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HIPs will be no problem for brokers who are prepared

From Colin Baily

You must have heard about Home Information Packs by now – how they will decimate the industry with estate agents poaching the business from us by tapping into the clients before the independents get a chance to see them.

But is it really doomsday? I speak only from the point of view of a packager, but I welcome HIPs.

Ask yourself, how many hours have you spent on a case only to find out just as the offer is hot off the press that the client has lost the property. Bang goes your proc fee.

All that work for nothing. Well, things are going change for the better as of Q1 2007 when you see your client – and no, they will not all be gobbled up by those nasty estate agents.

As soon as the system is implemented you will have peace of mind in knowing that these people are serious buyers looking for your service. Why? Because they have found the property of their dreams but the most important thing is that the vendors are serious too, as they have had to spend around 800 to get the property onto the market.

The HIP will contain all the information needed to ensure the transaction completes with ease.

What’s in the pack that’s going to make such a difference to the industry? HIPs will contain all the information needed for a deal such as the terms of sale, a valuation report, office copy entries, guarantees and building consents and yes, probably a plug from the estate agent about its mortgage adviser (inhouse and probably tied). We have always known of the competition perched in the estate agents’ office.

The agents normally get to interview the client before you see them anyway, so what’s the fuss about?

As long as packagers and lenders are geared up for the change, I don’t foresee any problems.

Remember, people buy people so assuming that you have done a good job in the first place – which I’m sure you have – your clients will always return.

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