iamproperty has introduced an AI-powered Auction Pack Summary designed to make property auction information easier for buyers and sellers to understand.
The new feature provides a simplified overview of key legal and property details contained within auction packs, highlighting important issues such as tenure, charges and legal considerations, while also signposting where buyers may need further professional advice.
The launch comes amid growing industry focus on improving transparency within the home moving process, particularly as the government’s Home Buying and Selling consultation continues.
According to iamproperty’s latest Consumer Tracker, many consumers still struggle with basic property terminology. The research found 42% were unfamiliar with the term Private Treaty, almost 40% had not heard of SSTC, while 26% did not understand the phrase “standard enquiry”.
REDUCE COMPLEXITY
At the same time, 92% of buyers and sellers said a simple and easy-to-understand process was important when moving home.
The new summaries are intended to reduce the complexity often associated with auction legal packs, particularly for first-time buyers or those unfamiliar with the process.
A bespoke AI-supported system is used to compile and structure the summaries, with human oversight remaining in place to review content for accuracy and compliance.
KEY INFORMATION
Kelly Stillman, Head of Operations at iamproperty, says: “We know that much of the information buyers need is already included within Auction Packs, but the reality for most consumers is that it isn’t always easy to interpret, particularly for those who are new to the process.
“The summary is there to surface the key information early and presenting it in a clearer, more accessible way so that buyers can make more informed decisions and agents can support their clients through the process more effectively.”
UPFRONT INFORMATION
Jamie Cooke (main picture), Co-Founder of iamproperty, adds: “The launch of our Auction Pack Summary is perfectly timed with a market push to really champion more information upfront, especially alongside the Home Buying and Selling consultation that is underway.
“Consumers and agents turn to auction for speed and security, and the pack summary provides greater transparency and even more information upfront to support decision making and the transaction process from start to finish.”
The summaries are now being rolled out across all new properties listed through iamproperty’s auction service.
