers hosted over 10 million viewings. Based on the estimate that one of the required 14 viewings it takes to sell a home was a complete time waster, this means that 718,127 viewings took place whereby the buyer had no intention of making an offer.
At the average time taken to view of 28 minutes, this means that agents and sellers wasted 335,126 hours on time wasters during the viewing process – that’s the equivalent of 1,995 weeks.
Signs of a legitimate buyer
Are they pre-approved for a mortgage? If they have their finances ready it’s a good sign they’re in a position to buy.
Why do they want to move? If they don’t have a clear answer, like good schools, more green space, or upsizing, it maybe that they’re simply browsing.
When the viewing does take place, genuine buyers tend to move through a house slowly, visualising themselves in each room.
Good signs are if they ask about utility bills and council tax, while the same goes if they ask about the local amenities, like parks or dog walking opportunities.
Gemma Young, Moverly CEO, said: “Nobody likes to have their time wasted and it can be particularly frustrating during a stressful life stage such as the property selling process.
“You might think it’s just 28 minutes lost, but across the property sector as a whole this adds up to hundreds of hours over the course of a year.
“The best way to get ahead of time wasters during the viewing process is to ensure your agent has properly qualified any buyer before they enter your home.
“The proper provision of upfront information is another way of sorting the wheat from the chaff in this respect, as it provides buyers with all of the relevant details required to help them form a comprehensive initial view of your property.
“So whilst you may still get the odd time-waster keen to nose around, you should also benefit from a streamlined viewings process when it comes to serious buyer interest.”
