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Advisers may move on Hip opportunity

The firm conducted a three-month-long survey on the preparations of 300 estate agents and found that 67 per cent are ill-prepared.

It claims that this opens up an opportunity for mortgage advisers to market Hips to vendors, giving them a new lead-generation opportunity.

The survey was conducted on behalf of the Bespoke Hip Company, which, along with IGS, is part of the FE4 group, chaired by former Thinc Destini executive deputy chairman David Collett.

Collett estimates a 50/50 split of agents planning to fund the packs themselves, versus those intending to ask their clients pay up front.

For agents selling 200 properties a year, with 250 houses on the books, they could have up to 100 properties on the books at any one time – a potential up-front cost of around £40,000.

Collett says: “We are finding a number of different levels of risk in the lack of preparations made by estate agents, from those who are aware of how they will deal with the practicalities of collating their housing information pack and simply have not thought through how they will fund the cashflow issues that will arise.

“An estate agent would never open their business without preparation, and the same should go for implementing Hips. I believe in the three Ps – preparation prevents panic.”

Association of Home Information Pack Providers director general Mike Ockenden says: “It is now less than 50 working days until the packs become mandatory and those agents who are not prepared, and whose staff are not trained in Hips, are running a real risk of potentially losing business.”

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