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Should Property Vendors Get Inspection Reports?

Published on 6^th May 2012 | 2 Comments

SHOULD PROPERTY VENDORS GET AN INSPECTION REPORT DONE?

There are a number of benefits for vendors (and their selling agents) by having a building/pest inspection report or a strata inspection report available on their properties.  The major benefit is to create more transparency that can significantly help getting buyers interested in your property.  Other benefits include less access requirements for property inspections and the ability to secure last minute or time poor buyers. Also, understanding the issues with your property allows you to respond proactively to buyers.

If a report is going to be available on your property, make sure that buyers don't have to question its independence.  Use a business that has high standards and has a reputation for being independent of real estate agents.  Also make sure that buyers can easily access the report at any time online.

Why can't I just give buyers the report?

It is vital that buyers get advice from the inspector about the property.  This means that the inspector needs to know who has the report and the inspector needs to be compensated for providing his advice to each potential buyer.  If the report is just handed over to buyers, the inspector has no incentive to answer buyer questions and it looks like the inspector is working for the vendor - thus undermining independence.  It is also very likely that buyers will value the report much less.  As they say, you get what you pay for!

What if the agent doesn't think it's a good idea?

Selling agents are focused on getting the sale.  They have a process to achieve the sale and it usually includes asking the vendor to invest in the marketing campaign for the property.  If you are spending money on getting an inspection report done, you might have less to spend on media marketing.  But the inspection report is also a marketing investment because it is showing that you haven't got anything to hide and you respect the right of buyers to have full information about the property.

Good agents see the benefits of having inspection reports available.  Before selecting a selling agent ask them about their views on this topic to test them.  Their response may help you select the agent too.

If you want to find out more or having any questions about inspection reports, please call us on 1300 798 274 or email us at info@eyeon.com.au . 

The EYEON Team