As a nation, I think it’s fair to say that we have become far more financially savvy in recent years.
Much of this is down to the impact on technology in terms of the wealth of information on offer and in the rise of consumer champions in the media who are helping consumers on various money matters across many different mediums in various guises.
However, on the flip side, there are also plenty of platforms now available on which to spread misinformation and offer some less than expert opinion and guidance.
On the subject of a well-known TV money ‘expert’ I recently did a short, highly unqualified and unsolicited experiment to see what kind and tone of messaging might be reaching the masses as we entered 2024.
On a Google news search, which produced 10 recent headlines, the word ‘warn’ or ‘warning’ was used in these headlines six times. ‘Encourages’ was featured once, as was ‘urges’. The word ‘explains’ was included once and the final headline was around his top January sales picks.
Now the wording behind these headlines are obviously generated by the individual publications but in a time where attention spans appear to be shortening, is it the case that cautionary and active words are having more of an impact and capturing consumer attention more than those which may be deemed educational?
This is certainly something to consider for all consumer-facing businesses and while this is obviously a very small sample, it has got me thinking about how we can better address some of the current issues facing our sector and what kind of tone is required to capture peoples attention in the right way.
A thought process which follows a concerted effort by CSS in some of the more consumer facing publications to help educate and explain why a valuation isn’t a survey and the value of the survey for a variety of purchasers.
So, should we, as a business and as a sector, be stronger, more forceful and even somewhat alarmist in our messaging about what could go wrong for those homebuyers who don’t get a survey? Should you, as an adviser, be more cautionary around what might happen if certain elements of the homebuying and mortgage journey are not considered thoroughly enough?
This might not be something which feels intuitive or comfortable and we obviously have to tread carefully in order not to blur the lines, but the fact is that there are still too many purchasers who don’t opt for a survey on a variety of property types.
Meaning a large number of potential buyers are missing out on the opportunity to arm themselves with valuable information on what remains one of the most complex and emotive financial journeys they are ever likely to embark upon.
As an industry, we have a duty of care to outline the value attached to this type of information, along with other important elements within the homebuying journey.
And the sooner we can ensure that buyers have access to all the relevant information concerning the property they are purchasing, as early in the process as possible, the better.
Matthew Cumber is managing director of Countrywide Surveying Services
