Home buyers are increasingly expecting same-day updates, according to research from Lyons Bowe Solicitors.
The company found that British consumers have no tolerance for poor communication during the transfer process, with consumers demanding quick responses and immediate notification of any issues that may affect their purchase.
A survey of homebuyers who have purchased a property within the past two years shows that communication expectations extend beyond the initial transaction.
While 68% of buyers expect a realtor to respond to an initial inquiry within 24 hours, buyers continue to want regular contact and updates throughout the home buying process.
Once ordered, 63% of consumers expect confirmation that their file is open and work has begun within 24 hours, while 61% expect confirmation that their documents and ID documents have been received within the same time frame.
When contacting their broker with a question, 75% of consumers expect a response within 24 hours, including 30% who expect a response within the same business day. Only 6% believe that waiting longer than two working days is acceptable.
While searching, more than half (52%) of consumers expect weekly updates from their conveyancer, regardless of whether there has been significant progress.
Buyers also expect to be kept informed as soon as reasonable progress is made. When important information is received from a seller’s attorney, 86% expect an update within 24 hours, including 38% who expect to be notified within the same business day.
Communication becomes even more important when problems arise. Four out of five consumers (81%) expect to be notified of any issue that may delay their purchase immediately or within the same working day, while 32% expect to be notified immediately.
As transactions move closer to commerce, consumers expect communication to be more consistent. More than two-thirds (68%) expect updates at least every two to three days, including 30% who would like daily updates as the exchange approaches.
The importance of communication rises on the day of completion itself. More than half of consumers (56%) expect their transferor to notify them immediately when funds have been transferred and completed, while another 22% expect confirmation within an hour.
Lyons Bowe Solicitors managing director Paul Lyons said: “One of the clearest messages from the research is that consumers want to feel informed.
“Buying a home is often one of the most important financial commitments a person will ever make. If people don’t know what’s going on, the uncertainty can cause frustration, even when the transaction goes as expected.”
Last week’s analysis of order volumes received by Conveybuddy in the first 10 business days of April, May and June showed that buy/buy orders continued to grow throughout the quarter, up 37%.
