Transparency is the key to establishing trust in any industry, but it holds particular significance in Australian real estate today.
Buyers, whether they’re first-time homeowners or seasoned investors, expect transparency throughout the buying process.
One crucial element of transparency in a sale is providing potential buyers with a comprehensive inspection report upon demand.
In today’s digital age, buyers expect information at their fingertips.
They want quick access to the details they need to make an informed decision about a property.
Starting a sales campaign with a building and pest report also saves a considerable amount of time for both agents and buyers.
Without a report, buyers may have to wait for inspections to be scheduled, completed, and the reports to be generated.
This delay can lead to frustration and may even cause potential buyers to lose interest in the property.
Leading Victorian agent, Paul Fenech, Director of McGrath Estate agents in Croydon, said that getting an inspection report before the start of the campaign is beneficial for both vendors and buyers.
“It’s really good for vendors to get a report upfront purely because the buyers can have all the information they need in advance”, he said.
“We explain to them that buyers don’t want to get a surprise.
“The report will reveal if anything needs repairing and buyers like the transparency.
“When you have the sales contract and the building and pest report ready for buyers, there’s no reason that they can’t make an offer because they’ve got everything they need.”
For agents, ensuring that a qualified and independent inspector can conduct the inspection while other marketing services such as photography and videos take place, means that their vendor is only opening their home once before the start of the campaign.
Ben Hodgson, Managing Director of Q Property Inspections, is an independent Queensland inspector who completes hundreds of jobs through Before You Bid every year.
He says that agents remove so many hassles when they get a report before their sales campaigns start.
“Every agent wants a report done today,” he said.
“I always tell agents, when you get your photos taken and your floor plan drawn up, get us there at the same time so that you don’t inconvenience your vendor.
“You only have to make the one appointment.”
The main reason given for not getting an inspection report upfront is that agents often worry that revealing issues in an inspection report could deter potential buyers.
However, the opposite is true.
Buyers appreciate the transparency and may still choose to move forward with a purchase, especially if they are well-informed about the property’s condition.
Furthermore, addressing potential issues early in the process allows agents to proactively manage buyer expectations.
Victorian Inspector Tiho Lerota, from Jim’s Building Inspections in Kew, always likes to talk to agents and buyers about his reports if it means they have a clearer understanding about the condition of the property.
“I like to speak to buyers and agents about what’s in the reports because sometimes they’re not familiar with the terminology we use in the reports”, he said.
“By reviewing the report together, we can simplify the content and give them comfort to make a decision.
“Why wouldn’t you want to know if there’s a serious mould issue or something similar. Sometimes these things are actually quite easy to remove or rectify.”
In the competitive world of real estate, transparency and efficiency are powerful tools that benefit agents, vendors and buyers alike.