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Industry News March 27, 2019

The Importance of Accurate Floor Plans

PropTech firm Spec recently featured in the news following claims agents are currently undervaluing properties in the City due to inaccurate floor plans.

The firm’s senior advisor, Anthony Browne, says: “For prospective homeowners, it is essential that they obtain accurate size measurements for properties that they are buying. 

“Previously that was technically difficult and prohibitively expensive, but with new 3D capture technology …it is now quick and affordable to provide highly accurate floor plans.”

After reading the news reports Rita Tinney, Group Sales and Lettings Director for Keats Estate Agents commented: “Sadly this seems less of an important news item and more of a high-pressure sales technique to scaremonger estate agents into purchasing the new technology.

“At Keats we ensure that market appraisals are undertaken before floor plans are ever drawn up and value is assessed using very different criteria such as comparable evidence drawn from the property portals, land registry and the agents own historic data base. 

“The condition and location of the property and its proximity to amenities also need to be considered. Residential properties are not valued either by an estate agent nor a chartered surveyor on a pound per square meter basis. The new 3D technology has its place in the industry but it needs to be marketed sensibly.”


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