RISE IN VENDOR SURVEYS IN IRELAND

International independent real estate consultancy Hollis has reported a 172% growth in vendor survey instructions over the past two years compared to the previous two-year period.

Once considered ancillary to the sales process, vendor surveys become increasingly important amid economic uncertainty and a rise in interest rates, which has forced investors to re-evaluate their property portfolios, and in many cases, offload assets.

According to Hollis, by collating all the due diligence documentation before a property goes to market, technical due diligence (TDD) hasten transactions by ensuring both sides of the deal have everything out in the open. The company states sellers are able to identify issues early on and buyers avoid the need for surveys to be carried out by their own teams, thus mitigating risk and saving time in the process. The company believes that the importance of the quality and accuracy of a TDD report cannot be overstated; a good report will build trust between parties in addition to streamlining the process.

Tony Grant, Director and Head of Hollis in Ireland, comments: “With rising pressure for real estate transactions to go through quickly in these uncertain, fast-moving market conditions, canny sellers understand that a qualitative vendor survey is a crucial process for buyers to find out what they are getting themselves into before signing off on a deal, and to avoid problems later down the line”.