Zoopla has launched new “property buyer reports” available at £9.99 each.
The reports look to be available for most but not all properties listed on Zoopla.
A Zoopla spokesperson told Eye: “We are trialling a partnership with Vectis Surveyors of RICS approved homebuyer reports which give guidance on what to generally look out for when buying property.
“They highlight repairs a specific property may need and will also give an indicative estimate of possible costs associated with any works required.
“The reports are relevant to all buyers whether first time or second steppers through to those looking at buy-to-let and investment opportunities.”
However, one agent who bought a report has queried the extent of its usefulness.
Paul House, of London agents P J Morgan, bought a report for a property that his own firm is jointly marketing with another agent which, unlike his own firm, lists on Zoopla.
He said he was surprised by its findings which showed that £8,600 was required for repair costs.
In fact, said House, the whole property needs work which he estimates would cost between £25,000 and £30,000.
The report on the property gives a rental valuation of £594 per week.
But House said this would only be achievable after at least £30,000 was spent, and only if rented out in the peak months of August and September.
The report on that particular property does, however, underline: “… these are simple checks for a first viewing. We would always recommend a RICS survey and valuation, particularly as the property requires refurbishment.”
It goes on: “Trust us when we say never rely on a mortgage valuation as an indication of worth or condition.”
House said: “The report appears to undersell the value of work due whilst at the same time overvalue the rental return.
“It does lead you to wonder how these figures are derived at and the actual point in such a report, especially as the information is inaccurate and misleading to the consumer and more importantly was downloaded in seconds without any inspection.
“In fact the only real information specific to this property is the valuation and amount of refurbishment they think is required.
“The rest is basic information that although useful, can easily be downloaded for free from the internet.”
Zoopla offering a psuedo Homebuyer’s Report!?…. a laughable gimmick.
In Scotland we still have a detailed Homebuyer’s Report, which is a Legal requirement for Homesellers, circa 50 Pages, 4 Sections… accepted by Lenders etc…. it is of some use certainly….. however a £9.99 report from Zoopla?!…. what next?…. a McZoopla Happy Minion Meal for £9.99!
Buy a burger, fries & a coke and save a few pounds…. that’ll be just as useful!
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As I said at the weekend I am surprised RICS have allowed their logo anywhere near this especially when the first property I found, was listed by a passive intermediary about 22% over valued. Putting the RICS logo beside valuations which are clearly wrong is a real concern.
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The question has to be asked how these “reports” have been compiled when there has been no ‘surveyor’ anywhere near the property to which the “report” is allegedly referring to.
Zoopla above are quoted as saying “We are trialling a partnership with Vectis Surveyors of RICS approved homebuyer reports…” Sorry – can someone get me up to speed here ‘cos I’ve obviously missed something – since WHEN did these become possible to be carried out via desktop?
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No surveyor will call? that explains how a 2 bed bungalow can get listed as a 3 bedroom house with a valuation £51,000 lower than the price it is currently agreed at.
I reckon this is a way of getting an RICS logo onto Zoopla without paying the RICS partnership scheme fee! I really can not think of who would have agreed to this knowing how well it will go down with the general practice surveyors and valuers who are already struggling for profitable work due to panel surveys and a lack support from RICS.
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Machines are taking over the world
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Just as well, then, that the population have HUMAN intelligence and can simply press the ‘off’ button of these pesky machines as easily as blinking, innit?
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Online services for the property industry should be an aid not a solution. We don’t ‘virtually’ live in a home, so how on earth are we expected to find out everything about it by using computer algorithms and silly websites like Zoopla?
It’s a shame that we have such a thirst for instant and easily accessed data that is factually incorrect, it’s an even bigger shame that we’re willing to pay for such information.
This service, no doubt, will be used by buyers. However, it’s just another reason why agents shouldn’t help promote such a cause (for the benefit of their clients) and support services that are helpful and factually correct.
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Next: Zoopla Medical Reports
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They might ask you to bend over and cough Eric but I doubt it will be anything to do with medicine.
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They already do, Robert – every year when the subs go up! ;o)
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Blessed be. This sounds like a terrible idea.
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What a load of rubbish. How could RICS agree to this. One more of Zoopla’s tools to confuse and wrong foot the buying and selling public. But at £10 a pop will be sure to make them money. That it ruined a sale or purchase for someone doesn’t matter to them.
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Let’s hope every general practice surveyor and valuer makes their feelings known to Great George Street.
When Ian Springett talked about threats to the industry as a reason to join AM this has to be one of the things he was talking about. If this is something sanctioned by RICS, an affinity group with so many RICS member firms will have a powerful voice and there will be no trouble hearing the objection.
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A friend of mine who is a surveyor said that his company (a nationwide survey company) are testing a type of drone that will fly to the property and do an external scan of the property to check on structure/cracking and do an arial shot.
A centralised computer then examines the structure to check it is ok and feeds the information back to the drone and if the price is ok (from the computer generated valuation…..I guess a bit like this Zoopla one) then they pass it and ok for mortgage offer.
The drone survey will be accessible to the applicant/buyer via a smart phone /tablet app and they can actually watch it take place live and access any recommendations given eg re pointing roof or lower a patio below the sub floor ventilation.
My mate reckons it will be up and running within 5 years and he could find himself out of a job!
All a bit worrying in my opinion.
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“My mate reckons it will be up and running within 5 years and he could find himself out of a job!”
Of course that won’t be the case, wilko – the Government will embark on a series of training courses for surveyors wanting to re-train and become ‘DOA’ (Drone Operative Accredited).
They will be required, naturally, as part of the Accreditation process to jettison the high-and-mighty attitude they have perfected in their previous life and grow some common sense – but hopefully 1 in 50 or so will just about scrape through to become DOA… ;o)
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You are havin a laugh!! Zoopla don’t exist round here and are becoming almost completely irrelevant. Roll on OTM. It won’t be long. 🙂
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Fab, love it Z – well done, genuinely delighted.
Wondering if they should link a tradesman to the RICS report also, you know for the likely roof repair or dodgy boiler which may need doing (according to the report).
I mean they could link a trader and then have tradespeople bid for the business or even have a rater type site which picks the best person for the repairs…. a kind of uFix to go with Uswitch before uBuy, oh the possibilities are endless.
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Your powers of simple arithmetic are as sharp as ever, Ric, matey…
OF COURSE it equals four!!
Always did; always will – but nevertheless a sum many can’t get right ;o)
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There is one plain and simple fact here that needs addressing – and that is the link states “Get an instant online report for this property from RICS surveyors”
THIS property. NOT a generalisation; NOT a cobbled together mishmash of could-be’s, maybes and possiblys that could affect ANY property. THIS ONE.
The whole thing stinks – and it seems the only beneficiary name starts with the 26th letter of the alphabet…
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Zoe? Zelda? Zara? Zac? nope….. give up! Well and truly Zooplered on this one.
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“The whole thing stinks” I agree…..surely the underwriters can’t be happy with this. The disclaimers they put on these “reports” won’t be worth a jot when the complaints start rolling in surely?
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Had a tweet from RICS “@Rummage4_search We’re aware of this trial by a member firm and will look to ensure that the product meets our professional standards.”
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I’ve reTw@tted them, Robert –
@RICSnews Good – especially the bit that says “Get an instant online report FOR THIS PROPERTY from RICS surveyors”
I wonder what transpires…?
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I can run a report on any property in the UK, try me for free.
Victorian Terrace, Check for damp and the roof is braced.Caution could cost 20k
70’s build seaside property = Potential for subsidence due to footings in clay – Caution possible 15k bill for under pinning
2010 purpose built 5 story block = Lifts need ongoing maintenance budget for 2k per year.
1980’s converted flat – Be aware of expiring lease between 10k – 20k to extend to 99 years.
On a desktop val cant be any more in-depth can it?
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Hey smile, I ran a report on all my houses its an official “rics” report…..
ALL properties were found to be free from defect at the time of inspection and considered cheap at the advertised prices.
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When did they inspect? when first built?
Sounds like your under pricing Ric 😉
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hey how dare you question a “rics” opinion …. One thing is for sure, this is a tool which you could use against Z agents very easily.
I am hoping next they put a button saying – “struggling to sell, try another agent – click here to get a list of alternative estate agents” it will no doubt have an online agent topping the list.
This type of gimmick is the very reason we stayed off Z previously, just too messy. They are really loosing their way now trying to fill up the pot for shareholders with anything and everything to replace lost revenue.
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If yews in Kernow make yew be shore yews dowent be fallen dowen a Tin mine. Oooow ang! no tellin on the price but its gonna cost yews?
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Ow anne byes the weighs did us mention Mundick? Us did be maken some blocks from the waste from St Ozzle clay mines. Thars not so good, like thems Malteezers. Ooooow ang! no tellin on the price ,,,, but its gonna cost yews
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Ow anne byes the weighs again did us mention the Radon? Thars not so good, like swamp gas tiz, kill yews in yews bed. Ooooow ang! no tellin on the price ,,,,….. but its gonna cost yews
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Yew ok Robert?
Sounds like yew having a break down!
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Looks normal to me… ;o)
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That is an agent from Redruth, who would try to put “not Redruth” folk off buying in the town, “spessly thems from Deb’n”
your post reminded me of him. Every property had its own unique problem or two. One neighbour wanted an easement payment for the water main and had excavated a display recess into the party wall ( to the back face of the dry lining)
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