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May 20, 2010
So they’ve gone. No surprise there then.
I don’t intend ranting on about whether HIPs were a w aste of time
as this has been covered elsewhere. What I want to think about is what we have learnt about the sales process and the behaviour
of vendors from HIPs?
Last week we were asked by a HIP provider if we would support their campaign to try to retain HIPs.
Rather than just saying no, I asked my colleagues how it had affected vendor behaviour. The answer was it meant that owners who put their property on the market were serious about selling as they had to pay money upfront.
This is interesting, as from my perspective the aim of HIPs was to assist the sales process – so you could conclude HIPs were a success as buyers were being shown property that was genuinely for
sale, rather than possibly for sale.
However, rather than setting up a whole new industry of HIP providers, you could simply have estate agents charge part of their fee upfront before they market the property.
This would have resulted in the same outcome.
Are we not better off regulating estate agents so they are better trained, don’t focus on the speculative side of selling, but rather deal with clients in a professional way that establishes that vendors are serious about selling
? In our Q1 2010 Young Index report 93% of respondents said estate agents should be regulated.
Surely this is where attention should be focused
I think HIPs have had the benefit that they have got the industry and government talking - let’ s hope that there are
some constructive suggestions.
By the way – we did not support the campaign.