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Are You Part of “The Great Hidden Scandal in the Property Market?"

Outdated and inaccurate measurements displayed on floor plans could be costing estate agents and clients tens of thousands, according to Propertywise.com.

“Property could be mis-sold for the equivalent of . . . £57,697,” Spec, a property technology provider, advise in their latest study.

Errors consistently resulted in the loss of 54 square feet across properties, equivalent to a small bedroom, nursery, office or valuable storage space, and it’s being called the great hidden scandal. 

Human error, insufficient data and the use of “average sizes” when imputing data are blamed. Old or clunky software can all contribute to errors or taking shortcuts, especially when you’re busy. After all, spending hours creating floor plans isn’t the most efficient use of an estate agent’s time. 

Worryingly, though, a staggeringly high 60% of floor plans in the study were listed with inaccurate room dimensions. That means 60% of all potential home buyers could start out their journey with erroneous information.

At the other side of the transaction, sellers could have their properties undervalued, capping the earning potential of their estate agent.

The importance of floor plans on any estate agent website is pretty much a given these days, but now attention is turning to how accurate those diagrams are. Inexact measurements can affect property values by hundreds of thousands, especially with more expensive properties.

There are increasing calls for floor plans to be subject to more regulations. Tighter guidelines and a clear trail of ownership for floor plan accuracy could be put in place, so keep an eye on developments in this area. 

In the meantime, if you need to review how Metropix allows you to add room dimensions easily and accurately, you can take advantage of our free training resources.

And, with our updated and intuitive Metropix soon to hit the streets, you’ll find out how we have already been working hard to help keep you ahead of the curve in accuracy and compliance.

For more information, a refresher or a no-obligation free trial, please get in touch today. You can call us on 01184 672 800 or email support@metropix.com