"Looking at our sector from the outside in, with so many parts of the industry evolving at such pace, there is always a slight fear that the survey might get left behind."
In recent years we’ve seen some monumental shifts in market dynamics, economic conditions, lending approaches, borrowing appetites and consumer attitudes. When operating in an industry as fast-paced as the housing and mortgage markets, it’s far from unusual to experience any one or even two of these elements at any given time. However, when you put them all together it’s fair to say that the past few years have been somewhat more unusual and unpredictable than the majority of their predecessors.
Like any business, it’s our job to evolve with a market which is rapidly changing and to try to get ahead of the curve when and where we can. Inevitably, in the modern age, technology and forging key partnerships with leading firms operating in the tech space and beyond will continue to play a key role in facilitating these aspirations. As such, we were pleased to recently form a strategic partnership with CoreLogic to deliver a surveying technology solution which will further enhance the lender and client valuation journey.
When forging such affiliations, it’s vital to ensure that you and your partners share the same vision, ethos and to establish the benefits of the relationship now as well as understanding the potential for the future. Partners are there to support each other and have the expertise in place which offers the ability to learn, encourage further development, offer insight and provide channels from which to innovate and grow.
Looking at our sector from the outside in, with so many parts of the industry evolving at such pace, there is always a slight fear that the survey might get left behind. From a digital and data capture perspective, the valuation can sometimes dominate the house buying process but we have to be extra careful that the importance attached to a survey is not diminished, ignored or that it gets left behind.
We are currently sitting in a market where many lenders have shifted their positions to a juncture where, at point of sale, they don't offer the consumer a survey. That’s not to say they don’t encourage their borrowers to get one, they do. After all, it’s in everyone’s interest for all buyers to be as informed as possible at every stage of the homebuying journey but the fact is that many have moved away from that automatic offer.
This is where a good, professional advice process plays such a crucial role in guaranteeing that homebuyers are in a prime position to understand exactly what type of survey they need, where they can source it, outline any costs involved whilst also making them understand the benefits, value and peace of mind attached to the information being generated.
It will come as no surprise to anyone to hear that the housing and mortgage markets are currently sitting in a very different place to where they were only 12 months ago. Thankfully, some highly encouraging signs are emerging, with firms who are leading the way in their sectors consistently making significant advances from a tech and partnership standpoint to help drive their respective markets forward in an increasingly positive and dynamic manner. Long may this continue and rest assured that we are working hard with all our partners to ensure that the survey remains an important part of the homebuying conversation.
