This monthly index tracks estate agents’ awareness of HIPs and the issues surrounding them. Results of the May HIP Awareness Index showed:
Awareness:
- With just over a year to go until HIPs become compulsory, 11 per cent of estate agents still do not know what Home Information Packs are. This remains at the same level as April’s tracker which showed an increase in agents’ awareness of HIPs – possibly a reaction to increased media interest in this area.
Advertising:
- Almost half of estate agents (44 per cent) believe that advertising HIP services in branches will attract more customers. However, a quarter (25 per cent) of agents feel that in-branch advertising will not attract more customers, as once they go live, all agents will be advertising at a similar level.
Consumer interest:
- Over half of the agents surveyed (52 per cent) felt that payment on completion would attract the most interest from consumers, as they have concerns that vendors might be put off an initial outlay with no guarantees that they will complete their transaction. Only 9 per cent felt that a household name attached to the product would have consumers beating a path to their doors and 8 per cent felt the same way about the portability of the packs. Of the remaining 31 per cent, most were unsure about this aspect.
Karen Babington, marketing director at easier2move, commented: “It is important that estate agents are educated about HIPs as they will have a major role to play in the sale of them when they go live in 2007. That 11 per cent of estate agents are unaware of HIPs is worrying, but is encouraging to see this figure has come down since the index started.
“Almost a third of agents are unsure as to whether advertising HIP services will attract more customers, coupled with a quarter who think they won’t attract any more. To those agents I would say begin advertising early before HIPs go live in order to have your brand associated with the products in order to make the most of any consumer enquiries.
“Moving house is an expensive process and both purchasers and vendors will be cautious not to spend money unnecessarily. As a result it is not surprising that payment on completion will be an attractive option for many vendors.”
