New PropTech feature to help agents comply with material information guidelines – London Wallet

Reapit has launched a new feature to help agents comply with the latest material information guidelines from the National Trading Standards Estate and Lettings Team (NTSELAT).

First introduced in May 2022 and expanded at the end of last year, the guidance from NTSELAT is designed to ensure UK agencies’ property adverts are consistently declaring all the information the average consumer needs to decide whether to enquire about and ultimately purchase or rent a property.

Upfront disclosure of material information is a legal obligation under the Consumer Protection from Unfair Trading Regulations 2008. According to NTSELAT, failure to do so could be, “a criminal offence and a “trigger” offence for the purposes of a warning or prohibition order under the Estate Agents Act 1979. Agents may also be subject to a complaint made by consumers to their redress scheme”.

Based on this guidance, Reapit customers on the latest version of the platform can now add key material information from parts A, B and C to properties for sale or to let, including:

+ Council tax band

+ Tenure

+ Leasehold expiry date

+ Charges (including service charges and ground rent)

+ Shared ownership details (including rent payable and percentage owned)

+ Rental deposit requirements+

Property type

+ Room types and count

+ Construction type

+ Parking

+ Utilities

Additional information covering broadband and mobile signal information, accessibility, rights & restrictions, flood & erosion risk

The new fields on the platform’s property marketing screens enable agents to enter essential property details. This creates an easily accessible record for the agency, helping them deal with questions during property enquiries and ensuring the information is included in any property brochure created by the platform. The details will also be added automatically to the relevant property portals as each portal adapts to support material information.

Steve Richmond, general manager at Reapit UK&I, said: “We’re proud to introduce this essential feature, which will help agents comply with their legal obligations under the Consumer Protection from Unfair Trading Regulations 2008. We know from conversations with the NTSELAT that this is something their officers are closely monitoring to see how agents comply, and take action if they don’t.

“We placed a high priority on delivering this essential compliance feature. Collaborating closely with leading property portals, we aim to seamlessly integrate the valuable information provided on Reapit into property listings automatically. This strategic initiative is designed to enhance our customers’ compliance and ensure consumer confidence when enquiring about properties listed by our clients.”