The Property Logbook Workgroup has been established to formalise the role of upfront property data held in digital form, by vendors and buyers.
We believe that encouraging homeowners to keep detailed records of all activity around their home, will enable a faster route to market when selling. It will also help to reduce deal fall through by ensuring the correct information is available sooner in The Home Buying & Selling process. Participants in the group include suppliers of ‘property logbooks’ and interested parties from various stakeholders in the HBSG.
Since the demise of HIPs, there has been an explosion of ‘digital data systems’ in the property landscape and in particular the sales process. Homes increasingly have a digital presence themselves now, with many core services online.
Relationships with utilities, insurance companies, local authorities and other service providers are increasingly managed through web sites and apps, meaning data can be captured and held digitally, for use during sale.
The Property Logbook Workgroup has therefore been established to:
- identify a format for a small core of data that could be standardised across the industry and then incorporated into automated home buying and selling systems.
- agree how to self-regulate the provision of services that hold that core data for a homeowner and make connections to other online services.
- set up the self-regulatory body and promote its existence to other trade and regulatory bodies to enable mutual recognition.
- negotiate and agree standards for interconnecting property logbooks to other industry systems.